How exactly Vericoin and Verium work together?

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kanzenio
Posts: 1
Joined: Tue Jul 11, 2017 5:32 am

Tue Jul 11, 2017 5:46 am

Hi. I've read the resources on Vericoin but it is still unclear to me how exactly Vericoin and Verium interact. Could you help me with some questions?

It is said that Vericoin use PoS, and Verium also process Vericoin blocks with AuxPOW to speed up Vericoin. What does it mean? Is Vericoin consensus reached via PoS or AuxPOW? And how AuxPOW speeds up Vericoin?

It is said that Verium is a reserve for Vericoin. How exactly is Vercoin backed by Verium? How Verium stablizes the price of Vericoin?

It is said that Verium and Vericoin can be swapped to each other. Is this a trade between a holder of Verium and a holder of Vericoin? Or is it a smart contract that "moves" tokens on one blockchain to the other, changing the circulating supply on each blockchain?
Last edited by kanzenio on Wed Jul 12, 2017 2:22 am, edited 2 times in total.

Vishera310
Posts: 7
Joined: Wed Jun 21, 2017 2:11 am
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Tue Jul 11, 2017 5:37 pm

kanzenio wrote:
Tue Jul 11, 2017 5:46 am
Hi. I've read the resources on Vericoin but it is still unclear to me how exactly Vericoin and Verium interact. Could you help me with some questions?

It is said that Vericoin use PoS, and Verium also process Vericoin blocks with AuxPOW to speed up Vericoin. What does it mean? Is Vericoin consensus reached via PoS or AuxPOW, and how AuxPOW speeds up Vericoin?

It is said that Verium is a reserve for Vericoin. How exactly is Vercoin backed by Verium? How Verium stablizes the price of Vericoin?

It is said that Verium and Vericoin can be swapped to each other. Is this a trade between a holder of Verium and a holder of Vericoin? Or is it a smart contract that "moves" tokens on one blockchain to the other, changing the circulating supply on each blockchain?
Verium and VeriCoin will be scaled into a 10:1 ratio in supply. Keeping that ratio stabilizes value.
and
There is an exchange being worked on for the swap between VeriCoin and Verium. I think that the exchange will be something like a smart contract, to be instantaneous. But I don't know much about that part.

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