Viacoin, an innovative open-source cryptocurrency based on the Bitcoin protocol, has emerged as a forerunner by implementing OP_CHECKLOCKTIMEVERIFY, which is integral to the functioning of the Lightning Network and atomic swaps. Launched in 2014, Viacoin has a limited supply of 23.2 million coins and offers a rapid block time of just 24 seconds, significantly outpacing Bitcoin by processing transactions 25 times quicker. It is designed to handle a high volume of up to 175 transactions per second, addressing the need for swift micro-transactions.
Advanced Technical Features and Security
Viacoin sets itself apart with the capability of conducting atomic swaps directly between different cryptocurrencies, bypassing the necessity for central exchanges. It takes pride in being the first to embrace the BIP 65 proposal by Peter Todd, enhancing security via SHA256 secret hashes and increasing compatibility. The coin also employs merged mining or ‘AuxPoW,’ enabling miners to simultaneously mine Viacoin and other Scrypt-based coins such as Litecoin, thereby boosting the network’s hashrate and security. Furthermore, Viacoin has integrated SegWit to shrink transaction sizes, combat UTXO growth, and speed up block synchronization for new nodes. Schnorr signatures are on the horizon to further optimize transaction efficiency and costs.
Preparation for Lightning Network and Purchasing VIA
In readiness for the Lightning Network, Viacoin is set to facilitate a massive scale-up in transaction volume, aiming at billions of transactions per second through off-chain payment channels. For individuals interested in purchasing VIA coins, Binance stands out as a reliable platform. Users can sign up on Binance, transfer fiat currency like the US dollar, and then acquire Bitcoin to trade for VIA. Binance offers flexibility in buying orders, allowing users to set purchase prices below market value via the Limit tab. This tailored approach ensures that users can buy VIA at their preferred price point.
In essence, Viacoin exhibits a robust set of features designed for rapid and secure transactions in today’s dynamic cryptocurrency market. With its advanced technical integrations and readiness for next-level scalability through the Lightning Network, Viacoin is positioning itself as a strong contender in the cryptocurrency landscape.