Viacoin (VIA) is an open-source cryptocurrency project based on Bitcoin protocol having many innovative key technologies like SegWit, APoW, Lightning Network, and Dark Gravity Wave. Viacoin uses Scrypt mining algorithm and claims to be twenty-five times faster than Bitcoin. The developers project Viacoin as the cryptocurrency of the future.
The cryptocurrency project was launched in 2014 by BTCDrake, a Bitcoin Core Developer. Presently, the team has seven members. One cryptocurrency is currently priced at USD 0.3344 with a market cap of USD 7,684,996. Viacoin is ranked 287th in the global cryptocurrency market, as on February 2019. It has a maximum supply of 23,176,392 VIA with currently 23,129,498 VIA in circulation.
Scrypt is a password-based key derivation algorithm designed to thwart large scale hardware attacks. Viacoin has been resistant to ASIC mining giving a fair chance to regular CPU and GPU miners. However, several companies have released ASICs which specialize in Scrypt based cryptocurrencies. Thus, Viacoin is no longer ASIC resistant as such.
Viacoin also features Auxiliary Proof-Of-Work (APoW) or merged mining technology which allows a user to mine two Scrypt based coins simultaneously without affecting the hash rate of both. Merged mining allows the miner to receive rewards from both without the need to expend additional power. Litecoin is the preferred cryptocurrency for users to mine with Viacoin.
Another feature that Viacoin supports is called Segregated Witness or SegWit. SegWit is a transaction format that reduces the transaction size after separating the witness data from the transaction. SegWit allows the script to be upgraded to enable features such as the Lightning Network, opening up of bidirectional payment channels, and atomic swaps. The Lightning Network enables instantaneous transactions among participants in the network with the help of Smart Contacts on Viacoin Blockchain.
Atomic Swapping allows the user to directly exchange Viacoin for Bitcoin, Litecoin, Decred, Vertcoin, and other similar currencies without reliance on centralized exchanges.
The development team is also in the process of replacing the present Viacoin’s signature mechanism from Elliptic Curve Digital Signatures to Schnorr Signatures. Schnorr Signature will offer the ability to verify a batch of signatures at one time rather than having to do so individually. The developers claim that the switch will reduce the blockchain’s bandwidth use by over 25 percent.
Interested buyers can get their hands on Viacoin in any of the global cryptocurrency markets like Binance, Bittrex, Upbit, Coinroom, Poloniex, etc. Viacoin has a series of officially supported wallets like Viacoin Core for desktops and Viacoin Copay for android. Viacoin can also be stored on third-party wallets such as Coinomi mobile wallet or hardware wallets like Ledger and Trezor.
Viacoin has been stable compared to its peers like Bitcoin and Litecoin. Crypto analysts believe that Viacoin has all the characteristics to become a top cryptocurrency in the near future.