One of the important factors of cryptocurrency is whether or not they can achieve a meaningful market capitalization or not. It even took Bitcoin a long time to get to the US$1 million market cap. However, some of the altcoins are getting close to, or even above, the US$1 million mark.
ViaCoin is one of the coins reaching this milestone, but there is a twist: it only took them a handful of days in order to do so. So let’s take a look at why ViaCoin is so incredibly popular and valuable.
- Viacoin on CoinMarketCap
One of the things that are definitely helping ViaCoin is the fact this altcoin can be traded on no less than seven different exchanges, including Cryptsy and Bter. Having your cryptocurrency available on multiple platforms where it can be bought and/or sold is a key factor for increasing your market capitalization.
Another thing worth of note is that ViaCoin is a Scrypt altcoin, and thus it can be mined by people who own Scrypt ASIC miners. We have seen nearly all newly launched cryptocurrencies opting for different mining algorithms in order to prevent people from using their ASIC devices. A very interesting choice by the developer, which was well received by the general cryptocurrency crowd.
An increase in value can only come from people investing their hard earned money in your cryptocurrency, because it has potential. ViaCoin holds a lot of potential, as it is taking things to a whole new level. Whereas most other cryptocurrencies, Bitcoin included, are not big fans of building applications on top of their blockchain, which is why projects like Ethereum are so important for the future and have been receiving so much support.
BTCDrak, a ViaCoin developer, explains why he didn’’t just choose to use the Bitcoin blockchain:
“At this stage, you may ask the obvious question of “why not just build services on top of the Bitcoin blockchain for this?” The answer is simple: there have already been similar attempts to build out services that utilize the Bitcoin blockchain but they have faced strong resistance from Bitcoin core developers who consider this kind activity as “blockchain spam” and in some cases made attempts to block and inhibit such activity.”
But ViaCoin actually encourages people to do so as this allows for ViaCoin to not just be a digital currency, but also the backbone of the ClearingHouse protocol. But what is this ClearingHouse protocol exactly? BTCDrak explains the idea behind ClearingHouse:
“ClearingHouse can go a lot further, to develop protocols for decentralized voting, identity and reputation management, setup and exchange of multisignature escrow, ‘blockchain notary’ and a whole host of other applications. As with all new things, this could all go wrong, but believe we are in a much better place than if we had been the pioneers because we know it’s possible, it’s just more a matter of the implementation details. ViaCoin presale distribution has been designed to give an early adopter advantage similar to that of Bitcoin, with equal risk of failure. Ultimately the market will decide, but I think there has never been a more exciting time to be in crypto, than now.”
- Viacoin's logo
Building a network of services around a cryptocurrency is one of the hardest things to do, and most coin developers will worry about that at a later stage. ViaCoin is taking the exact opposite approach to this, as they have already set up everything in order to have the services built at a fast pace. Some of these services could very well include decentralized exchanges, the issuing of new currencies, digital voting and lots more.
This approach by the Viacoin developer had lead to a massive interest in this cryptocurrency, not just from the general community, but also from investors. When ViaCoin held a pre-sale on the BitTrex exchange prior to its launch, a total of 610 bitcoins was invested. As there were 10 million ViaCoin up for grabs, this pre-sale put the bid price per VIA at 0.00006102 bitcoin.
So where does ViaCoin go from here? A roadmap was laid out on the ViaCoin blog:
- Bootstrap Viacoin distribution by presale. [completed]
- Launch the Viacoin network. [completed]
- Build out Viacoin services. [in progress]
- Launch ClearingHouse using proof based VIA to XCH conversion process.
- Build out services
A lot has already been done, but there is a lot more work ahead for the ViaCoin developers. As the community grows stronger on a daily basis, and the cryptocurrency gains more and more attention, the future looks very bright for ViaCoin.
For more information about Viacoin, go here.
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