# Proof of Work time (PoWT)

Proof-of-Work-Time (PoWT) is a novel approach to forming a consensus by introducing a variable blocktime that scales with mining power, where the blockchain speeds up with power increases. This better scales the blockchain, increases transaction speed with power and allows for auto-adjusting more profitable mining. Difficulty dependent blocktime (Max \~6.2 minutes, minimum 15 seconds).

Blocktime dependent rewards (\~Reward halving every minute decrease in blocktime till 10x VRC supply parity, then variable \~3% disinflation). Algo: scrypt² (N of 1024² or 128MB per thread) Block 1: 564,705 VRM minted for ICO participants who purchased VRM using VRC. Minimum Transaction Fee: 0.2 VRM (high commodity transaction fee paid to miners). RPC Port: 33987, P2Port: 36988 Confirmations: 30, Maturity: 100.

#### Used in

* Vericoin
* Verium

#### Read more

* [whitepaper](https://wiki.vericoin.info)