Verus: Scalable Public Infrastructure for the World

Verus is Scalable Public Infrastructure - a rent free, open-source, decentralized blockchain protocol with combined proof-of-work and proof-of-stake as its consensus mechanism. It offers rent-free blockchain tools for creators and organizations to build products, services and systems.

Arguably the world's most advanced zero knowledge privacy-centric blockchain, Verus Coin brings Sapling performance and zero knowledge features to an intelligent system with interchain smart contracts and a completely original, combined proof of stake/proof of work consensus algorithm that solves the nothing at stake problem. With this and its approach towards CPU mining and ASICs, Verus Coin strives to be one of the most naturally decentralizing and attack resistant blockchains in existence.

Verus is a multi-chain protocol with a strong focus on scalability, security and decentralization. It can scale to global enterprise demand, is proven 51% hash attack resistant and is community built. It was a fair launched protocol and all coins in circulation are fairly mined and staked.

You can think of Verus's Public Blockchain as a Service, as The Public Infrastructure that powers the Internet of Value, whereby you the User, consumer or creator, can Read, Write and now Own this version of the Internet. With PBaaS anyone can launch scalable, interoperable, customizable and independent blockchains for public or private use, including creating tokens on top of blockchains for any use case. Verus enables kickstarter like public funding of projects without coding and creates liquid markets with protocol level built-in DeFi.

The protocol-level self-sovereign digital identities and namespaces are at the center of the Verus multi-chain protocol, and give creators and organizations never before seen tools. Everything happening on the Verus multi-chain protocol has aligned incentives with the miners and stakers of the worldwide network. This makes it one of the most secure protocols with opportunities to earn.

Accessibility

Verus creates blockchain technology that is accessible for everyone. Low barriers for blockchain, token and currency creation, low protocol fees & mining and staking for everyone.

Sustainability

The Verus multi-chain network is ecologically friendly and highly efficient. Each device can mine 22 other blockchains in the multi-chain network simultaneously, functionally multiplying hashrate by a factor of twenty-two. Low power devices such as mobile phones and ARMs can mine efficiently, making proof-of- work greener than ever before. The whole network shares mining power, making optimal use of all available miners, and strengthening the total network at the same time. Truly a green mining revolution. As for proof-of-stake, it has a negligible environmental impact, evidenced by the fact that Raspberry Pi’s are perfect staking devices.

Scalability

Verus achieves practically unlimited scalability through its Public Blockchains as a Service. Create use case specific blockchains, move activity between chains to avoid congestion - the network of blockchains is unlimitedly scalable. Blockchains are spawned from the Verus multichain and are maintained by the worldwide network. This is already one layer of scalability, but it won’t stop there. Blockchains that are spawned from the Verus mainchain will be able to spawn blockchains too, and those will be able to spawn blockchains too... creating an unprecedented network of blockchains that can grow and scale each direction. Miners can merge-mine up to 22 blockchains on the multichain network at once with no loss of performance, and can stake on any number of chains. The whole network shares mining power, increasing the total strength of the network, making unlimited scalability possible.

Security

Verus takes blockchain security to the next level. It is 51% hash attack resistant through Verus's Proof of Power consensus mechanism, which is 50% proof-of-stake, and 50% proof-of-work. To successfully attack the network, a bad actor must have at least 51% of all mining power and at least 51% of all staking supply; truly an unimaginable challenge for any actor. As always, Verus community developers are ahead of the curve. Already implemented Falcon512 signatures secure you against the inevitable arrival of quantum computers. Re digital identity, VerusID users can update to secure quantum resistant Q-addresses, easily securing your funds against possible attacks. It's not unlikely users from other blockchain networks will utilize Verus as a functioning safe harbor for wealth. On top of that, users can set up vaults to protect their wealth, use Verus Vault for vesting periods, trusts and inheritances, and secure themselves against hacks, theft, key loss and even “5$ wrench attacks.” Use the network with peace of mind, short and long-term.

Interoperability

Verus enables a world where all blockchains communicate with each other; cross-chain, cross-system transfers of all data types, and bridges to communicate with external blockchains.

Community

Verus is a community driven project in the true spirit of Bitcoin. It has been fair launched - no ICO, no developer fees, no founder fees, no pre-mine. It is a Decentralized Public Blockchain!

Verus is (alongside Bitcoin) unique in that it is a "rent-free" blockchain protocol that has a decentralized network economy. Costs for services paid to the protocol are distributed to the miners and stakers. There are no developer fees, and no rent-seeking profiteers - this is a pretty rare / unique "value add’ for the entire World.

