Vertcoin (VTC): Why it is called “The people’s coin”? Read here

Vertcoin (VTC): What is it?

Vertcoin (VTC) is a digital currency that allows people to send money over the internet. In keeping with its original vision, Vertcoin (VTC) is aimed at being a currency owned by its users, the “people’s coin”.

Unlike large banks or mining hardware manufacturers, anyone can profitably mine Vertcoin. Vertcoin has no premine, ICO, or airdrop. The project is 100% funded by donations and is being developed by volunteers as a community project

You can rest assured that Vertcoin maintains an equal distribution of transaction fees over many miners, as it is a finite resource similar to gold. Vertcoin is the only cryptocurrency that you can use as a bank.

Developed to protect transaction values when a large pool of miners takes over the market indiscriminately, the Vertcoin algorithm prevents the development of custom mining hardware and multipool mining.

This coin’s developers are dedicated to protecting it from specialized mining equipment and are committed to making sure that consumer-grade hardware can still mine it.

Miners will benefit from this move as it ensures fair competition among all miners, without the risk of falling victim to unscrupulous hardware manufacturers who may fail to deliver preordered equipment.

 Vertcoin (VTC): History

At the moment, not much information is available about Vertcoin history. It was initially possible to find a team page on the official Vertcoin website, but it has since disappeared. All that’s known about the project is that it’s largely volunteer-driven. When Vertcoin was launched in 2014, it offered no ICO, airdrop, or even premine. During the development of Vertcoin, the community was given a high priority as well as decentralized mining. Vertcoin (VTC) was not intended to be accessed by anyone ahead of the general public.

 The blockchain of Vertcoin (VTC)

To reach its Proof-of-Work consensus, Vertcoin’s blockchain originally used the Scrypt-N algorithm. The team behind Vertcoin, however, had to start again from scratch when ASICs were developed that were specific to Scrypt-N. On December 13th, 2014, they devised the Lyra2RE algorithm, which caused Vertcoin to fork from its original version. A new algorithm made it possible to have a greater advantage over ASICs.

A new hard-fork took place on August 10th, 2015 following the upgrade to Lyra2Rev2 on the blockchain. Over 50% of the network’s hash power had been taken over by a botnet. Consequently, Vertcoin underwent some modifications resulting in the new VertHash algorithm replacing Lyra2Rev3. 

Vertcoin (VTC): Key Features

Vertcoin offers the following features:

• One-Click Mine Vertcoin

On Vertcoin’s website, a one-click miner can be downloaded. It can easily be used by anyone, making it commonly known as the “people’s mining program”. It will automatically start mining Vertcoin as soon as it is downloaded and the Verthash data file is generated. Afterward, you will be able to mine Vertcoin. Using the New 1-Click Miner, you will be able to choose your mining pool and GPU automatically (CPU mining is supported through integrated graphics as well).

• Vertcoin Gaming

While you are playing video games, you can mine Vertcoin with VertHash. To mine Vertcoin, you only need to install the Vertcoin one-click miner. Vertcoin’s website features the most up-to-date 1-click miner. Your hashrate will automatically adjust to your current load as soon as you start playing. Take a look at this resource that can make the process easier for you.

 Vertcoin (VTC): Why should I use it?

Cryptocurrencies have become increasingly expensive to mine for many. A single mining rig is rarely enough to make a profit even if it is the best one on the market, due to the high electricity cost and low likelihood of solving the block, as well as the fraction of rewards you’d receive if you were part of a cryptocurrency mining pool.

As a result of the cost of electricity and mining difficulty, high-powered mining rigs, cryptocurrency mining pools, and mining farms – or a combination of all three – are the only ways to be profitable in mining cryptocurrency. As a result, mining has been restricted to those who have the necessary financial and physical resources to do so. Therefore, some mining operations have become centralized where a majority of the hash power dedicated to a network is divided among a couple of entities because those with more wealth are better able to acquire hash power and solve a block.

To resolve these problems, Vertcoin has an algorithm that makes it difficult for mining pools and ASICs to reap rewards, allowing more people to profitably mine cryptocurrencies with GPUs and CPUs.