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Vertcoin

Vertcoin
Vertcoin-2018-Logo.jpg
Denominations
PluralVertcoin, Vertcoins
Ticker symbolVTC[a]
Subunits
 ​11000millivertcoin
Development
Initial release8 January 2014 (4 years ago) (2014-01-08)
Latest release0.13.3 / 21 September 2018 (2 months ago) (2018-09-21)
Code repositorygithub.com/vertcoin-project/vertcoin-core
Operating systemWindows, Linux, macOS
Websitevertcoin.org
Ledger
Ledger start8 January 2014 (4 years ago) (2014-01-08)
Timestamping schemeProof-of-work
Hash functionLyraRE2v2
IssuanceBlock reward - Limited release - No pre-mine
Block reward25 vertcoin
Block time2 minutes, 30 seconds
Block explorerbitinfocharts.com/vertcoin/explorer/
Circulating supply47,320,500 VTC (as of 16 December 2018)
Supply limit84,000,000
  1. ^ Compatible with ISO 4217.

Vertcoin (VTC) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer Vertcoin network without the need for intermediaries. A group of developers are committed to proposing software upgrades for the Vertcoin network which promote decentralization. Vertcoin has hard forked twice in order to reject ASICs, CPU botnets and will soon reject rental mining services.[1] Consumer grade hardware such as GPUs remain the primary tool used to support the Vertcoin network.

Transactions are verified by network nodes through proof-of-work cryptography and recorded in a public distributed ledger called a blockchain. Vertcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services.

History

Vertcoin was released via a client on GitHub on January 8, 2014 and remains an open source software project under the MIT/X11 license. Vertcoin is the result of a fork after Scrypt ASICs were developed and being used on the Litecoin network. Vertcoin introduced what was known as "Adaptive N‐Factor" to the Scrypt algorithm. The N‐factor component of Scrypt determined how much memory was required to compute the hashing functions and increased with time.[2]

On December 13, 2014 (block 208301), Vertcoin forked from Scrypt-Adaptive-N to Lyra2RE, a NIST5 based chained algorithm with customizable parameters, as a proactive defense against emerging Scrypt-Adaptive-N capable ASICs.

On August 10, 2015 (block 347000), Vertcoin forked from Lyra2RE to Lyra2REv2 due to a botnet controlling more than 50% of hashing power on the Vertcoin network.

On May 7, 2017, Segregated Witness (SegWit) was activated in the main network and Lightning Network technology demonstrated in action the same day.[3]

On September 20, 2017, the first on-chain atomic swap was performed on the Vertcoin network.

On December 12, 2017 (block 840,000) Vertcoin's block reward was cut in half (50 to 25 vertcoins).

On November, 11, 2018, a law firm made a position that vertcoins are not a security under U.S. law.[1]

On October 20, 2018, the hashrate of Vertcoin more than doubled as an ASIC was created for its hashing algorithm, Lyra2REv2. This led to numerous reorganizations of its blockchain between October and December 2018 known as 51% attacks.[4] On December 4, 2018, Lyra2REv3 was proposed by developers for Vertcoin; the suggested block height for all miners and users to upgrade any software connecting to the Vertcoin network will be announced shortly.[1]

See also

References

  1. ^ a b c Kubik, Eric (2018-11-30). "Vertcoin Development Update—November 2018".
  2. ^ Vertcoin (Bitcointalk.org user) (2014-01-08). "Vertcoin; Scrypt N; Beat ASIC; Stealth Address - Alpha Testing". Bitcoin Forum. Vertcoin via Bitcoin Forum post. Retrieved 2014-06-10.
  3. ^ Suberg, William (2017-05-08). "Vertcoin Debuts Second to SegWit, Lightning, Price Up 50 Percent". Cointelegraph.
  4. ^ Nesbitt, Mark (2018-12-02). "Vertcoin (VTC) was successfully 51% attacked".

External links