Source : Vertcoin VTC: Decentralized Currency Built By Its Community?
What Is Vertcoin?
Vertcoin is a new decentralized cryptocurrency that launched in January of 2014 apparently. They’ve been around for a while, but is still not one of the more popular cryptocoins on the market. The coin has been gaining some traction at a somewhat stable rate, but not nearly fast enough to actually make a significant impact. The coin is valued at about eight USD.
One of the main purposes of the coin is to keep it away from different ASIC miners trying to mine the coin. The goal is to have the coin mined by a large network of people and not monopolized by a small group of people with the money to buy expensive mining equipment. It’s an issue that has continually posed a problem for Bitcoin because ASIC miners pretty much have a lock on Bitcoin.
The development team behind the coin is strictly at a volunteer level. The entire project works on 100% donations. Vertcoin has a goal of becoming a completely decentralized coin. It looks as though they have achieved that and much more. Right now, is a very important time for Vertcoin. The reward for mining a block was recently cut in half over a 24-hour period. And it’s likely this will happen again so that more people can benefit from an increase in value as well as interest from these special occurrences.
Like many other coins, they started off at a promising rate. And where trading for about five USD each when launched. After a short four months the coins decreased in value until it finally hit a price of only about $0.01-$0.10. There was a couple spikes up to about $0.38 back in July of 2015 as well. And it all started to change last year in 2017. At that time, Vertcoin Tokens started climbing to a range of $0.20 USD and eventually all the way up to $1.60 USD each and then on to a staggering $8.09 USD.
It looked as though the coin was going to see another spike, but it ended up dropping down about 30% and then climbed back up again. Vertcoin has fought against the markets highs and lows until finally settling where it is now, at about $8.15.
The first halving of the block happened, and a lot of people supposedly benefitted from it. The halving was pretty much done at the perfect time and helped Vertcoin remain at such a high rate.
Vertcoin VTC Features?
The development team said to be highly active, always working on something. You can easily tell by checking out the open source files on the developer pages. And many of the members in community can attest to the constant projects and updates being taking care of almost all the time.
Mining the coin can be done by a consumer level GPU which is a huge benefit. It’s still not possible to do with a PC, because the profit isn’t there. But anyone with a decent graphics card can mine for Vertcoin and make a profit. They also have it set up so that any dedicated miners are on their own separate network. The part time and cheaper miners are on another separate network.
They split the miners to work more effectively on different frequencies or pools. It allows the smaller miners with less power to earn a good portion of the share still. And makes it hard for the larger miners to take everything over, leaving the little guy on the bottom.
The SeegWit was activated in May of last year. And it was in conjunction of the wishes of the community, those who were looking for larger transactions and better software operations. This also allowed for an increased blocksize and the usage of many other second-layer softwares for different purposed solutions. It basically made Vertcoin a much more versatile system that you can work on.
Along with that, another benefit is that use of the Lightning Network. Using it has made scalability very realistic, complete with instant blockchain transactions. It also means that the network can handle a tremendous amount of capacity. This is because there is now a second layer, in which transactions can instantly be processed through the use of smart contracts. Literally, there is a possibility of millions or billions of transactions being processed instantly. The team at Bitcoin Core is also using the same technology.
Other planned features include Stealth Addresses, some of which are already in operation on the network but where removed until certain improvements could be made. And that is what they are doing now, improving the platform so that these types of benefits can operate correctly. The purpose of the Stealth Addresses is to give the option for total anonymity when completing transactions. It’s more of a pseudo-anonymity, because if one takes enough time, the coins can eventually be tracked back the sending party.
The are also working on 1 click Vertcoin Mining. This is said to give users the ability to have their computer work while they’re not using it. It’s also designed to make it easy to turn the miners off and on like you would if there was a switch. It will help people who want to turn off the mining while they’re not using their machine. A simple button can turn the entire operation off and on in a matter of seconds. It’s a convenient tool that will help to conserve computer usage.
There is also an atomic cross chain option to be used on the lightning network. And once it’s completed in development, it will be able to make transactions with other blockchains on a decentralized network. You will eventually be able to trade Vertcoin for Litecoin or Bitcoin without the use of an exchange. And that is ultimately the truest form of power when it comes to cryptocurrencies and blockchain technology. As of now, you can only buy and sell the coin on the different exchange networks.
The wallet for the token can be used on Windows, Mac or Linux. And you can get the source code at GitHub as well as use Electrum’s wallet with Vertcoin. The wallet operates like all cryptocurrency wallets, you have to download the entire blockchain to your computer and keep it updated. But with Vertcoin, the blockchain is less then 2GB so it can be downloads quickly.
There is a solid support team behind the token as well, it’s lead by James Lovejoy and helps keep Vertcoin decentralized. They give superior support to all users and those interested in the technology. Whether you’re a seasoned veteran or newbie, the team is there to help and treats you just the same. And considering that no one pays of Vertcoin, it’s pretty spectacular as to how much free service that company gives away. It’s a completely volunteer based platform by people dedicated to their coin.
Lastly, the community is pretty expansive considering the coin is pretty small. They have different channels on the social media networks. And there are even more than 7,000 followers on Facebook alone, with over 55 thousand on Twitter and another 25,000 on Reddit. They have other social media networks in operation as well.
How Vertcoin Decentralized Currency Built By Its Community Works
When mining the coin, the one click option makes it very easy to use and follow. You don’t have to be some tech wizard to understand or use the system. All you need to do is download the minder through GitHub, install it and then use the guide to go through the walk through to setup and start the process. The miner also gives you the option of using the AMD, Nvidia and CPU styles for your hash rate when mining. And with just one click of the button, you can see the list of all open mining pools. After that, it’s only a few more clicks before you’re up and running.
Every mining pool gives you a wealth of info. You can see the total amount of the time the pool has been running, the fee needed from the pool and the latency as well as location of the node that is used to host the pool. And if you desire, you can set your own node up and host a pool yourself while charging a fee for others to mine from your pool. To host your own pool, all you need to do is install the Core Vertcoin Wallet.
Most reports state that the coin is extremely profitable. And even with weaker GPUs or setups, you can still turn a decent profit on a mining operation for Vertcoin. If using a GPU that only has the power to hash 150 MH/s you will profit a little more than if just using a standard Intel computer. You’ll likely profit at a rate of about 4-5X that of a standard CPU.
And that is with an extremely weak GPU. The stronger GPUs or Miners will be able to help you turn a hefty profit with Vertcoin. And when using the 1 click mining option, while using a CPU, not GPU – it can take some time before you see your hash rate. Of course, there are downsides to CPU mining with Vertcoin, but not like it would be with many other coins. If you have a GPU, it’s much smarter to use them as they will always be more lucrative, so you can earn more money while you’re not using your CPU.
Vertcoin seems to be a great cryptocurrency to trade, mine or stake and hold. It’s gone a long way without becoming a mainstream coin that is well known, an amazing feat in itself. The coin won’t stay hidden for long at this rate however. Especially with token prices approaching $10.00 USD each. It’s a great time to get involved with the coin and cryptocurrency in general. And with a community like Vertcoin, it is one of the smartest coins to invest in.
It’s no secret that altcoins tend to come and go faster than you can blink. And we never know what will happen tomorrow, but it looks like Vertcoin is here to stay for the time being. They’ve worked hard to get the right components for success in the right ways. There isn’t anything bad to be said about Vertcoin, except that it would have been nice to know about them sooner. If you’re looking to branch into the world of cryptocurrency, Vertcoin would be a smart coin for you to invest in.
Source : Vertcoin VTC: Decentralized Currency Built By Its Community?