One of the coins that has received an enhancing amount of community attention overheen the past several months is Vertcoin — an incredible toneelpodium from a technical perspective. It combines the features of Bitcoin and Litecoin such spil the Lightning Network, Atomic Exchanges, and Segregated Witness while also delivering privacy functionality such spil Stealth Addresses.
The Vertcoin team is a non-profit organization comprised entirely of volunteers. Upon its conception, there wasgoed no premine or initial coin suggesting te order to ensure the fairest distribution of tokens to its users.
The People’s Coin
Vertcoin is known spil the people’s coin for good reason and aims to be mined by anyone, profitably. It accomplishes this by being ASIC-resistant which, te turn, means that GPU’s and CPU’s are most effective at mining the currency.
What is an ASIC?
ASIC stands for application specific integrated circuit, and are used often te cryptocurrency mining. Typically, ASIC’s provide an enormous hash power increase overheen CPU’s and GPU’s, spil they can be designed for a very specific task.
For example, Bitcoin and Dash mining are downright predominated by centralized ASIC mining operations ter locations with cheap electro-stimulation, such spil China. The most powerful Bitcoin ASIC, the Antminer S9, provides 13.Five TH/S on the current Bitcoin difficulty. Most high-end mining GPU’s will slightly pauze 40 MH/S on Bitcoin. Let’s figure out how big of a difference that is.
- 1 kH/s is 1,000 hashes vanaf 2nd.
- 1 MH/s is 1,000,000 hashes vanaf 2nd.
- 1 GH/s is 1,000,000,000 hashes vanaf 2nd.
- 1 TH/s is 1,000,000,000,000 hashes vanaf 2nd.
- 1 PH/s is 1,000,000,000,000,000 hashes vanaf 2nd.
13.Five TH/S is 13.Five trillion hashes a 2nd.
40 MH/S is 40 million hashes a 2nd.
The Antminer S9 will provide around 337,500 times the hashing power of most GPU’s. To be fair, the S9 will consume more tens unit than a GPU, and costs around $6,000 for a fresh equipment.
Thesis expensive ASIC mining equipments make it difficult for the everyday person to contest. Vertcoin plans to permit the average person to contribute to mining by making their mining algorithm ASIC resistant. This is done by adding something called the N-factor.
This is a measurement of the amount of memory needed to accomplish a hash, and the needs switch dynamically. Spil the N-factor and memory requirements increase, CPU’s and GPU’s will have an edge overheen ASICs. The Vertcoin team is dedicated to ensuring the coin always stays ASIC resistant.
Why is it Significant for the Everyday Person to Mine?
One of the most significant benefits of cryptocurrency is decentralization. This is typically accomplished by basing the coin’s blockchain on the version recorded by 51%+ of the miners. If a centralized mining operation wasgoed able to get a majority of a coin’s hashing power, it can use a 51% attack to forge fraudulent transactions. If everyone has an equal chance to run a miner, the coin is less prone to centralization.
Where to Buy Vertcoin
Vertcoin is presently traded only on Bittrex and Poloniex, and is seeking an addition to other exchanges such spil Binance.
There is a donation fund for the Vertcoin community, where volgers can donate to the dev team and contribute to exchange additions. For more information on buying Vertcoin, check out this guide.
Vertcoin has seen its price increase from .004 to around $11. It presently sits at $Trio.00.
There are a few ways to store Vertcoin.
Ledger Nano S: A secure hardware wallet that supports numerous coins. The Ledger Nano S is by far the more secure option, but it comes at a cost of $96. Thesis wallets are so popular they are presently on backorder until March 23, 2018.
The Ledger has numerous lines of security, including a 24-word passphrase + Speld Code. If for some reason your Ledger cracks or is stolen, the coins can lightly be recovered by coming in the passcode on another wallet. Many crypto investors choose to store their cryptocurrency te hardware wallets such spil the Ledger Nano S due to the high level of security it produces.
It’s also possible to store Vertcoin ter software wallets, which are installed on a desktop laptop or smartphone with the official Vertcoin wallet and Electrum wallets respectively.
Te the event that your pc is compromised, desktop and web wallets provide little security. Your only line of defense for thesis wallets are passwords or two-factor authentication, which requires an extra confirmation. While this feature increases security, it’s not downright impenetrable, so it’s best to consider investing te a hardware wallet.
Vertcoin has a ordinary setup miner called One Click Miner that you can learn about here. It has an effortless to use interface and has P2Pool already integrated. P2Pool is the most used Vertcoin mining pool.
Mining pools are a way for miners to receive more frequent payouts by combining their hash rate with other miners.
When the miners successfully mine a block, they share the block prizes proportional to their hash rate contribution.
Spil stated earlier, Vertcoin can be mined with CPU and GPU’s, but the most profitable graphics card to mine with would most likely be the GTX 1080 TI.
Vertcoin miners can expect a rate of 73 MH/S with this card, which should lead to around a profit of $Two,000 a year vanaf card after electric current costs spil a rough estimate.
Vertcoin Atomic Exchanges
Vertcoin is one of the few coins that permit atomic exchanges. For the uninitiated, an atomic interchange is an exchange of two different cryptocurrencies that occurs instantaneously without the need for a third party.
Exchanges or shapeshifting services that take fees such spil Changelly are made redundant by this innovative trading method. Here’s why atomic interchanges are so awesome:
Say you want to use Purse, a webstek that gives you discounts on Amazon for paying with Bitcoin.
You can send Vertcoin to a BTC Address, and it will arrive at the address spil BTC at the going rate inbetween the two currencies. This is just one use case, the possibilities are endless.
Vertcoin also has a feature called Stealth Addresses. Stealth Addresses are key to privacy, and permit transactions to be sent to one address, and imported to another. For example, it’s possible to waterput a stealth address on a business or eCommerce webstek to receive payments.
Te the transaction, the buyer can send Vertcoin to a public stealth address that is linked to a primary address. Once the coins arrive at the stealth address, The transaction can then be imported to a primary address privately. This is key for users who want their main addresses to remain private.
What is Lightning Network?
The Lightning Network is also used by Bitcoin and Litecoin, and is a way of doing off-chain, instantaneous transactions. This should massively increase the number of transactions that the Vertcoin network can support. Here is a good movie explaining the Lightning Network in-depth.
What is Segregated Witness?
Segregated Witness is also seen on Litecoin and Bitcoin and is a way of separating the transaction signature into two parts. This effectively reduces the transaction cost by almost 50%. This is explained more ter depth by the Bitcoin developer Jimmy Song ter this postbode.
Vertcoin Source Code
The Vertcoin project is totally open source and is available on the official Vertcoin GitHub. It has overheen 15,000 commits and is updated frequently.
The Vertcoin team has a history of doing exactly what they say, and doing it on time. If you would like to contribute to the group of volunteers, their official donation address can be found here. The developing team is semitransparent with their progress and roadmap, which can be viewed te real time on the Vertcoin Trello.
While Vertcoin is an enormously promising podium, the development team have not yet announced any major partnerships. You can view the Vertcoin team and advisors here.
To keep up with the Vertcoin team, you can go after their Reddit, Twitter, and Discord.
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DISCLAIMER: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken spil investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before making any investment decisions. Ultimately, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Austin is an avid cryptocurrency investor studying laptop science and software engineering at Towson University. His hobbies include researching cryptocurrencies, travel, and rock climbing. His aim is to help the average person understand and get into into cryptocurrency.
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