what is vertcoin

What is Vertcoin?

Vertcoin is a decentralised cryptocurrency like Bitcoin or Litecoin however, unlike these big name coins, Vertcoin is ASIC Resistant which means it can’t be mined (and controlled) by wealthy investors using specialised mining hardware. These ASICS have become the crypto pickaxes for a lot of the top cryptocurrencies, and given that the everyday person will never have access to ASICs (let alone have the financial investment to mine at a profitable rate), we now see a scenario where well-known cryptocurrencies have ultimately drifted away from their original decentralised structure and are now being dominated by a monopoly of wealthy mining titans.

This decision by the Vertcoin developers to resist ASIC mining has made it far easier for normal people to mine Vertcoin; particularly those in the gaming community whose computers would have AMD and Nvidia graphics cards (these graphics cards enable people to mine at a considerably higher hashrate).

Pretty cool right?

What’s more, Vertcoin have made it even easier for people to mine with the release of the ‘One-Click Miner’ which allows people to earn VTC whilst they attend to their everyday commitments. So unlike many other cryptocurrencies, Vertcoin is staying true to the original ethos of cryptocurrency; a financial system owned by its users – a people’s coin.

Vertcoin’s value doesn’t stop here however.

As you are reading, the Vertcoin development team are working to improve accessibility for the much anticipated Lightning Network which will allow for instant transactions to take place for goods and services online. In addition, the Vertcoin team are working on improving access to the atomic swaps interface, which in the words of lead developer James Lovejoy, is essentially an extension of the lightning network, and one that facilitates trading between different cryptocurrencies without the need for exchanges. No more crazy fees! That’s certainly something to look forward to.

So as can be seen, the development of Vertcoin is being driven by a very talented and forward thinking team, which in the long term is worth its weight in Bitcoin (sorry, I couldn’t resist).

Another important factor to consider is Vertcoin’s community which has played an invaluable role in stimulating growth and adoption. One simply has to look at Vertcoin’s highly organised and active Reddit page, its Twitter #proliferation and very lively Discord channel to see how much this digital currency means to its community. It’s refreshing to see a community where the development team transparently collaborates with members on design, development and meaningful discussions instead of keeping everything behind closed doors.

So is Vertcoin going to be around for the long haul? Only time will tell. However with atomic swaps, the lightning network, AMD miner and new exchange listings coming out in 2018, there is a lot of potential for growth. That being said, none of this matters unless more people start to use VTC as a currency for goods and services. Vendors and marketplaces trading in VTC will be integral to its survival which opens up a lot of opportunities for entrepreneurs.

Rafael Dunn.

 

Disclaimer: This article was written as an introductory overview of Vertcoin and not investment advice. We always recommend doing your own research and not investing what you can’t afford to lose.

4 thoughts on “What is Vertcoin?

  1. Iwijn Voeten

    Very Nice!

    1. tommodunn

      Thanks so much Iwijn 🙂 Glad you like it!

  2. Danny

    Great article, but I’d like to know more about what is being done to drive vtc as an actual currency? The last paragraph touches briefly on this point, but is marketing or BD pitching vtc as a potential mainstream crypto-currency?

    1. tommodunn

      Great question! I think for VTC to be driven down this route we are going to need to start seeing sellers and buyers using VTC for goods and service transactions. This might be just online at first or even in shops with point-of-sale systems at some point. The devs have mentioned that this could be a possibility in the future if we can piggyback on top of a lightning payment system that already accepts BTC/LTC. Not sure if this would ever happen but would be awesome! Nothing wrong with starting small too if the community targets a specific location or community for this initially. Might be something that members of the community have to push forward if the dev and marketing teams have too much on their plate. Thanks for writing in! Really thought provocative point 🙂 – Tom

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