Viacoin Coin (VIA) is an open-source cryptocurrency based on blockchain technology that uses innovative technologies which have made it more efficient and secure. The open-source project integrates "ClearingHouse" which is a protocol that allows for asset issuance and peer-to-peer trading on the Viacoin blockchain. ClearingHouse allows for 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.
Viacoin was publicly introduced on the crypto market in 2014 and it integrates decentralized asset transaction on the blockchain, reaching exceptional speeds compared to other cryptocurrencies (up to 25x faster than Bitcoin). The currency is available on the digital exchanges Binance, Bittrex, Poloniex, LiteBit.eu, YoBit, and Novaexchange.
How it Works
Viacoin runs on Lightning Network which is a "second layer" payment protocol that operates on top of the Viacoin blockchain using smart contract functionality on the blockchain. It enables instant payments across a network of participants and also allows for exceptionally low fees.
The implementation of SegWit (Segregated Witness) has made Viacoin more efficient. Segregated Witness is a transaction format where witness data is segregated from the transaction and it helps to shrink the size of a transaction and cope with the UTXO growth.
Apart from increasing the capacity, SegWit has been implemented in Viacoin mainly to ﬁx malleability and make scripting easier to upgrade. This further allows for the addition of features like Lightning Network, atomic swaps, and bi-directional payment channels.
Viacoin is secured by cryptography and Scrypt Merged mining, also called Auxiliary proof of work (AuxPoW) that works to prevent other people from intruding on your data. This security allows one secure payment after another to be made without the intervention of third parties. The inﬂation rate of Viacoin is low due to minimal mining reward. Thus, the miners are given incentive to mine Viacoin through Merged mining.
Unlike the other blockchain platforms, Viacoin has locktime support which secures the transaction in meantime. Relative locktime allows users and miners to time-lock a transaction, which means that a new transaction will be prevented until a relative time change is achieved. This allows the platform to take care of not only major transactions but even microtransactions for small items like digital games, software application or even paying for in-game items like the virtual currencies.
Its token VIA has a total supply of 92 million and works on the Proof-of0Work consensus algorithm. Viacoin launched its ICO in 2014, in which it raised $370,000 offering 10 million coins or 10.86 percent of the maximum supply.
Viacoin ensures better safety and speed as compared to other cryptocurrencies for the users with its innovations and new technological features. It further has plans to increase its technical capabilities for a better experience of the users.