Vertcoin is a decentralized cryptocurrency which is developed to have your own bank instead of depending on 3rd parties’ banks. It is more similar to BTC and LTC with the only difference of ASIC resistance. ASIC resistance is directly connected with distribution and decentralization of the VTC coin.
Vertcoin is a slim alternate of Bitcoin and Litecoin because of its simple and clear principles. It emphasizes more on user-controlled systems and consumer-friendly solutions. Instead of involving any confusing story it sticks to its own principles which are purely in favor of most of the legal territories.
A bunch of technical members are developing this project to different but better directions. Here is the list:
ASIC Resistance: We do believe that ASICs gives a push to miners instead of traditional CPUs, but we were never aware of its negative side. It happens when Vertcoin declared to be ASIC resistance. It was decided because an ASIC is never belonging to a miner but instead to the manufacturers and companies. Which means there is a middle party who is having control over coins and profit. By foreseeing the danger of upcoming year; Vertcoin decided to remain ASIC resistance to present the actual privacy and security.
- There is no drama like ICOs and pre-mined coins
- A better version of LiteCoin
- Experienced team who already knows how blockchain works at best
- Decentralized storage marketplace on the blockchain
- Nfactor technology preventing 51% attack
- Mineable for everyone
- Privacy ensured by Stealth Address function
- No specific real-life use-case available
- Strong competitors are already in the market
- Development team is working voluntarily without any incentives
They have a very precise whitepaper published for its new Lyra2RE algorithm which explains what future threat are of not being ASIC resistance and how ScryptN is changed to Vertcoin’s proof of work consensus.
Real examples of use
A number of e-commerce companies are looking way to atomic swap to reach the actual market and raise the market cap. There are e-commerce platforms like Magento; who can switch to micropayments and accept any payments for purchases.
Vertcoin uses Scrypt_N algorithm which was first developed in 2014 but the team has re-written this algorithm to keep it ASIC resistance and named it as Lyra2RE. According to the development team, they were able to get more leverage by changing memory use and time of the current algorithm. By the mid of 2015, this algorithm was again forked, and a new version was released with new implementations. So current Lyra2Rev2 is fully intact with the aim of Vertcoin.
Even though being similar to existing coins it keeps the monopolizing companies far away from interrupting the mining process. Instead of having a third-party ASICs and mining pool, it allows users to mine on their own behalf using simple GPUs and CPUs. The whole platform is being developed with donation without having any paid developer or ICO.
Vertcoin’s hardware wallet uses Ledger Nano S security which is far better than any other security checks. It uses 24 words and a pin code to confirm the entry. It is preferable to use because of high-level security conformance.
There is no official list of investors posted but because of being a fork of Litecoin they do have expected partnership once the whole platform is shifted to the lightning network. Because it has been clearly mentioned in the roadmap of Litecoin that they are going to work on the cross chain atomic swap.
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