Verus has a naturally decentralized miner ecosystem. VerusHash 2.2 is the unique mining algorithm that is specifically developed for and by Verus. The algorithm equalizes mining fairness across hardware classes. You can mine with a variety of devices CPUs, GPUs, Mobile phones, ARM etc. You cannot use FPGAs or ASICs by design.

To mine Verus, no specialised mining equipment is necessary. Anyone can start mining with consumer-grade hardware. Mining is made especially easy for starters, since they can start directly from within the Verus Desktop wallet. Without any additional software requirements, they can solo mine or pool mine. Additionally, when PBaaS goes live on mainnet, miners can choose to mine up to 22 PBaaS chains simultaneously, without losing any of their original hashing power.

Anyone can start staking Verus. It does not matter how much $VRSC they have. Even the smallest amount possible, e.g. 0.00000001 VRSC, can participate (though it could take many years before winning a block with such a tiny amount). Verus also has a powerful and fair staking system that is accessible to everyone. You do not need to give your tokens to staking pools. Use Verus holdings to secure the network and earn rewards. On the Verus blockchain, UTXOs (unspent transaction outputs) are staking, not balances. A large UTXO has more chances of winning a block than a small UTXO. (What is a UTXO? Watch this video). No threshold required and no registrations necessary. https://docs.verus.io/economy/start-staking.html

It should also be acknowledged that all the fees generated by the protocol are collected in the fee pool. With each new block, 1% of the fee pool is added on top of the block rewards. It is expected that fees outnumber block rewards, making mining and staking in the Verus ecosystem a profitable and competitive endeavor. It also has one of the lowest, if not the lowest, currency conversion fees, at 0.025%.

PBaaS

Verus has the unique capability in being able to launch fully customisable, interoperable, independent and scalable blockchains, called PBaaS chains, from command line "legos". A PBaaS-chain can be public, or private for internal uses and inherit all the features on the Verus mainchain:

1. VerusID
2. Digital identities and namespaces
3. Tokens
4. Built-in DeFi
5. Privacy (zkSNARKs)
6. Launching PBaaS-chains

A user can also create tokens for any use case, from tickets and coupons, to voting cards and meme-tokens, customized fully to their needs. These tokens can be created on the Verus mainchain and on any PBaaS-chain. To create a token a user would create a VerusID with the name they want the token to be called. In the future, even after a token is launched, it can be upgraded into a PBaaS-chain.

VerusID

VerusID is the first decentralized and self-sovereign identity of its kind. A VerusID is a friendly name blockchain address that can hold and stake funds. It is future proof and packed with advanced capabilities. VerusID's - an easy to remember “Friendly name” like Bob@ or Alice@ (as opposed to an intimidating “Hex” address), can be chosen by the user. It has never been easier to send and receive funds, created as an infrastructure supporting Worldwide Adoption, including a incentivised referral structure. All characters from all character sets (except / :*?"<>|@.) are available in creating a VerusID. In the permissionless Verus protocol, anyone can create a VerusID.

VerusIDs can be or represent anything you want, and can be bound digitally to many things. They can be bound to you, or other VerusIDs they have authority or ownership over an unlimited amount of content or data, and provable information, both public and private, including provable contracts and rights that can be bound to ownership of the VerusID itself. VerusIDs can hold funds, they can be personal profiles, corporate websites, or government portals. VerusIDs are much more than simple identities or today's NFTs. They are provable owned assets of all kinds, on the Verus blockchain.

A VerusID can be revoked and recovered, can set (time) locks and can be controlled by any number of identities. Users can sign and verify data, files and messages. VerusID uniquely has state of the art privacy and can also contain a z-address. These are private addresses that can not be checked on the public blockchain.

Users can create unforgeable, verifiable signatures with VerusID and use the protocol to verify those signatures for free. Multiple VerusIDs can have spending or signing ability of one VerusID. This means that multiple organizations or people can manage a VerusID. The protocol also enables users to send private messages to VerusIDs. The Verus Vault allows users to set locks or “timelocks" to safeguard funds on a VerusID. Locked identities can not spend funds.

The Vault facility obviates the need for custodial centralized cold storage and lost or compromised hardware wallets. These features enable users to engage in the Internet of Value and the metaverse without fears of theft and hacking.

Identities can communicate in standardised ways through the novel Verus Data Exchange Format (VDXF) which include integrated Arweave.

