About Vertcoin (VTC)
Vertcoin is a digital currency that can be sent between people over the internet. Vertcoin (VTC) stays true to the original vision of cryptocurrency: a financial system owned by its users, the people’s coin. Vertcoin is not controlled by large banks or mining hardware manufacturers and can be mined by anyone profitably. Fairly distributed without apremine, ICO or airdrop, Vertcoin is developed by community members working as volunteers and the project is wholly funded by donations. A finite resource similar to gold, you can rest assured that Vertcoin will keep your money safe from vested interests and ensure that transaction fees are proportionate and shared between a large number of miners. With Vertcoin, you can truly be your own bank.
Who Are the Founders of Vertcoin?
Vertcoin aims to be decentralized by being difficult to mine using dedicated processors, known as ASICs. Vertcoin is open source and has a 2.5-minute block time.
TechRadar’s Jonas Muro wrote in 2018 that two reasons among others made Vertcoin “popula[r]”. One reason is that there is little friction for new users who can use “one-click software” to mine. Another reason is that people are very involved in Vertcoin on social media. NBC News’s Ben Popken noted in 2018 that Vertcoin has received significant attention on Reddit and that its “soaring popularity over the last year” is owing to its being impervious to the specialized machines known as ASICs which are similarly being used to have heavy influence over Bitcoin. Though a December 2018 paper published in The Transactions of the Korean Institute of Electrical Engineers said that “because [Vertcoin] is not a very popular blockchain, the difficulty adjustment algorithm is very sensitive to hashrate change, making it an easy target to timestamp spoofing and cherry picking attack.”
From October through December 2018, Vertcoin suffered from 51% attacks.
In response, Vertcoin changed its proof-of-work algorithm to Lyra2REv3 before suffering from another 51% attack on December 1, 2019.
In January 2021 a new proof-of-work algorithm called Verthash was deployed bringing enhanced network security from ASIC miners.
- It is not mineable with ASICs or CPU cards.
- VerthashMine software is to be used to mine the crypto.
- Mined with GTX 1080, 1080 Ti, and Radion RX 560, Vega64, RTX 2080, and GTX 1660 cards.
- Can be mined individually or on GPU mining pools.
- Some pools to consider include Coinotron.com, Zpool.ca, miningpoolhub.com, and Bitpoolmining.com. Different pools charge different rates or commissions.
The Mining Experience
Vertcoin is a stream of passive mining income for anyone who wants it. With a powerful gaming computer, or a home built mining rig, you can pull out between 1 – 6 VTC a day. The ASICs resistance guarantees the existence of these artificial conditions. The currency can be forked at any time. In the future, if ASICs ever were developed for Lyra2RE, we would simply have to fork to a higher memory requirement and those ASICs would no longer properly function. To avoid mining centralisation, the currency has proactively forked in anticipation of treats twice. First, on December 13, 2014 (block 208301), Vertcoin forked from Scrypt-Adaptive-N proof-of-work function to Lyra2RE as a proactive defense against emerging Scrypt-Adaptive-N capable ASICs. On August 10, 2015 (block 347000), Vertcoin forked from Lyra2RE to Lyra2REv2 because a botnet was controlling more than 50% of the hashing power of Vertcoin network. Bitcoin, and most other proof of work cryptocurrencies, was first mined with CPUs than GPUs and finally ASICs. Anyone, from a Ugandan village, to a casual gamer can compete for blocks on this network. There are mining pools that anyone can join and Vertcoin even has a one-click-miner feature. More than one click is required, but it is no more difficult than installing a game or application on your PC or Mac.
- Why Choose Vertcoin Over Bitcoin?
If you are of the sensible opinion that sort of centralised mining isn’t really a problem, you might be wondering if Vertcoin offers any advantages over Bitcoin? Turns out it does. VTC has a blocktime of 2.5 minutes. This makes the cryptocurrency about the same speed as Litecoin. The Vertcoin network isn’t as congested, so it’s faster and cheaper than sending transactions on Bitcoin. Vertcoin also has a partnership with Litecoin to share the Lightning network Increasing the memory requirement means that any potential ASIC device would have to physically be designed with more memory for each thread. In the future, if ASICs ever were developed for Lyra2RE, we would simply have to fork to a higher memory requirement and those ASICs would no longer properly function Should I Invest in Vertcoin? Vertcoin was the second cryptocurrency to achieve SegWit and lightning network transactions. They also have a partnership with Litecoin to set up atomic swaps in the future. “Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party. A relatively new piece of technology, atomic cross-chain trading is looking to revolutionise the way in which users transact with each other.” There are large transaction volumes on the Litecoin network. Seamless conversion of Vertcoins to Litecoins would make it easier for miners to cash out. Their Litecoin partnership is making what was otherwise a novel coin for miners into one of the most advanced POW cryptocurrencies. Another reason to invest in Vertcoin is the currency is opening up to AMD mining. Currently, the default Vertcoin miner works much better on NVIDIA cards than it does on AMD cards. Because of this, it is currently not very profitable to mine VTC on an AMD card. The very ideology of Vertcoin is that it can be mined by anyone to build the ultimate decentralised indiscriminate network. To fix this, a community raised over 10k worth of VTC for the development of “nextminer” It is still being developed. If you want to see how they are progressing, the team leaves frequent updates about its progress on Reddit and in the Discord groups. Mkxminer was developed independent of this community fund. It optimises Vertcoin mining for AMD cards. Mkxminer might not be as polished as the team’s released one click miner but it gives AMD miners something to use until something better comes along.
- Who Are the Vertcoin Team?
Vertcoin is an open-source project that anyone can contribute to if their changes are added by a team developer. The Vertcoin team currently has 6 developers working on the project full time. The public face of Vertcoin is James Lovejoy, an undergraduate researcher at MIT’s Digital Currency Initiative, which is the program behind the Lighting Network.