ELI5 VTC Vertcoin

ELI5 VTC Vertcoin

Mineable? If so how is it mined?

The first thing needed for VertCoin is a Wallet. This is needed to store, send, and receive the user’s coins or the private keys on the user’s computer or mobile device. Vertcoin Core Wallet is recommended. When the user is setting up the wallet, it will generate a receiving address. The addresses will be used to receive the VTC.

VertCoin is purchased with bitcoin on the exchanges such as Bittrex, Polonies, BiteBit, Bittylicious, Juby, YoBit, or Bleutrade.

VertCoin is mined using the Graphics card. The only things the user need is a computer with GPU and a miner.

Mining or Minting algorithm: Lyra2RE

Maximum supply of Vertcoin is 84,000,000 VTC. It has a circulating supply of 43,236,900 VTC.

History

VertCoin believes that everyone who has PC should be able to join the Vertcoin network. It claims to be the coin of people and it is designed to support decentralized mining.

VertCoin aims to provide a decentralized currency by putting the power to mine and secure the network in the hands of everyone.

VertCoin was released on January 8, 2014. On July 1, 2014, it released a wallet that supports the Stealth Address transactions.

VertCoin is a digital currency that can be sent to the users over the internet. It is a financial system owned by the users. It is not controlled by large banks or mining hardware manufacturers. It is fairly distributed and can be mined by any users profitably.

What Makes It Different?

VertCoin or VTC is a cryptographic currency which is similar to Bitcoin and Litecoin but, Vertcoin is LiteCoin that in turn is a Bitcoin Fork. VertCoin is ASIC resistant. VertCoin foresaw the issues of ASICs.

VertCoin is a better alternative to Litecoin and Bitcoin because it is positioned to break the cycle of centralized mining in the crypto-space and place the power back into the communities’ hand.

Vertcoin is the first cryptocurrency to implement a new technology for providing privacy on the public ledger and it is called Stealth Addresses.

VTC has developed a system that makes mining more accessible and user-friendly it is the one-click miner. With this, VertCoin mining is more decentralized.

The algorithm of VertCoin is designed to ensure that the transactions are validated by a distributed network and it avoids the pressure of selling when mining pools flood the market with freshly mined coins. It offers the opportunity for the miners o fairly compete with each other.

Who is Behind VTC Vertcoin?

VertCoin is developed by community members who are working as volunteers and the projects of the company are funded by donations.

James Lovejoy is a researcher at MIT’s Digital Currency Initiative, the program behind the Lighting Network. There are also six developers on the team of VertCoin.

Contacts

  • Official Website https://vertcoin.org/

  • Announcement Thread link to BitcoinTalk https://bitcointalk.org/index.php?topic=1828453
  • Block Explorer Link https://bitinfocharts.com/vertcoin/

  • Github Source Code https://github.com/vertcoin-project/vertcoin-core

See Also

What is VertCoin?

Vertcoin (VTC) Still Up 500% since October

Investment Case for Vertcoin (VTC)



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