What is Virtacoin?
VirtaCoin is a relatively new scrypt cryptocurrency that is formerly PayBox.me/VirtaPay. One thing that is unique about this coin is that it already has a userbase of 1.6 Million Users.
VirtaCoin is formerly PayBox.me/VirtaPay, the e-currency/virtual currency platform, which was founded in September 2010 as PayBox.me and was rebranded as VirtaPay on March 13, 2011. From the launch of PayBox.meuntil July 1st, 2014, PayBox.me/VirtaPay has gained 1.6 Million Users.
There is a community and devoted team of developers (like me) working to make this coin great on reddit. The only premined coins went to the 1.6 Million VirtaPay accounts, so the creators don't have a huge stash waiting to dump.
How the conversion process worked is all user balances have been adjusted to 14% of their original size in order to fit within the parameters of the new system. For example: If you previously had a balance of VP$100, your new balance would be 14 VirtaCoin.
Scrypt proof-of-work algorithm
60 second block time target
~21 billion total coins
8000 coins per block, reduces by 0.5% each week starting 6/28/14
Difficulty retarget every 1 block
Major events in Virtacoin's History
- September 22, 2010: PayBox.me is launched, promising Person-to-Person transactions, Small Business integration, including payment processing modules for all popular shopping cart software, Mid-sized Business integration, Major Online Store integration, Debit Card linked to your PayBox account, and Currency exchange with all major world currencies.
- February 28, 2011: PayBox.me announces the beginning of the rebranding and name change to VirtaPayhere.
- March 13, 2011: PayBox.me announces the completion of the rebranding process and official change to VirtaPay here.
- May 18, 2012: VirtaPay announces/previews the Master Plan, which includes progress on the Debit Card here.
- January 1, 2014: After about a year of silence (last post on February 11, 2013) VirtaPay announces the death of it's debit card program, and the desire to convert it's whole virtual currency platform into a cryptocurrencyhere.
- July 1, 2014: Exactly 6 months later, VirtaCoin is officially launched here.