Verium Reserve (VRM) was created to support the VeriCoin blockchain and serve as an independent store of value asset.
Verium's protocol PoWT (Proof-of-Work-Time) aims to address blockchain scaling issues by introducing a new variable block-time paradigm that speeds up network transactions with increases to mining power. The team claims that variable block-times allow Verium to scale automatically while enhancing transaction speeds and network capacity to ensure high levels of network security at any level of mining throughput. By linking the binary chain and Verium’s auxiliary mining protocol (AuxPOW), Verium will also process VeriCoin blocks. This protocol reportedly speeds up VeriCoin’s block-time to less than 30 seconds. These technologies reportedly enable VeriCoin’s network to provide an efficient and scalable system for consumer transactions.
The Dual Blockchain (or Binary-Chain) pairs a digital currency (VeriCoin) with a digital reserve (Verium). It aims to secure and accelerate transactions by leveraging complementary protocol technologies (Proof-of-Stake-Time and Proof-of-Work-Time) into a blockchain system. The goal is to offer a comprehensive solution to ensure low cost, secure, fast, and scalable digital transactions.