Protocol Level DeFi

Verus is a UTXO-based blockchain with smart transactions. All smart capabilities are implemented at the protocol level. This has many advantages over blockchain projects that use layer two solutions. A huge advantage of DeFi at the protocol level is increased security at the application level; as Verus DeFi does not house numerous smart contract authors creating smart contracts on top of the protocol. As such there can be no exploits of unintended "cracks" in the seams between contracts. Verus DeFi is implemented in the protocol as part of the consensus, following the fundamental systems design principle which says that the most important security layers should be located in the system/protocol itself.

The Verus protocol also uniquely solves all transactions simultaneously within a block (as opposed to serially, as with most Blockchains like Ethereum). This has important implications for security, fairness, and efficiency:

1. Elimination of front-running.

2. Enhancing system-wide liquidity, thus reducing slippage, as conversions going to and from any given currency within the same block are offset against each other.

3. Providing all users converting to and from a currency within the same block, the same fair price with no spread. In many blockchain networks users are taken advantage of when miners and stakers front-run conversions to get better deals for themselves. This means they extract value and negatively impact unassuming users. Or even worse, miners and stakers reorganize blockchains for monetary gain, jeopardising chain security. This is known as Miner Extractable Value (MEV) and is widely recognized as a problem.

Verus resolves this problem in an incredibly smart way. All conversions are simultaneously solved inside blocks, making it impossible to front-run users. And there’s more to keep miners and stakers honest without jeopardizing chain security. All protocol fees are collected in the Verus Fee Pool. Each new block receives 1% of the Fee Pool, added on top of the coinbase rewards. It’s a great way to keep the chain secure and the network fair for all participants.

This powerful DeFi technology realises a global network of liquidity. Blockchains connected to Verus have mathematically defined conversion rates, meaning you can always convert currencies. Always! Without needing any counterparties. Imagine countless blockchains and tokens all connected with each other. An immense network of liquidity arises. The opportunities to arbitrage between rates within and outside the network are enormous. Which will bring even more liquidity. This is the global network of liquidity.

Each blockchain connecting to Verus receives great advantages. They connect to the global network of liquidity, making their currency immediately convertible to all other currencies in the network. No counter-parties are required through this powerful DeFi technology. It doesn’t stop there. Connected blockchains can use VerusID (the most complete self-sovereign identity system in the world) & users can secure wealth with Vault. On top of that, connected blockchains can use technologies of other connected blockchains, sharing tremendous value across the ecosystem.

The Decentralized ETH Bridge

Verus is currently in the advanced stages of implementing its decentralized bridging protocols which will allow various coins, both ETH-like and UTXO coins, and others, to be represented on the Verus system in a decentralized manner.

This will lead to an expansive universe of potential tokens with liquidity in the Verus system.

In addition, with multi-chain capabilities, Verus will be a go-to destination for new projects and chains, as there is an easy, scalable system to deploy, with ready-made cost-free, risk-free roads to liquidity for new communities and projects.

“It's interesting to consider how Verus will be positioned once the decentralized ETH bridge  (Testnet currently connected to the Ethereum Rinkeby testnet) and multi-currency to mainnet. Some things to consider:

1. People will be able to send ETH and ERC20 tokens to Verus addresses, and from Verus to ETH addresses.
2. Fees will be charged at Verus prices for all transactions once on the Verus network.
3. All currencies sent to Verus from Ethereum will be able to be used as reserves for fractional currencies.
4. All Verus currencies will be able to be sent to Ethereum and automatically convert to ERC20 tokens.
5. All assets on the Verus blockchain can have VerusID protections, theft-proof capabilities, and still be able to be sent to Ethereum or participate in ETH contracts.

“It's almost like Ethereum becomes a liquidity extension for Verus and Verus becomes a super-defi system for Ethereum” M. Toutonghi - Lead Developer.

The bridge essentially enables users to port all the tokens and liquidity (including all stable coins) available on the Ethereum network, to the Verus network. Developers from other chains can of course also bridge their Blockchains to Verus.

Smart Transactions

To guarantee the system’s security, all functionality on the Verus blockchain is programmed in the protocol. Elements such as DeFi are considered mission-critical and must find their origin in the consensus layer. Functionality is directly connected to the miners and stakers. Verus prevents application developers from being responsible for systems security. This is an important design choice. Many problems have arisen with smart contracts on other blockchain systems - vulnerabilities, bugs, abuse. New smart contract incidents occur all the time. This will not happen with Verus. As such, in the fullness of time, Verus could be positioned at the center of the crypto industry. All blockchains, public or private can easily connect to Verus through advanced bridging technology. As a multichain network, the blockchains created within the ecosystem can communicate with all other connected blockchains in a completely decentralized fashion. All these internal and external interoperable blockchains can share data and value flawlessly. At the same time, they leverage all Verus core technology, and the core technologies of the connected blockchains, creating a giant network of value and data.

