About Virtacoin
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According to the VirtaCoin whitepaper, the team of VirtaCoin initially adopted the mint base model to enable the payees to determine the previous transaction. However, transactions had to be announced publicly in the mint base model. The model also required participants to agree on a single history of the order they were received. Therefore, to prevent such complexities, the team adopted the proof-of-work mechanism.
VirtaCoin accepts alerts from network nodes in case an invalid block is detected. The network also prompts the users’ software to download the entire block and gain a transaction alert for confirming such inconsistencies. The team has adopted the technology to ensure that there is no double-spending.
The official website of VirtaCoin states that users can earn more VirtaCoin tokens and secure the VirtaCoin network through solo mining. Moreover, the users can also create mining pools to help large groups work together and share the mining rewards. The process also aims to secure the VirtaCoin network.
The official version of the Virtacoin whitepaper was released in 2014, and the platform was born on 1st July 2014.
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