Vertcoin has been taking the cryptocurrency world by storm. In recent months it has grown from just over $1 a coin to over $7 a coin, now having a $300M marketcap. With all the coverage it is getting on Twitter and Reddit, I am going to explain what Vertcoin is, how it is different than its competitors, and where you can invest in the 65th largest coin in the crypto space.
What is Vertcoin?
Vertcoin (VTC) was created in 2014, and is a decentralized cryptocurrency similar to Bitcoin. According to their official website, their development team is composed of volunteers. All of them have some experience in either programming, mathematics, or marketing and much more.
How is Vertcoin similar to Bitcoin?
Vertcoin as I said before is a decentralized cryptocurrency. It did not have a premine, meaning that coins were not generated before the official launch. The blockchain system works similar to Bitcoin, with the halving time being once every four years. Segwit is also activated on Vertcoin, which allows for faster/cheaper transactions and makes a framework for future improvements. There are not very many similarities, and the differences between Vertcoin and its competition make me extremely optimistic about what's to happen in the future with this sleeping giant.
How is Vertcoin different than its competition?
To start off, Vertcoin is controlled by the Lyra2RE algorithm rather than the SHA256 algorithm that controls Bitcoin. According to their development team, one of their core focuses is "decentralized mining". Their algorithm allows for mining to happen efficiently with GPUs and CPUs, which are outdated in the Bitcoin mining space. Many people are concerned that mining in the BTC space is controlled by Chinese oligarchs who can afford millions of dollars in ASIC equipment. Miners are often criticized for having too much influence in the space and causing centralization. Vertcoin solves this issue by making mining accessible to the average person. There is a "1 click miner" in development by the VTC team which allows people to mine Vertcoin when they aren't using their devices. Block times for VTC are only every 2.5 minutes rather than every 10 minutes for BTC. There is an 84M coin capacity rather than 21M for BTC. Unlike Bitcoin which adjusts its difficulty every two weeks, VTC adjusts after every block. There is also Lightning Network in development for the VTC network which will allow for a massive increase in transaction capacity by moving transactions off the blockchain and into separate "channels". Note that it is in the Alpha stage at the moment. Even though there is Lightning Network development for Bitcoin, I have not heard of any official release date or even a roadmap for its implementation, so in my opinion Lightning Network will probably be implemented on VTC before BTC. There is also a huge privacy feature in the works called a Stealth Address, which hides transaction receivers by generating a one-time random address for each transaction on behalf of the recipient. Monero uses this feature and is regarded as one of the largest "privacy" coins. The last feature in development is the "atomic swap" which makes a decentralized method to trade Vertcoins for other coins such as LTC and BTC. This will be implemented post-Lightning Network.
Where can you buy VTC?
According to Coinmarketcap, there are two exchanges which make up the vast majority of volume of VTC which are Bittrex and Poloniex. If you want somewhere to move your Vertcoin, you can download the official wallet from their website.
Overall I am extremely optimistic about what Vertcoin is going to do in the future. With Segwit already implemented and Lightning Network on their roadmap, I have no doubt this coin will pave the road of innovation in the future. Their development team being composed of volunteers makes me very optimistic about the integrity of the people behind the project, which I cannot say about most coins. I used to think that VTC was just another altcoin that could be mined with GPUs and was a clone of Litecoin. Now that I have looked into it I realized it is much more than that, and would be a great asset to have in your crypto portfolio!
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