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Launched in 2014, Viacoin is an Auxiliary Proof of Work cryptocurrency with a 24-second block time, able to handle around 175 transactions per second, according to the Viacoin team.
Auxiliary Proof of Work allows miners of any Scrypt-based cryptocurrency, like Litecoin, to simultaneously mine Viacoin. Miners have an incentive to also mine Viacoin, as they are able to get rewards for “free”.
Segregated Witness (SegWit) and Schnorr signatures allow the Viacoin blockchain to reduce transaction size and associated costs. Viacoin is able to perform atomic swaps and is also compatible with the Lightning Network.
The VIA token is used primarily as a store of value and medium of exchange.