Viacoin is a platform for secure micropayment transactions. According to its website, Viacoin claims to be the first cryptocurrency to implement a component known as ‘op_checklocktimeverify’ for lightning network and fast swapping. Further, according to its whitepaper, Viacom is an open-source cryptocurrency that was derived from the bitcoinprotocol. The website provides that it has a twenty-four seconds of block time, which results in making it twenty-five times faster than bitcoin. The platform also claims that the protocol can handle 175 transactions per second, making it suitable for quicker processes.
The platform uses tons of features to make it smart, fast, and secure for any user. Viacoin features scrypt merged mining, also known as auxiliary proof of workconsensus mechanism. The AuxPoW or auxiliary proof of work allows the miners to mine for more than one blockchain simultaneously. Thus, a miner can simultaneously mine any other scrypt coin. Scrypt coins are those coins that are made through the scrypt algorithm. Though the inflation rate of Viacoin is low due to minimal mining rewards, the users get incentivized by AuxPoW.
Further, the platform supports atomic swaps, enabling users to perform cross-chain swapping between different cryptocurrencies without using centralized exchanges. The swapping tech uses a SHA256hash system. The lightning network is a transfer network working above the Viacoin blockchain using smart contracts to enable instant payments across the network.
The native cryptocurrency of the platform is VIA. VIA token is provided to the nodes, which keep their system up and running and provide stability to the ecosystem as a reward. Moreover, the token is used to pay the different fees on the network.
