What is Vertcoin
Vertcoin is a digital currency which can be sent peer to peer, similar to Bitcoin and Litecoin.
Vertcoin is known as ‘the people’s coin’ as it is owned and controlled by it users.
The digital currency is still mined just like Bitcoin however, it is profitable for anyone to mine it so is not controlled by large mining pools. There was no coins that were pre-mined and there was no ICO, In fact Vertcoin is funded entirely on donations. It was developed in 2014 by community members who wanted to create a completely open and fair cryptocurrency in line with the original vision of cryptocurrency.
Why use Vertcoin
One of the most interesting features of Vertcoin, is that it is designed to resist centralisation. It is able to do this because of its’ mining algorithm ‘Lyra2RE(v2)’. This algorithm is ASIC resistant as it only allows users to mine Vertcoin through traditional methods, computers, graphics cards, gaming computers etc.
By doing this it means that Vertcoin is truly decentralised. Unlike Bitcoin and Litecoin it does not allow mining farms to monopolise the mining of this coin. Like Bitcoin and Litecoin, Vertcoin has SegWit activated and is part of the. Lightning Network.
Vertcoin has far cheaper average transactions than both Bitcoin and Litecoin. It bears similarities to Bitcoin Cash and Bitcoin Gold except Vertcoin has its own brand. Bitcoin Cash aimed to increase the speed of transactions and decrease the fees which Vertcoin already does and Bitcoin Gold was going to be ASIC resistant making ‘Bitcoin decentralised’ once more. However Vertcoin already does this and does not have some of the obvious drawbacks of Bitcoin Cash and Bitcoin Gold.
Why Is it a benefit to not use mining pools
Mining pools mine with so much hash power/CPU power that it becomes very difficult for individuals to mine cryptocurrencies like Bitcoin. When Bitcoin first came onto the scene anyone could mine it using just a sandard desktop computer. Then people started to add graphics cards to increase the CPU output… Ultimately this led onto specific mining rigs and this has led us to where we are today. Pools of miners who dominate the CPU power put into the proof of work system.
The benefit of Vertcoin being ASIC resistant Is that these mining pools can not exist which allows users to take advantage of their one click mining. Anyone can mine Vertcoin and once again this goes back to the original vision of cryptocurrency.
Features of Vertcoin
• 1-click miner. This allows anyone to get into mining and does not leave it to the mining pools.
• Mobile friendly web wallet
• Lightning network
• Stealth addresses (in Development) – this is similar to Monero, to learn more about this check out this video
• Atomic cross chain (atomic swaps) tied to lightning network. This will allow you exchange your tokens between other tokens seamlessly. E.g. Litecoin to Vertcoin (or the other way around)
• Segregated Witness
Vertcoin coin has been increasing significantly in value in the background of the recent Bitcoin forks. It allows for cheap transactions, faster transactions and can be mined by anyone. This prevents large companies from dominating the mining industry of Vertcoin and is therefore completely fair and open. It would be no surprise if we continue to see huge price increases.
It is being debated that Vertcoin could compete with Litecoin. It has increased form 52nd market cap and currently sits in 19th spot at the time of writing this. The market cap has increased by over $60 million since the beginning of September and it could be just getting started.
What are your thoughts on Vertcoin
Follow us on Twitter – Click here
Join The Bit Forum – Click here
Discover ICO’s – Click here