Vertcoin (VTC) – is a decentralized means of payment that combines the technologies of Bitcoin and Litecoin. The crypto currency refers to itself as the “Coin of the People”, which is due, among other things, to the much more decentralised and simpler mining.
Vertcoin – What is this crypto currency doing for the Bitcoin revolution?
One of the reasons for the name “the peoples coin” is the much simpler Vertcoin Mining. Thus, the crypto currency completely does without ASIC’s mining. Like many other crypto currencies, a proof-of-work algorithm is used. The computers have to solve difficult mathematical tasks to guarantee the security of the blockchain and to create new blocks. ASIC mining makes particularly high demands, which cannot be met by many normal users. Therefore the Bitcoin revolution tends to centralize strongly. VTC mining, on the other hand, is immune to special mining hardware by introducing the Lyra2REv2 algorithm. It prefers the Bitcoin revolution for mining.
The digging is very easy, the wallet offers a One Click Miner, which connects you immediately with a Vertcoin Mining Pool. When these miners generate a new block together, they divide the yield of new coins between them. Although the difficulty of mining is deliberately designed to be lower than other crypto currencies, good hardware is still needed. Also, electricity costs need to be considered. A Mining Calculator can be used to calculate when mining is really worthwhile. A special feature is merge mining. With this, a different crypto currency can be mined at the same time. Currently this is only possible with Unitus (UIS).
Similar to Litecoin, Vertcoin also allows Atomic Swaps. These allow different crypto currencies to be exchanged without the need for a third party. There are no fees either. Lightning Network is another technology that Vert-coin shares with Bitcoin and Litecoin. This network distributes transactions on sidechains so that they do not burden the main chain. This technology is important for the scalability of a block chain, because otherwise too many transactions load and slow down the whole system.
Segregated Witness performs a similar function by dividing the transaction signature into two parts. Another feature is the stealth address. This allows a user to send a transaction to a public stealth address first. This address hides the actual address of the wallet to which coins are to be sent. Many of these technologies have yet to be fully tested and implemented.
In total, there should be 84,000,000 VTC coins of the crypto currency. A new block is created every 2.5 minutes and the difficulty of the mining is adjusted after each new block.
Vertcoin – Who is the Bitcoin trader behind the crypto currency?
Behind the Bitcoin trader is a foundation that is completely financed by donations like this: https://www.onlinebetrug.net/en/bitcoin-trader/. Vert.coin is not a commercial product and is not designed for profit. For this reason, an ICO was not used when the crypto currency was launched in 2014. The foundation and the project depend on the support of the community.
Chief developer is James Lovejoy. He has been programming since he was ten years old. He is currently a student and researcher at MIT DCI, working on decentralized currencies. Another developer is Joe Straub. He has extensive knowledge of .NET, C# and other programming languages. He is currently developing radiation detectors. The rest of the team takes care of the marketing, programming, wallet and anything else that comes up.