What is Vertcoin?
Vertcoin (VTC) is a P2P Litecoin fork that uses PoW to achieve consensus and is immune to ASICs. The Vertcoin, nicknamed “The People’s Coin,” prioritises decentralising its mining functions and strives to enable anybody with a personal computer to access the Vertcoin network.
Vertcoin has its own 1-click miner to help with this, and is a software designed to render mining more available to the general public. Vertcoin launched a wallet in July 2014 that supported Stealth Address transactions.
Vertcoin, unlike many other altcoins, did not have an ICO, an airdrop, or a pre-mine. The explanation for this is because the Vertcoin team does not want to offer any category of citizens an edge by allowing them entry to VTC before the general public.
How Does Vertcoin Work?
The Vertcoin network’s total block length is 2.5 minutes, and the new block reward is 25 Vertcoin per block (it was previously 50 VTC per block, but the network’s first halving occurred on December 11, 2017 — the VTC reward is halved per 840,000 blocks).
For several users, mining cryptocurrency has been prohibitively costly.
Even if you have the strongest mining rig on the market, due to the high cost of energy, the poor chance of solving the block, and the percentage of the payout you will get if you were part of a cryptocurrency mining pool, just operating one mining rig is usually not enough for you to make a profit.
Because of the high cost of energy and the difficulties of mining cryptocurrency, you will only profitably mine cryptocurrency whether you have a high-powered mining machine, are a member of a cryptocurrency mining pool, or possess a mining farm — or a mix of all three.
As a consequence, mining has become a luxury reserved for those with the requisite physical and financial capital.
And, since those with more money have a higher probability of collecting hash power and solving a block, mining has become a very clustered operation in certain situations, with the bulk of the hash power allocated to a network being shared by a few individuals.
In order to resolve these concerns, Vertcoin has introduced a protocol that renders it harder for ASIC miners and mining pools to reap incentives, enabling more users to mine cryptocurrencies profitably using GPUs and CPUs.
What is the History of Vertcoin?
In 2018, Jonas Muro of TechRadar wrote that Vertcoin became popular for a variety of purposes. One explanation is that new consumers have no friction so they can mine with “one-click apps.”
Another explanation is that Vertcoin has a large following on social media.
In 2018, NBC News’ Ben Popken reported that Vertcoin has gotten a lot of coverage on Reddit, and that its “soaring success over the last year” is due to its resistance to the advanced machines known as ASICs, which are also being used to have a lot of control over Bitcoin.
From October to December 2018, Vertcoin was subjected to 51% attack.
As a consequence, Vertcoin moved to the Lyra2REv3 proof-of-work algorithm before enduring another 51 percent attack on December 1, 2019.
How do I hold Vertcoin?
Vertcoin can be held in the official Vertcoin wallet or on a hardware wallet.