Vcash Offers Near Instant, Off-Chain Transactions
Based on the Peercoin codebase, Vcash or Vanillacoin (denoted XVC), looks to solve problems of both Bitcoin and Peercoin and their derivatives. Bitcoin and its derivatives all have inefficient network implementations as packets set on the blockchain as plain text. Peercoin and its derivatives, while relying on the Proof of Stake, are not as energy efficient as they could be as they do not utilize excess CPU cycles when staking.
Vcash is a POW/POS hybrid, implementing the Whirpool algorithm for the POW period of Vcash’s lifecycle. Once all coins are minted within the target five years, Vcash will switch over to their take on the POS, which according to their whitepaper, “is extremely energy efficient, using less than 1 percent of a single CPU core.” This allows it to be mobile friendly, allowing Vcash to be more accessible to users outside of traditional desktop users.
On top of all of the technological prowess the developers have integrated into Vcash, Vcash also possesses a feature called ZeroTime, which allows “near instant, off chain” safe transactions. Vcash claims it only takes slightly more network load (372 milliseconds versus 300 milliseconds) and due to the decentralized nature and process, would make “attacks extremely difficult to setup, costly to carry out, and impossible to sustain.” If an attacker is somehow able to get around all of Vcash defensive measures, the transaction will remain “unconfirmed indefinitely from the recipient’s view.” Moreover, the blockchain has a built-in blender to ensure privacy and possesses a dynamic block size, bringing desirable scaling properties.
“It is arguably the most completed cryptocurrency at this moment and we are now in the process of making improvements to it. There exists much more popular virtual coins or cryptocurrency that have numerous shortcomings and limitations. We are perfectly aware of these pragmatic aspects and challenges of using cryptocurrency and we want to ensure the highest convenience for Vcash users”, said a senior executive.
Vcash is continuously developing new features, such as the ZeroLedger feature. Touting the ability to download the entire blockchain within seconds, if true, this feature would quickly separate Vcash from the rest. Most Bitcoin users, unless running a full node, will typically use lightweight client versions of Bitcoin, where other blockchains take several hours to download and process. A native method of downloading the entire blockchain organically (without third party sources such as torrents) at an accelerated pace would entice more users to not only try Vcash, but also to run a node, increasing the network’s resilience.
In addition, the Vcash executive explained, “We are also developing a special ZeroLedger feature, which is the first of its kind in the history of cryptocurrency. It would allow users to download the much important XVC blockchain within seconds. We think this will add more convenience for our users. We would also like to add here that new users need to just get past one-step confirmation on Poloniex cryptocurrency exchange website.”