Vertcoin (VTC) Altcoin Review – Crypto Coin Judge
Cryptocurrencies have becom exchanges to make profits.e increasingly demystified and as a result, have become a favorite topic of discussion. If you are late to the Bitcoin phenomenon, the good news is that altcoins like Vertcoin continue to provide good opportunities in the crypto markets. The key difference among the altcoins, besides the price and system size, is the way they are mined. These novel mining protocols address the flaws that are often associated with Bitcoin’s protocols. Although surpassing the advantages offered by the Bitcoin ecosystem is hard, given its mass adoption, altcoins like Vertcoin do provide some true advantages over Bitcoin. Vertcoin is a digital asset with limited and controlled supply and frees you from governmental monetary policies and the control of banks.
What is Vertcoin?
1 – Vertcoin or VTC is a decentralized digital currency owned by the users.
2 – It can be exchanged by users, who are part of the blockchain supported peer-to-peer network.
3 – This digital coin has been designed to meet the central objective of a cryptocurrency – to be a financial system owned by its users.
4 – It is not controlled by the traditional banks that tend to be centralized (keep all information at a central location).
5 – You can profitably mine it without having to purchase mining hardware.
6 – The coin is developed by its volunteer community members and wholly funded by donations. The transaction fees are shared between a large number of miners.
7 – Vertcoin is truly a people’s coin, as you literally own your bank.
8 – You can use its tokens for crypto investments on exchanges to make profits.
History of Vertcoin
Vertcoin was developed by volunteer community members and released on January 8, 2014. On July 1, 2014, it released the wallet supporting Stealth Address transactions. In December 2014, it forked from Scrypt-Adaptive-N proof of work function to Lyra2RE, to provide defense to the community members against the Scrypt-Adaptive-N capable ASICs, and subsequently forked from Lyra2RE to Lyra2REV2 in August 2015. In May 2017, the company included Lightning Network technology on its platform. These features have positioned Vertcoin as a viable alternative to Bitcoin.
Analysis of Vertcoin
Here are the key stats and features of this people’s coin:
- Released in January 2014
- Total 84 million coins
- Market cap of $17.1 million
- ASIC resistant
- Proof of Work (PoW) function
- Segwit activated
With Litecoin working on cross-chain atomic swaps with Vertcoin, it will be accepted at all places where Litecoin is accepted, thus facilitating a greater adoption. Lightning Network will serve as a major price driver and facilitate wider adoption of this cryptocurrency. Being highly decentralized and ASIC resistant, the coin is a good starting point for first-time miners. The company has 29K followers on Twitter and around 6K subscribers on Reddit.
1 – The biggest advantage the coin offers over the key competitors such as Viacoin, Monacoin, and Groestlcoin, is that it has a partnership with Litecoin to test atomic swaps.
2 – In other words, it offers the best platform to take advantage of the Lightning Network. Vertcoin effectively neutralizes the miners who pool to work together on powerful machines, monopolizing the coin mining market.
3 – It offers the possibility of literally being mined profitably by everyone.
4 – Its unique features such as decentralization, anonymous payments, Steal Address, and Lightning Network make it the perfect coin for everyday use.
How to mine Vertcoin
Vertcoin mining is relatively cheap and safer than other available cryptos, such as Ripple, Monacoin, Maidsaif, NEM The mining hardware manufacturer can’t use unscrupulous ways to mine the crypto coin as the protocol uses Lyra2RE(v2) algorithm, and there is no scope for pre-mine. It uses the Lightning Network for instant transactions through blockchain.
1 – To get started with GPU mining, you need to download AMD and Nvidia Cards to your computer’s hard drive.
2 – Make sure that you have an encrypted address to send your coins to.
3 – You can download the cryptocoin’s wallet, or generate an address through an exchange and mine directly to it.
4 – MobileCash cryptocurrency is merge-mineable with Vertcoin. Merge mining allows the miner to mine for more than one blockchain at the same time. This way, the total hash rate of both the currencies being mined improves, and they become more secure too.
A digital wallet is required to send and receive cryptocurrency payments. These wallets offer a safe and secure way to do transactions in cryptocurrencies. They come with added security and authentication features to ensure that only the authorized person has access to them and can be downloaded from the company’s official website. The web wallet is no longer available for use by investors as there were some concerns related to DDOS. A wallet is also available on some compatible exchanges.
How to buy, receive, and send Vertcoins
- To send and receive the coins, you need a digital wallet and an address of around 30 alphanumeric characters long, starting with V.
