VerusCoin Launches Pure, A Crypto Partially Backed by Bitcoin

Key Points:

• Pure crypto, launched on March 24, 2024, by VerusCoin, is uniquely backed by a 50/50 reserve ratio of VRSC and (tBTC).
• It employs a dynamic supply model, allowing supply adjustments through user interactions, such as currency conversions and burning fees.
• The initial supply of Pure is set at 20,000, with a pre-conversion period that allows users to influence the initial distribution.

YEREVAN (CoinChapter.com) — Pure is a cryptocurrency introduced by VerusCoin and launched on March 24, 2024. Unlike other cryptocurrencies, Pure’s draws its reserve value 50% from Verus coins (VRSC) and the rest from tokenized Bitcoin (tBTC). This 50:50 reserve ratio aims to mitigate volatility and provide a stable foundation for Pure’s value through portfolio rebalancing.

The USP of Pure Crypto

That said, Pure Crypto aims to adhere to the so-called “principles of decentralization.” It operates on a dynamic supply model, where its total supply can increase or decrease based on specific user interactions, such as VRSC or tBTC conversions and the creation of subIDs. These actions involve transaction fees that, when burned, reduce Pure’s overall supply, making it more responsive to market demands and activities within its ecosystem.

This model allows for adjustments in supply to stabilize the asset’s price. Furthermore, it gives Pure crypto holders exposure to the underlying assets (VRSC and tBTC) and potential gains from conversion fees. The initial supply of Pure is set at 20,000 units.

Pure crypto also has a pre-conversion period that will last until its launch on March 24, 2024. This initial phase will allow users to contribute to VRSC and tBTC to Pure’s reserves and influence the initial distribution of Pure’s 20,000 supply. Post this period, Pure’s supply becomes dynamic, as per Pure’s dynamic supply model.

Price Discussion

As of March 23, 2024, tBTC is valued at approximately USD $43 thousand. Over the last week, tBTC saw an 8% increase in value. Similarly, VRSC has seen an increase in its price over the year. From its November price of $0.6171 to its present March mark of $1.81.