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Vertcoin

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About Vertcoin

Vertcoin Review: Mining Guide, Price & Analysis of Vertcoin Cryptocurrency

Vertcoin is a cryptocurrency built under Bitcoin’s protocols. However, Vertcoins aims to make it easy for users to mine the currency. To achieve this, they vow to keep the mining process ASIC-resistant. The community behind Vertcoin does not mind about hard forking. The goal is to keep mining ASIC-resistant.

The problem with ASIC mining is that ASIC hardware is very expensive. Hence, people with the initial investment have an advantage over other users. Moreover, ASIC mining leads to centralized mining. This is because big mining firms come up to fill the niche.

Furthermore, centralized mining increases the risk of 51% attacks. When people control too much of the mining power, they gain control over the blockchain. They can block other individuals and falsify transactions on the ledger.

Therefore, Vertcoin is a fully decentralized cryptocurrency. This aligns with Satoshi’s original vision for cryptocurrencies. That is the value proposition of Vertcoin. They provide a cryptocurrency that is fair and community-owned.

How Vertcoin Works

Built on Bitcoin, Vertcoin receives any future updates that Bitcoin gets. Transactions on Vertcoin are peer to peer on a public blockchain. The blockchain records all transactions in batches called blocks. Cryptography on the blockchain ensures transactions are valid and in the right order.

Further, transactions are fast and secure. The use of private keys helps to ensure transactions are between the right users. Additionally, transactions are transparent in the distributed ledger. However, information about users remains hidden. The public only knows the addresses involved in a transaction. But details about the users remain abstracted.

Additionally, Vertcoin tries to make everything fair for every user. In fact, this cryptocurrency did not have an ICO. Also, there was no premine or any airdrops. This ensures that no individual gets a head start.

Further, Vertcoin has excellent scalability. This is a problem with some of the earliest blockchains like Bitcoin. Scalability helps a network operate well even under intense loads.

Can Investors Mine Vertcoin?

Yes, it is possible to mine this coin. Vertcoin uses a variant of the Proof of Work mining consensus called Lyra2REv2. This consensus algorithm helps the blockchain remain ASIC-resistant over time. With Lyra2REv2, the development team of Vertcoin is able to set time and memory usage parameters. This strategy helps the blockchain gain leverage against ASICs.

Additionally, difficulty adjustment happens every 2.5 minutes or after every block. Consequently, the block time on Vertcoin is 2.5 minutes. This is the same as with Litecoin. Hence, Vertcoin involves speedy transactions.

Since Vertcoin is ASIC-resistant, you can mine this coin using a personal computer. However, mining is more GPU-based. Therefore, you will need a computer with a good graphics processor. Additionally, you can join a mining pool. This would increase the chances of successfully mining a block.

Vertcoin saves a lot of computational power. This is because the blockchain is ASIC-resistant. Additionally, Vertcoin saves a lot of storage space. It is one of the first blockchains to implement SegWit. This is a process that removes unimportant data from transactions. The process helps the blockchain save a lot of space for storing more transactions. Hence, Vertcoin is eco-friendly.

The Team behind Vertcoin

There is no team behind Vertcoin. According to the official website, no one owns or controls this blockchain. Additionally, it has no founders nor controlling entities. This is a move to protect the decentralization of the blockchain.

Even so, there is a great community that can help you with any queries you have. The cryptocurrency has an official subreddit where community members interact. Additionally, you can find the community on various other platforms.

There is a Discord server and a Twitter account. The community is very engaging and answers any queries that you have.

Privacy and Security

Vertcoin aims to provide one of the most secure networks in existence. It is a blockchain network. This means that it contains distributed nodes that work together to maintain security. Additionally, the mining process helps the network remain secure.

Vertcoin uses the Lyra2REv2 consensus algorithm to discourage mining centralization. Mining centralization leads to problems such as 51% attacks and double-spends. Therefore, the expectation is that the company is entirely safe from these problems.

However, this is not the case. Some hackers successfully attacked the network and stole over $100,000 in a double-spend attack. Additionally, in December of 2019, some hackers launched a 51% attack on the network. They managed to change 603 blocks on the ledger. These are worrying details.

No one wants to transact on a network that is not safe. You not only stand to lose your assets but your data too. It seems that the people behind Vertcoin put too much effort into making the blockchain ASIC-resistant. Consequently, they forgot to make security a priority.

On a good note, though, the blockchain’s security held up in another recent hacking attempt. Privacy concerns are left in the hands of users. The platform supports both transparent and private transactions. 

Vertcoin Performance

The coin does not see excellent performance in the market. It currently holds the 565th rank in market cap share. This is with a market cap of $10,009,207. Additionally, the 24-Hour trading volume now stands at $141,841. 

The adoption of this coin is not terrible. The circulating supply is 57,846,047 VTC. This is with a maximum supply of 84,000,000 VTC. It seems that security concerns are the only thing hurting the performance of this coin.

Our Take on Vertcoin

Vertcoin has great premises. The cryptocurrency community would be very excited to get behind a cryptocurrency that focuses on decentralization. However, security is also a big concern. No one wants to transact on a blockchain that might lose them their assets.

To see better adoption, Vertcoin developers first need to upgrade its security protocols. This coin has a lot of potential. The only way it will live up to this potential is through better adoption. Moreover, this coin allows users to trade privately. That is a feature that many cryptocurrency enthusiasts look for.  

Advantages

• It offers speedy transactions.
• The coin is ASIC-resistant.
• The plaform is completely decentralized.

Disadvantages

• It has a lot of security concerns.
• The coin faces stiff competition from better-established coins.

How to buy Vertcoins

If you like what Vertcoin offers, then you can buy it. There are several exchanges you can buy Vertcoin on. These include CoinEgg, Bitvavo, Bitfinex, Bittrex, and VALR. The current price of one Vertcoin is $0.173032.

After buying this cryptocurrency, you will need somewhere to store your coins. The best wallet to use is the Vertcoin wallet. It is available on Windows, Mac, and Linux operating systems. Vertcoin is showing a slight gain in value. Therefore, you may choose to hold and sell at a later date.

Final Verdict

Vertcoin has everything people want in a cryptocurrency. It has excellent scalability and decentralization levels. Additionally, it enables private transactions. It is easy to see the community get behind this cryptocurrency.

However, Vertcoin has security concerns. It has several attacks in its track record. This is not appealing at all. This is something that is hurting its performance in the market. As an investment, this cryptocurrency is a huge gamble. There is no compromise to security. Security should be a priority in any cryptocurrency.

What People Are Saying About Vertcoin