What is Vertcoin? Learn about Vertcoin (VTC) from A - Z
Most of the blockchains that operate on the Proof of Work (PoW) algorithm like Bitcoin have the problem of centralization in mining. However, with Vertcoin , although it still applies the PoW algorithm, it is extremely resistant to ASICs, ensuring decentralization in mining. So what exactly is Vertcoin? What advantages does this cryptocurrency have over Bitcoin? Should invest in cryptocurrency Vertcoin? Let's discover interesting things about Vertcoin cryptocurrency with Hay Mod Game!
What is Vertcoin?
Vertcoin owns the transaction code VTC which is designed as a decentralized cryptocurrency similar to Bitcoin or Litecoin . However, compared to its two predecessors, Vertcoin's blockchain is very ASIC resistant. The above coin mining is not centralized.
The goal of the project development team is to turn VTC into a democratic currency, creating fairness for both users and miners. Everyone can participate in mining in just a few clicks.
The total supply of Vertcoin is 84 million VTC, the average block time is equivalent to 2.5 minutes. This digital currency is divisible into millivertcoins. In which, each millivertcoin will be equal to 1/1000 Vertcoin.
How Vertcoin Works in General
The highlight of Vertcoin is that the platform prohibits all miners from using ASIC hardware to mine. Thus, if you want to mine on Vertcoin's blockchain, you only need to prepare a graphics card.
First introduced in 2014, the Vertcoin platform has applied the Scrypt-N algorithm to overcome some of the disadvantages of PoW. However, this application cannot completely overcome the fact that miners use ASIC hardware.
By the end of 2014, Vertcoin created the Lyra2RE algorithm again as the core software of the platform. According to the Lyra2RE white paper, this algorithm allows for independent adjustment of memory and time costs. From there, build leverage against ASICs.
Unlike Scrypt-N, the time and memory costs of Lyra2RE are completely separate, the potion allows the system to control both parameters independently. ASICs are easier to form on Scrypt-N than on Lyra2RE. Because increasing the N coefficient of Scrypt is quite easy.
Meanwhile, Lyra2RE only focuses on the number of iterations. This means that increasing the memory of any ASIC device must ensure that it has more memory than the thread. In the future if ASICs can still exist on Lyra2RE, Vertcoin will continue to upgrade the memory.
Since implementing Lyra2RE, the project development team has upgraded to Lyra2REv2 version through a hard fork that took place on August 10, 2015. This update was desperately needed because a botnet had taken control of 50% of the entire network's hashing power.
Up to this point, Lyra2REv2 has been quite successful in blocking ASICs. Thus, to start mining, users only need to use hardware CPU or GPU.
Some outstanding additional features of Vertcoin
If you want to know what makes Vertcoin different from other cryptocurrencies, you need to take a look at some of the outstanding additional features of the platform.
Vertcoin 1-Click Miner
If Vertcoin is the object currency, then Vertcoin 1-Click Miner will be the tool for all miners to access the VTC coin. In essence, this is a VTC mining software that supports even miners who are not too technically savvy.
The Vertcoin system allows all users to download 1-Click miners through their website. During the download, you just need to enter the wallet address to get the mining reward. When you have the right to choose the same or different, choose whether the device to use is CPU or GPU.
Unified Mining Feature
MobileCash and Unitus are user-minable coins that merge in Vertcoin mining. Thanks to this special feature, it is easy for miners to coin on multiple blockchains at the same time. In which, each hash that a miner sends a message that contributes to the total hash rate of either coin leads to the solving of the associated cryptographic algorithm for both networks.
Compare the difference between Vertcoin with Bitcoin and Litecoin
Vertcoin is known as the version of 2 predecessors Bitcoin and Litecoin. Besides some similar basic characteristics, Vertcoin has had a marked improvement in ASIC resistance.
Vertcoin Hacked Incident
Although it is quite resistant to ASICs, Vertcoin is not really appreciated for its security. Specifically, at the end of 2018, the hacker successfully launched a 51% attack on Vertcoin.
Next at the end of 2019, a hacker continued to take advantage of computing power when renting the great cloud platform Nicehash to attack the Vertcoin network. This hacker succeeded in capturing 51% of the VTC hash rate. He then modified the blockchain by removing 603 old blocks and replacing 553 new ones.
The attack at the end of 2019 caused Vertcoin to lose 13,825 VTC, equivalent to about 0.44 BTC at that time. In general, the damage is not too great, it has made the project development team to be more serious about improving the security of the whole network.
Not long after that, Vertcoin immediately upgraded to the Lyra2REv3 algorithm. To improve protection, limit 51% attacks that may happen in the future.
In early 2021, Vertcoin continued to release the Verthash update. Since then, a new mining algorithm has been activated, increasing the security layer for the entire network.
Update rate Vertcoin
VTC coin was introduced in 2014, it belongs to the top of the earliest electronic money on the market. At the end of 2017, VTC reached an all-time high of 9.8 USD. However, after a few security incidents, this coin started to lose its position.
Now, although there are signs of recovery, the value of each VTC is only about 0.4 USD. The market capitalization of Vertcoin reaches more than 28 million USD. At the time of Hay Mod Game compiled this article, Vertcoin was standing at 816th position in terms of market capitalization.
How to buy, sell and store Vertcoin
Although it has been released to the market for more than 6 years, Vertcoin is not as popular as Bitcoin or Litecoin. Currently, if you want to buy this cryptocurrency, you can choose an exchange like Bittrex , CoinEx, Dove Wallet.
As for the storage part, in addition to the exchange wallet, many traders will store VTC in the Ledger Nano S and Trezor cold wallets if they have long-term investment needs. Vertcoin also supports users to download the Electrum wallet.
The Vertcoin cryptocurrency possesses quite a bit of parity with Bitcoin and Litecoin. At the same time, the blockchain platform of this coin also limits the state of centralization in mining. Users do not need to use ASIC devices, but only need CPU or GPU to mine coins. Vertcoin max supply of 84 million VTC is equal to Litecoin.