Written by KomoDeFi Editorial Team on March 6, 2022

Verus Development Updates - Mandatory Mainnet Update to PBAAS v 0.9.1


Testnet Featuring Verus PBaaS -- The most powerful and interoperable currency, blockchain, and ERC20 launch, scale, and MEV-resistant DeFi platform to exist, all with no programming required!

v0.9.1 improves mainnet bootstrap and GUI backup/restore user experience but does not upgrade mainnet protocols and is not a required update for mainnet-only users. It is required to use the public testnet. IF YOU HAVE ALREADY USED TESTNET WITH PRIOR VERSIONS, MAKE SURE TO DELETE AND CLEAR ANY EXISTING TESTNET DATA FOLDERS AS DESCRIBED BELOW.

Verus PBaaS Features Live on v0.9.1 Testnet

- Provable or pseudonymous, identity-based currency, liquidity pool, NFT and multi-blockchain, fully decentralized network.
- On-chain 100% decentralized, launches with fair launch and/or crowdfunding options, on-chain auto-refund option for missed targets, automatic Ethereum ERC20 contract deployment, auto-created, MEV-resistant, liquidity baskets and even auto-bridged, merge mineable, fully independent rent-free PBaaS blockchain launches.
- All DeFi AMM conversions are verified via mining and staking as part of the L1 consensus protocol. All conversions in a single liquidity basket are calculated simultaneously for all transactions in any given block, meaning all participants get the same price in all directions of conversion, with a minimum conversion fee of 0.025% and a maximum of 0.05%.
- All currencies and identities are primitives at L1 and are validated and verified on UTXO transactions, which check all inputs and outputs just as single currency L1s, such as Ethereum or Bitcoin check the native currency inputs and outputs of transactions.
- All currencies on all independent connected chains, once launched can be sent back and forth to other multi-currency capable networks (currently other independent PBaaS chains and Ethereum as ERC20s). (edited)

-Currencies on Verus can also be defined as "mapped currencies", which map 1:1 to an existing currency on Ethereum (eg. DAI), and can then be sent from Ethereum with simple transactions and received and used as the new "mapped currency", or sent back to Ethereum and used there as the original currency. For example, I could make a currency called MyBucks and map it to DAI. It will always be provably mapped and convertible 1:1 to and from DAI by sending it to and from Verus to Ethereum.

- Currency launches can raise funds in 3 ways. Each of these fundraising options creates a currency that is not 100% backed, and has a price that responds to market forces. 100% backed currencies do not change their relative price to the underlying basket reserve when they are converted to or from reserves. Fractionally backed currencies, which result from fundraising or endowing launch grants/pre-allocations to DAOs or entities such as foundations, whether time-locked or not, take their funding from a percentage of the reserve backing. Except in the case of a new blockchain launch, which creates new native currency for operating the proof of stake of the blockchain, any currency that uses fundraising options will be a fractionally backed currency which will appreciate when more people convert to it and depreciate when more convert from it. If a launch is refunded due to minimum participation options that are not met, no fundraising is received: (edited)

- Pre-launch discount - all participants contributing to the launch before it goes live on its start block get a discount to the initial on-chain price of the currency. This is usually accompanied by a maximum cap on pre-conversion participation to ensure that the currency would still be in demand when it goes live.

- Pre-launch carve-out - this enables a percentage of each of the initial participation currencies to be carved out of the launch and total reserve ratio in a price-neutral manner and sent directly to the launching identity upon successful launch.

- Pre-allocation - this enables some of the newly launched currency to be pre-allocated to one or more identities. If the currency is fractional, this happens in a price-neutral manner, and again is subtracted from the reserve ratio. Recipients can optionally be time-locked IDs for vesting or unlock periods.

Testnet Reset
To reset your testnet make sure Verus is closed (and no testnet daemon running) and delete the following directories, then restart the testnet daemon (or relaunch Verus Desktop, deactivate verustest and re-add verustest native):
Linux: ~/.Komodo/vrsctest, ~/.verustest
Mac OS: ~/Library/Application Support/Komodo/vrsctest, ~/Library/Application\ Support/VerusTest
Windows 10: %AppData%\Roaming\Komodo\vrsctest\, %AppData%\Roaming\VerusTest or %AppData%\Komodo\vrsctest\, %AppData%\Roaming\VerusTest
CLI: https://github.com/VerusCoin/VerusCoin/releases/tag/v0.9.1
GUI: https://github.com/VerusCoin/Verus-Desktop/releases/tag/v0.9.1

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