Vertcoin (VTC) is one of the few minable coins that are dedicated to always updating their protocol to disable ASIC mining. This is because of the project core belief in the decentralization of blockchain technology.
Simply released as an open-source project on Github, the same as Bitcoin, Vertcoin (VTC) community of volunteers and miners have ensured its longevity.
The People’s Coin as Vertcoin (VTC) calls itself in reference to its commitment to the ideals set out in the original Bitcoin whitepaper with regards to individual voting power. Unfortunately, the original model set out by Satoshi Nakamoto of one CPU = 1 vote has been killed off for Bitcoin and other PoW cryptocurrencies by the growth of large mining pools.
As such, with a strong emphasis on fairness in mining Vertcoin (VTC) has kept its project ASIC-resistant.
Vertcoin’s (VTC) Historical Review
Launched in January 2014, Vertcoin (VTC) was designed to use the Proof- of- Work consensus algorithm. It used the Scrypt Adaptive N algorithm when it was launched but it had to be forked to use the Lyra2RE algorithm less than a year as a result of the rise of ASIC mining rigs.
It wasn’t up to a year before the Vertcoin (VTC) development team had to migrate from the Lyra2RE algorithm after it discovered that more than 50% of the blockchain was been controlled by a botnet. This time around the move was to the Lyra2REv2 algorithm and Vertcoin (VTC) has been with the algorithm ever since.
Although as of October 2018, the possibility of another hardfork is imminent as it seems that ASIC mining could be coming for the Lyra2Rev2 algorithm.
Apart from its fair mining policy, Vertcoin (VTC) has been made compatible with the Lightening Network and Stealth Address as well as effecting the implementation of Segregated Witness.
At present, the development team of Vertcoin (VTC) is working on an upgrade that would facilitate instant multi-coin transactions across blockchains.
Developments That Would Necessitate Another Vertcoin (VTC) Hardfork
As have been mentioned earlier, Vertcoin (VTC) in order to avoid ASIC mining underwent two hard forks and is likely to embark on another hard fork as a result of new developments that has taken place.
First is the confirmation of rumors that came to light in September 2018 of ASIC miner been developed for Lyra2Rev2. Granted, there has not yet been a noticeable increase in network difficulty maybe as a result of the high cost of the new ASIC mining rigs but it is bound to happen eventually.
The second event that might necessitate another Vertcoin (VTC) hardfork is the rise of Field Programmable Gate Array (FPGA) devices.
What ASIC rig is to CPU mining is what FPGA is to GPU and the Lyra2Rev2 algorithm would be vulnerable to FPGA devices. This development is sure to push Individual miners out of Vertcoin (VTC) mining.
The Vertcoin (VTC) development team also has to be on the lookout to repel mining platform like NiceHash that offers hashing power for sale. The implication of this is that it is quite possible for someone to buy enough hashing power to embark on a 51% attack.
Vertcoin (VTC) maintain its Stance on Fair Mining
A new algorithm named Verthash has been proposed by the Vertcoin team. Although the team does not have an estimated time for accomplishment, they are committed to completing it as soon as possible while still maintaining the security of the Vertcoin (VTC) blockchain.
In fact, the Vertcoin lead developer has declared that the New Lyra2Rev2 ASIC rigs would be the most expensive paperweight ever bought.
Even if maintaining ASIC-resistance does not assuredly guarantee success for Vertcoin, at least it shows that the coin would maintain a dedicated community of miners that would keep it alive.
Neither Vertcoin nor any other cryptocurrency for that matter has been able to reach mainstream yet. But Vertcoin (VTC) remains in the running for becoming one of those altcoins that would eventually reach mainstream. This can be inferred from the development team continual dedication to improve the Coin.
For nearly five years, Vertcoin (VTC) has hung on even in the face of 2017’s massive ICOs and airdrops and the 2018 largely bearish market trend in cryptocurrencies.
It seems the strong anti-ASIC and fair mining commitment of Vertcoin’s team have carried the altcoin through everything.
This consistency on the part of Vertcoin (VTC) might be the surviving tool that would eventually carry it to mainstream while other cryptocurrencies drift into the dust of time.