- You can pay for Vertcoins through Bitcoins.
- To buy this cryptocoin with fiat currency, purchase Bitcoin or Ethereum.
- You can buy the cryptocoins with credit or debit card, or by bank transfer to an exchange.
There are multiple ways through which you can easily transact in Vertcoins.
Vertcoin vs. Bitcoin
Vertcoin is highly resistant to centralized mining. It has already forked two times to a new PoW function to counter the threat of centralized mining. It offers additional features of Stealth Address and ASIC resistant proof of work (PoW) function. It is also the first cryptocurrency to implement Stealth Address. It’s an alternative version of Bitcoin that uses Lyra2Rev2 as a PoW algorithm. It also introduced Adaptive N-Factor to the Scrypt Algorithm to determine the memory required to compute the hashing function. Though Bitcoin offers liquidity due to its wider adoption, Vertcoin offers some unique features. These unique and advantageous features, discussed above, make it a better option than Bitcoin in several aspects.
What is the buzz about Vertcoin in the news?
Vertcoin is currently leading the charts in comparison with two of its top competitors, Litecoin and Dogecoin, according to their activity and transactions (see below):
- Amount of dollars sent per day per dollar of market cap.
- Transactions done in the last 24 hours per 1,000 dollars of market cap.
- Vertcoin has recently approximately tripled its market cap.
At the time of writing, Vertcoin was leading Dogecoin with 2.3 active addresses per $1,000 of market cap as compared to 0.86 active addresses of the latter. The cryptocurrency debate has further intensified with the company testing the stealth addresses. It has also released an iOS wallet for the convenience of users. Recently, the developers hosted Reddit AMA on the platform.
A glance at the price
The fluctuations in the Vertcoin price over a month of period are summarized below:
- On 22 November 2017, it was trading for USD4.10.
- One month later on 21 December 2017, its price was USD9.64.
- Highest appreciation in price over the last one month period was USD9.80 on 5 December 2017.
- It touched the lowest price of USD4.01 on 5 December 2017.
- Current major exchange trading activity liquidity is 56%.
These are just representative data. To know the correct price of the cryptocoin on a particular date and time, you either need to visit its official website or some other authentic source, like crypto exchanges. The charts available at these sites provide all the useful information about cryptocoins in a useful and easy-to-understand pictorial format.
Future plans and price predictions
The development team is currently involved in developing 1-click Vertcoin Miner, AMD GPU Miner and TOR Electrum Wallet. It also has plans to create Vertcoin Insight Explorer, develop a wallet for iOS, and add a browser to the wallet’s URI. To augment its privacy features, the developers are working on the stealth address to be displayed on the public ledger instead of the personal details of the users. The company’s partnership with Litecoin and the implementation of Lightning Network will help drive its price up. Lightning Network updates should have a positive impact on its price. It has the potential to become a digital coin of regular use.
The above data clearly shows that Vertcoin has performed pretty well in the last 6 months and has displayed noticeable stability. Looking at this, it makes sense to invest in this cryptocurrency but you need to take care to make the right move at the right time. If you are new to the world of crypto exchanges, it would be better to seek consultation from seasoned professionals to get the best results for your investments in cryptocurrencies and ICOs.
The Development Team
The development team consists of some highly talented, experienced, and passionate professionals. Its core development team has the following people at the helm:
James Lovejoy, Lead Developer
A seasoned programmer, James is an undergraduate researcher at MIT DCI. He is currently working on evolving a decentralized monetary policy.
Zemrys has been involved with the project since early 2014. His core expertise is in .NET and C#. He previously worked on radiation detection instrumentation.
He is the man behind the development of the digital coin’s Android Wallet. He started MobileCash, a coin that is merge-mineable with Vertcoin.
Eric is a miner and manages the social media presence of the cryptocoin.
He looks after the social media and online marketing engagements of the company to provide it maximum exposure in cyberspace and attract more people to the company’s offerings.
His core expertise is in software engineering, He is currently involved in the development side of blockchains and cryptocurrencies.
Vertcoin, the people’s coin, allows all miners to make profits. It has addressed the key issue of the miner’s profitability which has otherwise been ruined by mining hardware developers. It has shown a relatively high degree of stability against volatility in the past 6 months, and has earned a good number of brownie points from investors. There is a large Vertcoin community on social networks like Twitter and Reddit. This number continues to rise.