Vertcoin

Vertcoin (VTC) is an open-source cryptocurrency created in early 2014 that focuses on decentralization. Vertcoin uses an ASIC resistant proof-of-work mechanism to issue new coins and incentivize miners to secure the network and validate transactions. Vertcoin's blockchain is maintained by a decentralized coalition of individuals collectively mining using modern graphics cards.

Not to be confused with VERTCON.
Vertcoin
Denominations
PluralVertcoin, Vertcoins
Ticker symbolVTC[lower-alpha 1]
Precision10−8
Subunits
 ​1⁄1000millivertcoin
Development
Latest release0.17.1 / 9 January 2021
Code repositorygithub.com/vertcoin-project/vertcoin-core
Development statusActive
Operating systemWindows, Linux, macOS
Websitevertcoin.org
Ledger
Ledger start8 January 2014 (2014-01-08)
Timestamping schemeProof-of-work
Hash functionVerthash
Block reward25[lower-alpha 2]
Block time2 minutes, 30 seconds
Block explorerchainz.cryptoid.info/vtc/
Circulating supply58,596,347 (as of 5 February 2021)
Supply limit84,000,000
  1. Compatible with ISO 4217.
  2. January 2014 to approximately December 2017, halved approximately every four years

History

Vertcoin aims to be decentralized by being difficult to mine using dedicated processors,[1] known as ASICs.[2] Vertcoin is open source and has a 2.5-minute block time.[2]

TechRadar's Jonas Muro wrote in 2018 that two reasons among others made Vertcoin "popula[r]". One reason is that there is little friction for new users who can use "one-click software" to mine. Another reason is that people are very involved in Vertcoin on social media.[2] NBC News's Ben Popken noted in 2018 that Vertcoin has received significant attention on Reddit and that its "soaring popularity over the last year" is owing to its being impervious to the specialized machines known as ASICs which are similarly being used to have heavy influence over Bitcoin.[3] Though a December 2018 paper published in The Transactions of the Korean Institute of Electrical Engineers said that "because [Vertcoin] is not a very popular blockchain, the difficulty adjustment algorithm is very sensitive to hashrate change, making it an easy target to timestamp spoofing and cherry picking attack."[4]

From October through December 2018, Vertcoin suffered from 51% attacks.[5] In response, Vertcoin changed its proof-of-work algorithm to Lyra2REv3 before suffering from another 51% attack on December 1, 2019.[6] On January 30th, 2021, due to ASIC miners dominating the network's hashrate, Vertcoin forked on block 1,500,000 which changed the coin's algorithm from Lyra2REv3 to a new, ASIC resistant algorithm called Verthash. This update was to keep true the original vision of Vertcoin; to remain a cryptocurrency that will always be updated to improve decentralization. Verthash was developed to run on any modern graphics card with lower power draw than similar algorithms.[7][8]


References
  1. Ward, Mark (2014-04-25). "How to mint your own virtual money". BBC. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  2. DeMuro, Jonas (2018-02-03). "6 cryptocurrencies that could become the next Bitcoin". TechRadar. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  3. Popken, Ben (2018-01-03). "Missed the bitcoin boom? Check out these five rising cryptocurrencies". NBC News. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  4. Il-Hwan, Kim (December 2018). "Feasibility Analysis of Majority Attacks on Blockchains". The Transactions of The Korean Institute of Electrical Engineers.
  5. "Vertcoin fell victim to a 51 percent attack". Wired Germany (in German). 2018-12-05.
  6. Osborne, Charlie. "Bitcoin battered: The worst crypto catastrophes of 2019". ZDNet.
  7. Official, Vertcoin (30 January 2021). "The Vertcoin Hard Fork From Lyra2REv3 to Verthash was successful!". Twitter. Archived from the original on 3 February 2021.
  8. B, Anton (2021-01-31). "How to Mine VertCoin (VTC) After the Fork to the Verthash Algorithm". Medium. Retrieved 2021-02-04.
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