Verus is a decentralized, open-source blockchain protocol that utilizes proof-of-work and proof-of-stake consensus. It aims to provide rent-free tools for developing products, services, and systems. ^[1]

Overview

Founded by Michael J. Toutonghi in 2018, Verus is an open-source, decentralized blockchain protocol that uses proof-of-work and proof-of-stake consensus. It aims to prioritize scalability, security, and decentralization by offering Public Blockchains as a Service (PBaaS) for creating interoperable blockchains, tokens, and decentralized finance (DeFi) applications.

The protocol incorporates VerusID for self-sovereign digital identities and supports secure cross-chain transactions with minimal fees. Verus is designed as a multichain ecosystem to enable decentralized, scalable, and customizable blockchain use cases. ^{[1] [2] [3] [4]}

Products

PBaaS-Chains

Verus aims to provide blockchain solutions that prioritize scalability, interoperability, and accessibility. Its Public Blockchains as a Service (PBaaS) framework enables the creation of customizable blockchains with features such as multi-currency functionality, decentralized finance (DeFi), self-sovereign identities (VerusID), and zk-SNARKs-based privacy.

These blockchains are designed to integrate with the Verus network, supporting cross-chain transactions and employing a hybrid proof-of-work and proof-of-stake consensus to resist 51% hash attacks. Verus facilitates token creation, liquidity pools, fractional reserve currencies, and crowdfunding launches with mechanisms to manage participation and refunds. Its multichain ecosystem is structured to support interoperable public and private blockchains, aiming to ensure seamless connectivity and decentralized bridging. ^[5]

Currency Launch

Verus allows the creation of tokens without coding. It supports basket currencies, which are backed by multiple reserves, and simple token currencies with either fixed or adjustable supplies. The Verus-Ethereum Bridge enables non-custodial transfers to and from Ethereum. Decentralized crowdfunding mechanisms aim to facilitate token launches by setting participation levels, offering refunds, and providing pre-launch discounts. ^[6]

VerusID

VerusID is a decentralized self-sovereign identity system on the Verus Protocol blockchain. It enables users to access Web3 applications, manage assets, send private messages, and store data securely without requiring programming skills. VerusIDs function as personal or business identifiers, supporting transactions, secure communication, and asset management. Features include revocation, multisig wallets, and privacy options.

VerusIDs are available for 100 VRSC, with referral discounts. Fees contribute to miners, stakers, and ongoing development. ^[7]

VerusPay

VerusPay aims to facilitate blockchain-based invoice creation and payment processing. Its v3 version introduces standardized invoice formats, supports PBaaS blockchain transactions, and allows sharing through QR codes or deeplinks. ^[8]

VerusDeFi

VerusDeFi aims to provide a low-cost, MEV-resistant decentralized finance solution without intermediaries. It allows users to convert into and out of reserve-backed currencies or exchange between reserves, with fees ranging from 0.025% to 0.05%.

Operations are executed at the consensus layer, reducing smart contract risks. VerusDeFi employs smart transactions to enhance security by integrating DeFi functions directly into the protocol. ^[9]

Verus-Ethereum Bridge

The Verus-Ethereum Bridge facilitates decentralized and secure transfers between the Verus and Ethereum blockchains, supporting conversions between VRSC, ETH, DAI, and MKR. It allows users to map ERC-20 currencies, export assets to Ethereum, and tokenize VerusIDs as ERC-721 NFTs.

Bridge.vETH serves as a stable, backed cross-chain currency that aims to simplify transactions with low fees and resistance to miner-extracted value (MEV) risks. Users can also register .vETH subIDs to interact with DeFi operations across chains. ^[11]

Tokenomics

VerusCoin ($VRSC)

Verus Coin (VRSC) is a privacy-focused cryptocurrency utilizing zero-knowledge technology and Public Blockchains as a Service (PBaaS). It employs a consensus mechanism called Proof of Power, which combines 50% Proof of Work (PoW) and 50% Proof of Stake (PoS) to improve security and resistance to 51% hash attacks.

Verus Coin is used for payments, staking, blockchain creation, token creation, and DeFi reserves. The project operates without an initial coin offering (ICO) or premined tokens and aims to make blockchain technology more accessible to users. ^[10]

Utility

Verus Coin (VRSC) serves as the native cryptocurrency of the Verus blockchain and supports various functions within its ecosystem. Its primary uses include:

• Payments: VRSC facilitates fast, scalable, and final transactions on the Verus network.
• Staking: Holders of VRSC can engage in staking to earn rewards without requiring a minimum amount.
• VerusID Creation: VRSC is used to pay for the creation of VerusIDs, which are designed as quantum-resistant crypto addresses for sending and receiving funds.
• Blockchain and Token Creation: VRSC is necessary for creating interoperable blockchains and tokens within the Verus network.
• DeFi Reserves: VRSC is applied as a reserve in decentralized finance (DeFi) tokens and currencies on the Verus mainchain.

Team

The Verus team consists of developers, advisors, and community members contributing technical expertise, design, and operational support.

• Michael J. Toutonghi: Lead Developer and founder with experience in distributed computing and leadership roles.
• Michael F. Toutonghi: Lead GUI Wallet Developer, focusing on usability across mobile and desktop platforms.
• Lex (Alex) English: Developer/Program Manager with experience in software development and community coordination.
• Asher Dawes: Developer specializing in build automation and cross-platform testing processes.
• David Dawes: Developer with extensive experience in financial technology and platform development.
• jl777: Advisor with expertise in blockchain development and technical consulting.
• Nicholas Lyons: Advisor with a background in equity markets, technology investments, and strategic guidance.
• Oink: Community Support Lead supporting user engagement and technical assistance.
• Max Theyse: Lead Design/Community Branding, focusing on design and blockchain-driven innovation.
• Chris Monkins: Software Engineer with expertise in mining software and community pool development.
• Rozo: GUI Developer contributing to user interface design and development. ^[4]