Vanillacash (XVC) is a well-proven digital currency and an early adopter of advanced coin features that today may appear standard, but at the time of their introduction were truly on the “cutting edge” of the cryptosphere! In addition to successfully deploying hybrid proof-of-work (PoW) and proof-of-stake (PoS) coin generation, XVC was also able to integrate instant transactions, early masternode implementation, as well as highly innovative privacy features. The hashing algorithm was originally based on Blake256 8-rounds variant. For XVC legacy chain difficulty retargeting was done for every block. The newly introduced hybrid PoW / PoS Vanillacash chain is based on DiminutiveCoin’s Highly Modified Quark (HMQ) 1725 algorithm, which provides enhanced chain security. Of note, HMQ 1725 randomly changes the “algo” on per-block basis, with one of the possible algorithms being Blake256 (a clear recognition of the legacy chain’s “algo”).
The newly upgraded Vanillacash features variable block time targeting, with a variable block reward of 0.01-0.05 XVC (determined on random basis) that optimizes democratization of both mining and staking outputs. As a result, the new XVC codebase results in highly secure, fast transaction framework that adds fewer than 19,000 coins annually to the overall total existing Vanillacash supply. In fact, this dramatic reduction in block reward places vanillacash among some of the highest stock-to-flow cryptocurrencies on the market today (see EWMCI Stock-to-Flow Index for more information).
Currently, the block reward is capped at 0.05 XVC per PoW-mined block and PoW accounts for 50% of newly minted coins. Proof-of-stake coin generation, based on Blackcoin code, accounts for the remaining 50% of XVC inflation. Following the code upgrade, the vanillacash coin supply is fixed, with only about 19,000 new coins minted annually. Moreover, due to somewhat turbulent 2018 post-crash crypto environment, many XVC coins were abandoned or lost, permanently out of the circulation. The current 1:1 non-inflationary old-to-new chain swap process will culminate with a transparent burn of all unclaimed new XVC tokens (utilizing OP_RETURN process).
Proof-of-Stake (PoS) refers to the use of currency itself (e.g., your ownership of Vanillacash) to achieve certain pre-defined goals. In Vanillacash network, PoS is used to provide minting and transaction processing alongside the PoW capability to do the same. This provides an important redundancy and increases overall blockchain security.
Because at the “network-level” there will are multiple active participants who “stake” their coins, a significant number of coins (e.g., collateral) will be present on deposit (and thus not free to move or be spent). This, in turn, stabilizes the network and protects it from malignant, third-party actors by making attacks costly, impractical, and in effect self-destructive.
The enhanced energy efficiency of Vanillacash refers primarily to the long-term benefits of PoS (and more recently multi-platform tokenization or MPT). This is because Vanillacash is not dependent on the use of energy-hungry PoW coin-generating application-specific integrated circuits (ASICs), thus reducing the overall network energy consumption and reducing its environmental impact.
At the same time, PoW is the most practical way of supporting the early phase of minting of a cryptocurrency like Vanillacash. Because of this, the original developer team decided to keep PoW as part of Vanillacash’s hybrid design. To further optimize energy efficiency, we transitioned to the currently utilized and more environmentally friendly Blake256 8-round algorithm.
In our gradual transition toward decentralized finance (DeFi) the innovative approach of multi-platform tokenization (MPT) further reduces Vanillacash’s dependency on energy-hungry ‘mining rigs’ while allowing faster, more efficient transactions and seamless ways of ‘swapping’ assets. Moreover, DeFi applications also bring with them new options for storing value and trading Vanillacash in essentially unlimited, user-controlled fashion.
Vanillacash (XVC) has a long and at times turbulent history. Its original precursor is vanillacoin (VNL) which was significantly upgraded in mid-2017 and re-branded to the current name at that time. It is well recognized that the name ‘vanillacash’ is quite popular and attractive, and has significant branding power. The traditional logo, or the stylized letter “V” presented the current team with some challenges related to brand recognition. In all, there are more than 10 projects with “V” themed logos, and it is very easy to become confused about “which is which” among this “vee-too” crowd. Consequently, a decision was made to move forward with a new logo, one that would be as unique, recognizable, and attractive as the ‘vanillacash’ name. During our work on the optimal design, we opted to go with the image of a vanilla leaf… something that no other coin can truly claim or imitate while at the same time providing a powerful brand identity that is clearly tied to our coin’s name.
There are three main ways of acquiring Vanillacash (XVC): [1] Purchase with fiat currency using a specialized vendor, such as BexCrypto [2] Exchanging other cryptocurrencies for XVC on platforms such as FreiExchange , FreiXLite , XeggeX or Komodo Wallet and [3] Selling goods or services for XVC, using platforms such as the EWMCI Shop .
There are several ways of securely storing Vanillacash (XVC): [1] Our desktop Qt wallet [2] The state-of-the-art Komodo Wallet [3] The Gemmer Wallet by Primecoin and [4] Wally.ID multi-wallet. In addition, we are working on our own, native EWMCI wallet platform called CoinMunityWallet. Additional resources and links can be found on the EWMCI Resources Page
For users of our multi-platform tokenization (MPT) ecosystem, the following wallets can be used: [1] Komodo Wallet [2] Trust Wallet and [3] SafePal Wallet
Even the most modern and up-to-date blockchain projects have potential vulnerabilities. The introduction of multi-platform tokenization (MPT) provides a unique opportunity for value preservation and operational redundancy in the unlikely scenario of an attack on the UTXO blockchain. In addition, modern decentralized finance (DeFi) platforms are mostly incompatible with UTXO-based cryptocurrencies like XVC. Consequently, the most optimal approach to allowing our users to enjoy DeFi while preserving both the value and the relevance of XVC was to embrace 1:1, non-inflationary tokenization.
Our intent is not to dispute, or depart from, the essential nature of the UTXO origins of Vanillacash. To the contrary, the critical importance of the UTXO-based codebase and XVC blockchain is fully preserved because it remains the ONLY way to generate new Vanillacash! Finally, why “multi-platform” tokenization? Well, various platforms enjoy different levels of success, and dependence of a single platform would potentially expose XVC to becoming marginalized if that particular tokenization platform did not gain sufficient popularity. Thus, “multi-platform” provides the best odds of XVC prospering well into the future!