What is Vertcoin (VTC)?
Future of VTC Cryptocurrency and know how to buy VTC

What is Vertcoin (VTC)?

#1 - What is VTC?

Vertcoin is a cryptocurrency that majorly focuses on keeping the entire ecosystem decentralised. It is a coin with zero frill development which solves the real problems of cryptocurrency. A zero frill development refers to the one in which the unimportant features are removed in order to maintain a lower price.    

Vertcoin: The basics

  1. The Vertcoin blockchain is similar to that of Bitcoin, except Vertcoin have some additional features, such as an open-source Lightning Network which was implemented by Massachusetts Institute of Technology (MIT), United States and an application-specific integrated circuit resistant proof-of-work function for VTC mining.
  2. Vertcoin brands its project as “The people’s coin”. The team believes that ASIC resistance invites a democratic as well as fairer currency for miners and users.
  3. Vertcoin has also established its own 1-click miner program that makes mining more accessible for the general public.  
  4. Vertcoin’s token is known as VTC.

VTC Development  

  1. Vertcoin was introduced on 8th January 2014 by a client on GitHub.  
  2. Vertcoin released its wallet on 1st July 2014. The VTC wallet supports stealth address transactions which conceal the identity of the receiver of a blockchain transaction. It ensures anonymity and privacy on the Vertcoin network.

Monero Network is a decentralised cryptocurrency which secures digital cash that is operated by a particular network of users.  

  1. On December 13, 2014, Vertcoin upgraded to a new algorithm Lyra2RE from its Scrypt-Adaptive-N proof-of-work function as a defence against ASICs.   
  2. Vertcoin further got changed to Lyra2Ev2 from Lyra2RE on July 10th, 2015 because a botnet had gained control on more than 50% of the hashing power of entire Vertcoin network.
  3. Later, on 7th May 2017, Segregated Witness was activated on the main network. This update included Lightning Network support.
  4. The reward per block for Vertcoin was automatically cut down in half on 12th December 2017, from being 50 to 25 Vertcoins, as was scheduled in the original protocol.

 

#2 - What are the benefits of VTC

VTC Technology

Vertcoin uses the Lyra2REv2 algorithm for its proof-of-work algorithm. The payments made on the Vertcoin network are made to the addresses based on digital signatures. These addresses are the strings of 33 letter and numbers, beginning with the letter V.

For eg. VsR**zd1TVG1n***nEWk1NiCZ***S4hUY1      

Vertcoin also introduced an Adaptive N-Factor in the Scrypt algorithm, where the N-factor determines the amount of memory that is needed to compute the functions of hashing. This encourages the distribution of tasks across an individual user.

As a part of its countermeasures against ASICs who would mine Vertcoin, in 2014, Vertcoin established a novel proof-of-work function, called the Lyra2RE. The algorithm was further modified in 2015 by the developers of Vertcoin in order to favour the GPU miners. The present version of the algorithm, that is, Lyra2REv2, contains following hash functions:

  1. Blake: It is a cryptographic hash function that is based on the Dan Bernstein’s ChaCha stream cypher but with a permuted copy of input block.
  2. Keccak
  3. CubeHash: It is a cryptographic hash function that was submitted by Daniel J. Bernstein to NIST hash function competition. It has a 128-byte state that uses wide pipe construction and is based on ARX.
  4. Lyra2
  5. Skein: It is also a cryptographic hash function and was one of the top five finalists in NIST hash function competition.
  6. Blue Midnight Wish

Additional features of VTC

1-Click Miner

The Vertcoin miner is known as “The people’s coin”. It is a 1-click miner with an easy-to-use user interface.

**1-click miner of Vertcoin** 

1-click miner of Vertcoin (Image source: Reddit)

The software can be downloaded from Vertcoin’s website. Once downloaded, you will have to enter your VTC wallet address for your mining rewards, opt for a mining pool to join, and then designate whether you want to mine in with a CPU or GPU. After setting up with the basic setup, you can start mining and earn VTC tokens.   

Merged Mining

This feature permits the miners to mine more than one blockchain at a time. Every hash submitted by a miner will be contributed to either currency’s total rate of hash which will result in solving the cryptographic algorithms on both the networks.     

 

#3 - How to buy and store VTC

How to buy VTC

The VTC coin is listed for trading on multiple trading exchanges globally, and is paired with a few major cryptocurrencies like BTC, ETH, BNB, KRW, and USDT. This allows VTC users to access or obtain the VTC token by using their crypto holdings, bypassing the need for more KYC norms.   

The entire list of trading exchanges for VTC cryptocurrency includes major global exchanges such as UPbit, Bittrex, Poloniex, Litebit and more.

