Review on Viacoin by Mohammad Shuja

Developed on the Scrypt cryptography platform, Viacoin uses an Auxiliary Proof-of-Work consensus method to achieve its goal of a decentralized internet. Scrypt is a password-based key derivation method that was created with the goal of preventing wide-scale hardware assaults from succeeding in significant numbers. It is built on Bitcoin, but it incorporates a number of strong technologies to distinguish it as a cryptocurrency with a long-term vision for the future of the internet.



Mining operations that are consolidated In order for Viacoin to mine effectively, it must be combined with other Scrypt currencies using AuxPoW. Users will be able to mine Viacoin alongside other Scrypt cryptocurrencies without the hash rate of one cryptocurrency being affected by the other. However, even though Viacoin has low block rewards, miners may still earn free coins by merging their existing currencies with Viacoin's block rewards, which are minimal. Because of the smart contacts on the Viacoin blockchain, the Lightning Network enables for immediate transactions between members in the Viacoin network. As the name implies, it functions as an intermediary between the Viacoin blockchain and other networks. In a single second, the Lightning Network can process billions of transactions, ultimately rendering traditional payment systems obsolete.



In contrast to other cryptocurrencies, Viacoin is developed on Bitcoin and offers 25 times quicker transaction speeds. The Proof-of-Work consensus method is used by both Bitcoin and Viacoin; however, the Scrypt algorithm is used by Viacoin rather than the SHA256 algorithm used by Bitcoin. Auxiliary Proof-of-Work enables it to be mined in conjunction with other Scrypt-based coins; this feature is present in the majority of cryptocurrencies. If you compare it to the average transaction cost of other cryptocurrencies, in particular, it comes out to be very cheap.



Considering that the cryptocurrency industry is a very volatile environment, it is difficult to overlook the potential for development represented by Viacoin's rather steady performance. The cryptocurrency, according to analysts, has the potential to become a top-tier cryptocurrency in the near future. Viacoin's staff has been working tirelessly to achieve the goals set forth in their roadmap, and there are many initiatives in the works as well. Incredibly secure and packed with features, it is the most recent addition to Viacon's already excellent wallet line-up. In any case, as is usually the case, investors should do extensive study before making any investment decisions.