“There are very few proof of stake currencies… people like to stick with what they know,” says Douglas Pike. But just three years ago, Pike decided to venture into this lesser explored area of crypto technology, becoming the co-creator and lead developer of VeriCoin- a proof of stake (PoS) currency that distinguishes itself from other PoS currencies in a number of ways.

“We wanted to take the proof of stake model that existed and improve upon it and build the foundation for a currency that was decentralized, but also basically costless,” says Pike. Aside from affordability, VeriCoin promises significantly faster transactions times.

How? By developing a consensus pairing between VeriCoin and Verium (a digital reserve), they created the first every dual blockchain system that combines a proof of stake chain with a proof of work chain. They call it Binary Chain, and you can expect to be hearing a lot more about it in the coming months.

Tune in to hear Pike’s in-depth explanation of these topics and more.

Pike also discusses:

• The most important distinctions between proof of stake and proof of work, as well as how the combination of the two makes Binary Chain so effective as a solution for slow transaction rates and scalability.
• VeriCoin’s staking parameters, network parameters and the size of the VeriCoin network
• The decentralization/democratization of mining

Podcast: Play in new window | Download | Embed