  1. While cryptocurrency exchanges provide you with a platform to buy or sell the VTC cryptocurrency, CoinSwitch, the largest cryptocurrency conversion platform, comes in to help you make the right decision by providing the prices for VTC on multiple crypto exchanges. It supports more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose whichever pair you want with your token and compare the prices at exchanges. This way you can choose the best deal for you!
  2. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your VTC cryptocurrency. Instead, all transactions happen to and from your own personal private wallets.

VTC Storage

After obtaining the VTC token, you will require a VTC wallet to store it safely, so there are few storage options available for you, such as:

  • Ledger Nano S is hardware wallet and is based on robust safety features for secured digital payments and to store cryptographic assets. It can be connected to any computer through USB and embeds a secure OLED display for checking and confirming every transaction you make with one tap on the side buttons.
  • Vertcoin’s core Wallet: The core VTC wallet supports stealth address transactions which conceal the identity of the receiver of a blockchain transaction. It ensures anonymity and privacy on the Monero network.
  • Electrum Wallet is a lightweight wallet that does not require users to download the complete blockchain.
  • Coinomi: Coinomi is a mobile wallet. It is a wallet for multiple cryptocurrencies. It is a crypto wallet that allows exchange functions only for Android devices. It is secure and focused on privacy which permits instant exchanges between different crypto coins.

 

#4 - What is the future of VTC token?

VTC Global Acceptance

The Market Cap ranking of the VTC cryptocurrency is 171th, and it holds a market capitalization of $48,115,435 USD as of June 2018. A total number of 84,000,000 VTC coins are in circulation.     

Also Read: Complete Analysis of Vertcoin | Live Vertcoin (VTC) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

1 June, 2018

1.69

1.80

1.67

1.69

3,221,400

75,257,800

1 May, 2018

2.69

2.71

2.52

2.64

2,232,430

118,220,000

1 March, 2018

3.77

3.94

3.70

3.92

2,016,160

162,748,000

1 January, 2018

6.73

6.86

6.30

6.82

10,816,800

284,651,000

1 November 2017

5.18

5.79

4.00

4.12

35,813,400

211,533,000

Source: CoinMarketCap

Future Prospects

Vertcoin is presently trading at $1.08 USD and might end up reaching $18 in around 12 months due to its partnership with Litecoin. Vertcoin also has some unique features that may play a role in its growth:

  1. It is one the most decentralized coin in the crypto market, as it is ASIC resistant which means that the Vertcoin mining can’t be done with any of the expensive hardware.
  2. Vertcoin has a transparent and active partnership with Litecoin. It is also mentioned on the roadmap of Litecoin, and is working on building its cross-chain atomic swaps with Litecoin, which means that once the Lightning Network is launched, any merchant accepting Litecoin can also accept Vertcoin.  
  3. One thing that will help the Vertcoin cryptocurrency grow further is the implementation of the Lightning Network. It will increase the transaction times and will also reduce the cost of each transaction.  
  4. Before Vertcoin implements the Lightning Network, SegWit has already been activated on its blockchain for faster transactions.
  5. With the help of 1-click mining, Vertcoin has made it easily accessible for its users.

 

#5 - How is VTC different from other cryptocurrencies?

  • Vertcoin is almost similar to Litecoin and Bitcoin but one major belief of Vertcoin is that everyone who owns a personal computer must be capable of joining Vertcoin.
  • It is also one of the first digital currency that implemented stealth addresses.
  • The major difference amidst the two, Bitcoin and Vertcoin is the latter’s resistance to centralized mining.
  • Vertcoin is also an alternative to Bitcoin, using Lyra2REv2 for its proof-of-work algorithm.
  • The block time offered by Vertcoin is 2.5 minutes, which is better than that of Bitcoin, that is, 10 minutes.

 

#6 - Should you invest in VTC?

The Good

  1. Lightning Network: Digital currencies end up facing criticism for delays in terms of transactions, which is why Vertcoin has implemented the Lightning Network in its blockchain - which will allow instant transactions and a large scalability.
  2. Active Community:  Vertcoin has one of the most active communities in the entire crypto world.
  3. Vertcoin is a blockchain resistant to ASICs through regular changes in its adaptive mining protocol.
  4. It provides a unique feature of 1-click mining with an easy-to-use user interface.

The Bad

Vertcoin may have a lot going for it, but it is currently still ranked beyond 150 globally on market capitalisation. The coin is clearly overshadowed by other major cryptocurrencies which continue to dominate the news and marketing avenues. Vertcoin is yet to build new innovations and implement them.

Whether you should buy and hold, is a decision that will require more deliberation, as with any other cryptocurrency.

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