What´s a Vertcoin?
Looking to invest in Vertcoin? Vertcoin’s revolutionary algorithm (Lyra2RE) makes the VTC coin mining process accessible to most users. It also negates any unfair advantages to large players looking to poach investment potential. These coins make a worthwhile investment in any investment portfolio.
Vertcoin (VTC) is a cryptocurrency for which funds were collected by charity (the coin developers did not conduct an ICO).
Many people who buy Vertcoin appreciate the concept and how well it is presented. The team of developers consists mainly of ideological volunteers. Their task is to create an absolutely decentralized cryptocurrency that treats all users in the community with equal opportunities. You will find a similar enthusiasm in another newcomer – Ellaism.
In January 2014 the first full-fledged VTC client on GitHub was made available for discussion and testing.
How Can I Buy VertCoin?
To buy the Vertcoin cryptocurrency with dollars or euros, you have to register at the popular Yobit exchange where this coin is traded.
Alternatively, you can do the following:
First, register at EXMO Börse and buy Bitcoins for conventional fiat currency. These Bitcoins are then transferred to the Poloniex stock exchange. There you can buy Vertcoin. After you have transferred the Bitcoins to the Poloniex stock exchange and passed the verification, you can buy the VTC cryptocurrency. There you can find the trading pair VTC/BTC.
Next, create a market order for the purchase of the cryptocurrency. Specify the desired price and quantity and make the purchase.
The Vertcoin Mining algorithm is available for normal computers and is extremely simple. Industrial mining via ASICs and for the huge mining pools is programmatically excluded.
Transactions can be confirmed anywhere. In addition, the SegWit has already been implemented in this network together with the Lightning Network. With this, Vertcoin has an increased block size and can also introduce “layering” for further improvement.
The Main Advantages of Vertcoin
Vertcoin has the ability to perform scalable, high-bandwidth instant transactions. It was made “without intermediary” in the Vertcoin community, ensuring everyone is equal. There are regular implementations of advanced features by the development team.
The currency has a simple mining algorithm that excludes the possession of a large number of coins and thus, also excludes the incidence of a fraudulent exchange rate.
The price of a VTC coin is 5.88 US dollars (as of 14 January 2018). Capitalization exceeds 249 million US dollars. The average transaction volume amounts to 4 million US dollars per day.
New Generation Algorithm
At the end of 2014, the developers created this cryptocurrency and the mining algorithm was changed from Scrypt Adaptive N-Factor to Lyra2RE. The algorithm Lyra2RE is able to provide effective protection against the ASICs for a period of at least 3-5 years.
Thanks to this algorithm, power consumption and thus the overheating of graphics cards have been significantly reduced. The profit from mining can be transferred to one of the wallets on the stock exchanges or to one of the crypto exchanges.
The wallets can be downloaded from the official website of the cryptocurrency. Recently, a popular purse, the Nano ledger, has announced support for this cryptographic currency.
Features of Vertcoin Mining
This cryptocurrency is perfect for mining on graphics cards because the ASICs cannot access it here. To effectively mine them, NVIDIA GeForce 10XX Series farms or AMD’s latest products are recommended. The average time to confirm the block is 150 seconds.
The reward for the block is 50 coins. The reward is halved every four years, with the next one happening very soon. Taking into account the current situation on the stock exchanges, the profitability of mining is currently significantly increased.
The coin was introduced on 9 January 2014 due to a divergence from Bitcoin. There was no premine process for this cryptocurrency, but three blocks were made to check the network for health and performance. The main developer of this cryptocurrency is Vertoe.
A total of 84 million coins have been earmarked for release, with only slightly less than half of them currently being produced. The algorithm is the proof of consensus of work (PoW). The price is now 5.88 US dollars per coin and the capitalization is 245 million US dollars.
Despite the fact that this cryptocurrency doesn’t differ much from its predecessors, except for protection from the ASICs, the project is continuing to develop. It has recently activated SegWit. In the future, the project will also implement the technology of the Lightning Network, while stealth address anonymity and atomic transactions will contribute to the improvement of the blockchain.
Buy Vertcoin – The Bottom Line
This cryptocurrency is very interesting because of its protection against centralization, but there is nothing particularly unique about it. It is technologically outdated and is on the technological level of Bitcoin, Lightcoin and so on. Nonetheless, it does not stop developing actively.
The Segregated Witness Protocol was only recently activated in May 2017. There is support for the Lightning Network, while stealth addresses and atomic transactions are implemented.
Vertcoin is an open source cryptocurrency that was created by a Bitcoin fork at the beginning of 2014.
It attempts to mitigate some of the disadvantages of Bitcoin, namely avoiding ASIC calculations that tend to monopolize mining. The creators of the cryptocurrency argue that they are protected from a 51% attack, the infamous Bitcoin vulnerability.
This is achieved by using the adaptive N-factor algorithm (also “Scrypt Adaptive N-factor” or “Scrypt-N”), which makes intensive use of RAM and therefore reduces the efficiency of ASIC system use.
Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.