Decision making comes with a backpack, full of pros and cons. All humans try to do is to maximise the pros and of course, minimize and if possible, eradicate the cons. And cryptocurrency investment decision is not different.
Just like every other investment decision, it is imperative that we know the choices we have and the advantages and disadvantages of the various cryptocurrencies, in other to wisely make this important decision.
This article will discuss one of those choices; Vertcoin (VTC). It will also discuss the features of this coin, and if you ever decide to invest in this coin, how you can go about it.
Vertcoin (VTC): About The Project
From the Vertcoin’s official website, Vertcoin is described as a decentralized currency owned by its users. Vertcoin is a peer-to-peer cryptocurrency. In its basic form, it operates in the same way Bitcoin blockchain operates, but with the addition of extra features that includes an ASIC resistant Proof of Work (POW) function and an open-source lightning network, that was developed by MIT.
The major difference between Bitcoin and Vertcoin is that unlike Bitcoin, Vertcoin is highly resistant to the concept of centralized mining. The Vertcoin’s team is of the opinion that ASIC helps achieve a fairer, decentralized and a more democratized currency for both the miners and the users. Vertcoin thus, remains loyal to the vision of cryptocurrency. That is; A financial system owned by its users, the people’s coin.
Vertcoin (VTC): Features of The Crypto
After changing from the use of Script-N algorithm to the Lyra2RE algorithm in order to reach its PoW consensus, the new algorithm has allowed the Vertcoin’s team to independently change memory usage and time cost, giving them more resistance against ASIC.
Under Lyra2RE algorithm, memory cost and time cost are separated. This gives the team an independent kind of control over both parameters. Under Lyra2RE, increasing the memory requirement would mean that any potential ASIC would have to be designed physically, with each thread having more memory. If it ever happens that ASIC is developed for Lyra2RE, all that the Vertcoin team has to do is to fork to a higher memory requirement, since that would alter or completely stop the ASIC’S ability to function properly.
With the upgraded version of Lyra2RE- Lyra2Rev2, ASIC miners are being reasonably kept at bay. Making GPU and CPU, the only viable mining hardware.
Another feature of Vertcoin is the 1-click miner. This is a user friendly software that is used for the mining of Vertcoins. It can easily be downloaded on the Vertcoin’s website, and after following a few simple steps on the website, you will be able to run the program and start earning vertcoin.
Also, one of the features of Vertcoin is Merged mining. This is largely a theoretical feature with little practical application. This feature allows miners to mine at a time, more than one blockchain. Every hash that a single miner submits, contributes to the merged currencies’ total hash rate, this of course, helps with the solving of cryptographic algorithms on both networks.
Vertcoin (VTC): Prospects
After taking a deathblow due to the hacking of Mt. Gox. Vertcoin has progressively witnessed a steady climb up the market Cap ladder. Presently, it boasts of a 300 million dollars’ market cap.
In years to come, Vertcoin hopes to expand their exchange support. They intend to do this by developing a browser and mobile wallet, and also by integrating Vertcoin into Trezor 2 hardware wallet.
They are also planning on implementing lightning fast network transactions. Apart from this, another of what they aim to achieve soon is to implement off-chain atomic swaps with Litecoin.
Vertcoin (VTC): Where to Buy
Bitcoin is about the only coin that can be used to exchange Vertcoin. The process of buying Vertcoin can be a little different from one another, depending on the location. The majority of Vertcoin though, is usually bought with Bitcoin on an exchange.
Once you have bought Vertcoins for yourself, they can be stored using the ledger Nano S. that is for Hardware wallets. If you want a software wallet however, you can download Vertcoin’s core wallet or its Ethereum derivative. And if you are interested in the use of a mobile wallet. Then Coinomi is an option you might want to consider.
As it has been discussed in this article, Vertcoin has a lot of prospects, if these prospects materialize, there might just be more to look forward to, about this unique Cryptocurrency.