Verus is an entirely different model for the execution of smart contracts.  The smart contract capabilities are built in to the protocol on an UTXO-based blockchain and are accessed by users through smart transactions. There are no myriad of intervening smart contracts to audit or sweat over. There is only the single protocol that leverages the added security gained from using an UTXO-based system. 

Users interact with the smart contracts by issuing transactions using a simple command line api, or a few clicks in the GUI wallet. But, most importantly for liquidity pools, it allows for the simultaneous solving of submitted transactions in any block - in short, parallel processing as opposed to serial processing. The implications of this fundamental design difference are many and important. There is also a fundamental difference in how Verus developers have chosen to implement liquidity pools and token conversions. In Ethereum, the users (converters of tokens) interact with different smart contracts to the liquidity providers. They operate on different sides of the playing field, so to speak, only meeting occasionally to transact. 

In Verus, however, users and providers are using the exact same mechanism to achieve their ends - they each issue the same transactions. In providing liquidity, providers do not lock assets in a pool.  Instead, they convert to a new asset, a multi-reserve currency that is backed by two or more currencies/tokens. This new asset is, in effect, the pool.  When a user wishes to convert from one token to another, it must conduct two successive transactions, first entering the "pool" by acquiring the multi-reserve currency, then, in the subsequent block, exiting the "pool" to the target currency. These conversion transactions are accomplished by simple "sending" transactions, as easily as one would typically send cryptocurrency.  Prices do not need to be selected as the user will be able to observe the price from the last block, understand the typical changes from block to block, and transact at the "market" price which will be the same fair solved price for all users transacting in that block, whether or not they are entering or exiting the multi-reserve.

For the dream of the Metaverse and Web3 to be adopted by regular people, they need to be able to use the core systems with confidence. It's important to be able to show and prove cryptographically that the root of trust for your valuable assets (Coins, Tokens, NFTs etc) are secured in your wallet and able to be exchanged, peer to peer, provably, by using your Verus ID. The ETH bridge enables users to securely send and then store the NFTS they own in their wallet, safe from fear of hacking, phishing or smart contract vulnerabilities (>US2$bns in smart contracts theft this year alone). I don't know of another blockchain platform that enables this!

Final thoughts and more data

If you'd like even more detail, I suggest starting at the GitHub repo where you can see all the code etc. https://github.com/VerusCoin/ or https://docs.verus.io/.

The documentation will always lag the code but there is plenty to read at https://verus.io/ and more will be documented after the next upgrade, launching the full protocol to mainnet. The  APIs for NFT marketplace and API references: https://wiki.verus.io/#!faq-cli/clifaq-02_verus_commands.md.

The Verus network has more than 20,000 nodes - an unprecedentedly high number for any network. The network achieves high-grade decentralisation through the combination of proof-of-work and proof-of-stake. The miner ecosystem is naturally decentralised because you don’t need specialized equipment to start mining. Users can mine most cost-efficiently with consumer-grade CPUs, mobile phones and ARM devices and has proven to be a great source of income for people in developing countries. Staking has never been easier. You only need a full node running on even modest hardware (a Raspberry Pi does the job), and any amount of $VRSC. There is no minimum and your funds aren't locked up while you're staking. With a worldwide network of supporters and contributors, Verus is one of the most decentralised networks in the crypto industry.

The explorer can be found here: https://insight.verus.io/. The hash rate is publicly available on the website and fluctuates as you know. The community does not track locations for reasons of privacy but would say that they are far more decentralized than most other blockchains. On this point it is worth reiterating, the design is mathematically provably 100% resistant to 51% hash attacks due to the Proof of Power consensus mechanism. This is a mathematical solution which they detail on their website: https://verus.io/papers.

As far as the community is concerned there is a thriving network economy, the amount of $VRSC Actively Staking 31,739,066/ 66,233,701 total supply ie 48% is staking. As of writing the reported hashrate on the network is 530 GH/s. 50% of the reported hashrate is accounted for by proof-of-stake. Mobile phone average mining hashrate is 3 MH/s. High-end CPU average mining hashrate is 30 MH/s. The number of devices mining equate to 84,895 mobile phones or 8,489 high-end CPUs.

The best way to get an honest read of a project is to engage the community which is super helpful and knowledgeable and can be found on the Verus discord but the elegant protocol and the technology the community have developed is the real output of the project - arguably the world's most advanced zero knowledge privacy-centric blockchain. Furthermore all this content is community generated.