ViaCoin Review – $1M Market cap in only a few days

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viacoinViacoin is today’s Random Coin of the Day. It has massive attention putting it on seven currency-exchanges including Cryptsy with a total market capitalization of over $1M and it only launched a few days ago! The coin allows developers to build new types of services with its block-chain; It’s not just a currency. Bitcoin often plays “whack a mole” with what it considers to be “blockchain SPAM” whenever someone tries to use the Bitcoin blockchain for anything other than the Bitcoin currency. Viacoin’s ClearingHouse protocol “allows the building of fully decentralized exchanges, issuing of new currencies, asset tracking, betting, digital voting, reputation management and even form the basis of fully decentralized marketplaces,” to name a few.

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Viacoin Review

Market Cap: $1,238,196
Maximum coins issued: 92 Million
Hash algorithm: Scrypt
PoW and / or PoS: POW
Is it able to be mined: Yes
Exchanges:Bittrex, Poloniex, Swiss-CEX, BTer, Cryptsy, Atomic Trade, C-CEX
Block explorer: ViaCoin.org, ViaCoin Explorer
Launch date: July 18, 2014

What is the coin’s purpose?

Viacoin is a digital currency similar to Bitcoin that allows the creation of applications on top of the Viacoin block-chain in a similar way that email and web are built on top of the internet protocol.

[That] allows the building of fully decentralized exchanges, issuing of new currencies, asset tracking, betting, digital voting, reputation management and even form the basis of fully decentralized marketplaces. Our protocol for this will be called ClearingHouse.

The ClearingHouse protocol is much faster than Bitcoin, and is therefore a much better solution for building alternative software. The Bitcoin development team removes “block-chain bloat” from its own block-chain frequently, and it considers anything that isn’t Bitcoin currency related as block-chain bloat.

What problem does it solve?

Viacoin solves the problem that most coins only function as a currency, but do not provide a framework to build alternative technologies around them. Via Viacoin’s ClearingHouse protocol, developers can develop many different services. That helps to propel possible blockchain technology forward.

Who are the developers?

BTCDrak – Developer. BTCDrak was inspired by Bitcoin in April 2013. He had some technical debates on Bitcointalk about Mastercoin back in September 2013 and ultimately used his own ideas in Viacoin. You can read the full story of Viacoin on the Viacoin blog.

What are the coin’s future endeavors?

The roadmap looks something like this:

  1. Bootstrap Viacoin distribution by presale. [COMPLETE!]
  2. Launch the Viacoin network. [COMPLETE!]
  3. Build out Viacoin services.
  4. Launch ClearingHouse using proof based VIA to XCH conversion process.
  5. Build out more services.

The Viacoin team has been busy and was unavailable for an interview. I researched the answers to the above questions on the Viacoin website as well as the BitcoinTalk announcement thread for Viacoin. It’s very unusual to see a new coin come so far in such a short period. In fact, I don’t think I’ve ever seen a coin do that before. Congratulations to the Viacoin team.

Disclosure: I do not possess any Viacoin and am not part of their operations in any way.

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Rick Mac Gillis entered the world of Cryptocurrencies in late 2013. He is a controversial journalist committed to investigating and exposing the "dirty bits" of the community. With over a decade of experience in LAMP web development with a focus in custom cryptographic security methods and ethical hacking, Rick Mac Gillis understands the need for proper security standards in cryptocurrency.