What is Vertcoin and Why Wasgoed it Created?
Vertcoin is a Proof-of-Work (PoW) cryptocurrency originally created on January 2014, spil a masters project by a group of students. Just like Bitcoin and Litecoin, it is a peer to peer cryptocurrency of which many of the features are the same. The main difference inbetween Vertcoin and the other coins is that it is strenuously focused towards being resistant to ASICs (powerful computers that can mine cryptocurrency rapidly), and decentralization. It is also designed to be effortless to use and get into.
Why is ASIC resistance significant?
Bitcoin uses the SHA-256 hashing algorithm, which has now bot around for many years and the algorithm hasn’t bot switched since its genesis. This means that large hardware companies have created ASICs te order to mine at a very high rate compared to those who mine with their GPUs (graphics cards) and CPUs (processors) at huis. Spil a result of this, the cryptocurrency’s difficulty increases and means that GPU mining isn’t profitable for many people. Therefore, people zekering mining and the large companies control a lotsbestemming of the hash power. A large amount of hashing power ter the control of one entity can mean the network isn’t decentralized and therefore create 51% attacks. Learn more about 51% attacks here .
Picture credit: LivewireInnovation
If a cryptocurrency is ASIC resistant, the hashing power is more even inbetween its users spil they can mine for themselves and this ter turn creates a decentralised network.
How does Vertcoin achieve ASIC resistance?
A question you may be asking at this point is “How does Vertcoin achieve ASIC resistance?” or “Surely an ASIC would’ve bot created for it by now?”. The truth is that no hashing algorithm can be truly ASIC resistant, and an ASIC wasgoed created for VTC at one point.
Ter the past, Vertcoin used the Scrypt-Adaptive-N algorithm for hashing. An ASIC wasgoed produced that could use this algorithm and predominate the network. However, spil Vertcoin is dedicated to staying ASIC resistant, a fresh hashing algorithm wasgoed created (Lyra2RE) and Vertcoin hardforked to use Lyra2RE rather than Scrypt-Adaptive-N.
Vertcoin now uses Lyra2REv2 te order to favour GPU mining rather than CPU mining to ensure CPU botnets cannot attack the network.
The fact alone that VTC is commited to staying ASIC resistant, and has demonstrated it will stay that way, is enough of a deterrent for ASIC companies to stay away from those algorithms.
What makes Vertcoin better than Bitcoin/Litecoin?
Vertcoin is a software fork of Litecoin, so many features are the same. Both Litecoin and Vertcoin will only everzwijn have a maximum of 84 million coins and blocks arise every Two.Five minutes (and Litecoin is a software fork of Bitcoin, which will only everzwijn have a total of 21 millions coins and blocks can be found on average every Ten minutes). Other than being ASIC resistant, VTC’s difficulty adjusts with every block rather than everzwijn 2016 blocks so it always remains profitable, slow downs aren’t created ter the network and high fees aren’t needed ter order for your transactions to be confirmed. Ter fact, the average transaction toverfee is less than half a cent (which is amazing spil Bitcoin’s transaction toverfee rised above $11 during a time where it wasgoed more profitable to mine Bitcoin Specie and the difficulty could only switch after 2016 blocks):
Joy fact: Our average transaction toverfee is less than half a cent
However, Vertcoin isn’t meant to be a replacement for the other coins. It is meant to be able to coincide with Bitcoin and Litecoin. Spil mentioned before all three of thesis cryptocurrencies are very similar. For example, Segregated Witness is enabled on all of thesis coins which will at one point permit for transactions to be sent overheen the Lightning Network (for quicker transactions – it is presently ter Alpha), and Atomic Cross-Chain Interchanges (which is presently ter development but has bot successfully tested) so coins can be exchanged lightly. i.e. Vertcoin Litecoin Bitcoin.
How Do I Buy Vertcoin?
Vertcoin can be bought from exchanges such spil Bittrex, or other cryptocurrencies can be “converted” into Vertcoin with a service such spil Shapeshift.io. Another way you can obtain it is by Vertcoin mining, which can be very profitable depending on your GPU. Presently it can be mined with Vertcoin’s One Click Miner (which is only optimised for nVidia cards at the ogenblik), and this can be found on Vertcoin’s Slack #OneClick Channel . An AMD Optimised miner is presently te development, but will need donations to be funded.
Ter the UK, Vertcoin can be bought directly with GBP with Bittylicious (which rates often aren’t so good), but is still an option nonetheless.
How Can I Store Vertcoin?
There are many wallets that support Vertcoin. The official wallets can be found on their webpagina .
There are three official options here. The very first of which is the Vertcoin core wallet available for Windows and MacOS. This will require you to download the entire blockchain (history of all Vertcoin transactions), and may take a large amount of time to sync. The other two options are Electrum-VTC and using a web wallet, both of which don’t require to download the entire block chain on to your laptop.
Another option is two use a hardware wallet such spil the Ledger Nano S, which will support VTC very soon.
A few more options include using a paper wallet , that can be created from downloading the html opstopping and opening ter an environment without an internet connection, printing the paper wallets and then clearing any browser/printer caches. If you choose this option you may want to print numerous copies and perhaps even store ter numerous paper wallets. Ultimately, you could also use a mobile wallet such spil Coinomi (which actually used encrypted Electrum servers ter its back end) for ease of access and quick use.
For which everzwijn method of storage you choose, always make sure you have the private keys or seed recovery phrase or paper wallet written down/stored securely so spil to ensure that you can always have access to them.
How can I help out Vertcoin?
One of the best ways that you can help is by Vertcoin mining. This permits transactions to be sent spil expected, prevents decentralization, and you can profit off of it. You could also donate to Vertcoin , te order to pay for developers, marketing, and the AMD optimized miner. Ter addition to that you could also stay active ter the community, for example on reddit , or discord, and help out by answering questions or just being a part of the community te general!
Is there anything wij’ve missed, or anything you’d like to point out? Please let us know te the comments!