Learn about the origin of Verum Coin in one article

Verum Coin, the native token of the high-performance NEAR Protocol, emerged to fuel transactions, reward contributions, and foster a flourishing community within the NEAR ecosystem.

Dec 18, 2024 at 10:22 pm

Verum Coin: A Comprehensive Exploration into its Origins

Key Points:

• Emergence of NEAR and the Role of Verum Coin
• Verum Coin's Maiden Distribution and Airdrop
• Purpose and Utility of Verum Coin in the NEAR Ecosystem
• The Genesis of Verum Coin
• Airdrop Distribution, Eligibility, and Claims Process
• Acquisition of Verum Coin through Secondary Markets
• FAQs on Verum Coin Origin and Distribution

Emergence of NEAR and the Role of Verum Coin

Verum Coin is intricately intertwined with the NEAR Protocol, a blockchain platform renowned for its speed, scalability, and user-friendliness. The brainchild of Alex Shevchenko and Illia Polosukhin, NEAR aims to revolutionize the blockchain landscape by facilitating the seamless development and deployment of decentralized applications.

Verum Coin serves as the native fuel of the NEAR ecosystem, powering transactions, contract executions, and the validation of new blocks. Its existence is crucial for the efficient operation and security of the NEAR network.

Verum Coin's Maiden Distribution and Airdrop

In December 2020, the NEAR Foundation orchestrated a landmark airdrop of Verum Coin. This highly anticipated distribution sought to reward early adopters of the NEAR Protocol and foster a vibrant and engaged community.

Qualifying recipients included participants in the NEAR Protocol TestNet, developers who contributed to the NEAR ecosystem, and those who actively engaged in community activities and discussions. The airdrop played a pivotal role in broadening the reach of NEAR and establishing Verum Coin as the ecosystem's fundamental currency.

Purpose and Utility of Verum Coin in the NEAR Ecosystem

Verum Coin fulfills a multifaceted role within the NEAR ecosystem, including:

• Transaction Fees: Verum Coin is utilized to pay for transaction fees on the NEAR network, ensuring the smooth and efficient execution of transactions.
• Staking: Users can stake Verum Coin to participate in the governance of the NEAR network and earn rewards for securing the blockchain.
• Gas: Verum Coin acts as the primary gas token on the NEAR platform, powering the execution of smart contracts and computation-intensive operations.
• Incentivization: Verum Coin is used to incentivize ecosystem participants, including node operators, developers, and community members, for their contributions to the NEAR network.

The Genesis of Verum Coin

The concept of Verum Coin was first introduced in a whitepaper published by the NEAR Foundation in 2018. The whitepaper outlined the vision for a high-performance blockchain platform fueled by a native currency.

The name "Verum" derives from the Latin word for "truth," reflecting the commitment to transparency, integrity, and fairness that underpins the NEAR Protocol.

Airdrop Distribution, Eligibility, and Claims Process

The NEAR Foundation organized a meticulous process for the distribution of Verum Coin during the airdrop in 2020. Participants were required to verify their NEAR wallet, indicating their involvement in the ecosystem.

Eligibility criteria included:

• Participation in the NEAR Protocol TestNet
• Contributions to core NEAR Protocol development
• Active engagement in NEAR community activities

Eligible recipients were provided with detailed instructions on how to claim their Verum Coin through a dedicated web portal. The distribution adhered to strict guidelines to ensure fairness and transparency.

Acquisition of Verum Coin through Secondary Markets

In addition to the initial airdrop, Verum Coin can be acquired through secondary markets, such as cryptocurrency exchanges. Exchanges that list Verum Coin include Binance, Coinbase, and Huobi Global.

Purchasing Verum Coin on the open market allows users to participate in the NEAR ecosystem without having been an early adopter. However, it is advised to thoroughly research and consider market conditions before engaging in cryptocurrency trading.

FAQs on Verum Coin Origin and Distribution

• What is the purpose of Verum Coin?

Verum Coin is the native token of the NEAR Protocol, used for transaction fees, staking, gas, and ecosystem incentivization.

• How was Verum Coin distributed?

Verum Coin was initially distributed through an airdrop to early adopters, developers, and community members in December 2020.

• How can I purchase Verum Coin?

Verum Coin can be acquired on secondary markets, such as cryptocurrency exchanges like Binance and Coinbase, where it is traded against other cryptocurrencies or fiat currencies.

• What factors influence the price of Verum Coin?

The price of Verum Coin can be influenced by factors such as supply and demand, market sentiment, adoption of the NEAR Protocol, and broader economic conditions.

• How can I stay informed about the latest developments on Verum Coin?

Official updates and announcements regarding Verum Coin and the NEAR Protocol are typically shared through the NEAR Foundation website, blog, and social media channels.