Version 0.6.0 mainnet includes a brand new blockchain technology and protocol, VerusID as well as an upgrade to VerusHash 2.1 that closes the gap even further between FPGAs and CPUs in the already FPGA/CPU equalizing VerusHash algorithm that has enabled CPU mining to remain profitable, even with FPGA miners available. Upgrade before the December 15th activation of VerusIDs, the only decentralized, friendly, self-sovereign, quantum ready, revocable, recoverable, blockchain identities in the world! (https://veruscoin.io/wallet.html)
VerusIDs are a fully functional blockchain protocol, not just an ID system. Although there is no corporation in control of or behind the open protocol, VerusIDs simplify using a blockchain, while making funds safer, and provide plenty of opportunity for projects and identity-oriented applications and services. Specifically, VerusID provides:
Quantum-ready friendly crypto-addresses on the worldwide Verus network
VerusIDs can be used to receive and send funds, which are controlled by the single or multi-sig addresses specified in the identity itself. If these controlling addresses or the single or multi-sig properties are changed, which can be done by the controller of the identity, all future spends of UTXOs sent to that identity follow the updated spend conditions and are subject to the updated keys. Although Verus 0.6.0 does not include quantum resistant signatures for transactions, VerusIDs are themselves resistant to quantum attack with known algorithms, and we have already started to integrate a quantum secure signature scheme, which we expect to activate on mainnet early next year. When that is available, it will be possible to change an ID and have all of the funds sent to it made retroactively quantum resistant. Verus IDs can also be used to publish ID->destination address mappings on other blockchains, but only the Verus ecosystem has the ability to revoke, recover, inherit, funds in existing UTXOs.
Fully Decentralized Protocol
Anyone can create one and have complete, self sovereign control over it without permission to do so. All costs to create an ID go to miners, stakers, and ID referrers. VerusIDs are:
- Revocable -- each ID includes a revocation authority, which defaults to the identity self, and which has the permission to revoke the identity, which creates a valid transaction that, once mined into a block, prevents the identity from being used to spend or sign until it is recovered, effectively freezing all of its funds, for example, in the case of key theft.
- Recoverable -- each ID also includes a separate recovery authority, which also defaults to self, and which can recover the identity through redefining its primary state and the recovery state as well, though it cannot modify the revocation state, or vice versa, unless they are both controlled by the same underlying authority.
- Private - Each ID contains a set of zero-knowledge private addresses, which can be used as messaging, financial, or voting endpoints, and each ID also contains a content map of key-value hashes, intended to be used alongside applications and various identity policies to provide everything from private yet selectively provable claims and attestations to selectively provable components of a strong passport, attested to with a quantum secure signature when that is available.
VerusHash 2.0 was the first algorithm to significantly equalize FPGAs dominance over CPUs, once they were introduced on the Verus network. While FPGAs were intentionally not blocked completely, which would simply drive the performance battle to the higher end and further into secret, the VerusHash 2.0 algorithm was developed to explicitly equalize FPGAs and modern CPUs and has met its original goals in keeping FPGA performance for the price under 2x of CPU. VerusHash 2.1 introduces an adjustment to the equalization technology, which we expect to tilt the balance a bit more favorably towards CPUs, while still enabling FPGAs to operate on the hash algorithm with minor modifications. Verus Developers have proactively reached out to FPGA manufacturers and made the new algorithm available to them, so that everyone will have an opportunity to mine and stake when the Verus economy starts to roll and identity rewards, which will not inflate the currency, but should far exceed the potential for block rewards, begin streaming from the network.