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Vertcoin

Vertcoin
Vertcoin-2018-Logo.jpg
Denominations
PluralVertcoin, Vertcoins
Ticker symbolVTC[a]
Subunits
 ​11000millivertcoin
Development
Latest release0.14.0 /
Code repositorygithub.com/vertcoin-project/vertcoin-core
Operating systemWindows, Linux, macOS
Websitevertcoin.org
Ledger
Ledger start8 January 2014 (5 years ago) (2014-01-08)
Timestamping schemeProof-of-work
Hash functionLyra2REv3
Block reward25[b]
Block time2 minutes, 30 seconds
Block explorerbitinfocharts.com/vertcoin/explorer/
  1. ^ Compatible with ISO 4217.
  2. ^ January 2014 to approximately Devember 2018, halved approximately every four years

Vertcoin (VTC) is an open-source cryptocurrency created in early 2014 that focuses on decentralization. Vertcoin uses a proof-of-work mechanism to issue new coins and incentivize miners to secure the network and validate transactions.

History

Vertcoin was started at the beginning of 2014 by David Muller.[1] It uses concepts from Bitcoin as a basis with some changes.[1] Associations have procured massive data centers of machines to mine bitcoin, which makes it more centralized and more difficult for laypeople to succeed in mining bitcoins.[1][2] In contrast, Vertcoin aims to be decentralized by penalizing large mining pools that try to control the entire market[1][2] through being ASIC resistant.[3]

Vertcoin is open source and has a 2.5-minute block time.[3] It is a Scrypt-N coin, which means that "unlike SHA-256 coins or other Scrypt-based coins, Vertcoin offers comparatively low hashrates".[4]

TechRadar's Jonas Muro wrote in 2018 that two reasons among others made Vertcoin "popula[r]". One reason is that there is little friction for new users who can use "one-click software" to mine. Another reason is that people are very involved in Vertcoin on social media.[3] NBC News's Ben Popken noted in 2018 that Vertcoin has received significant attention on reddit and that its "soaring popularity over the last year" is owing to its being impervious to the mining pools used to have heavy influence over Bitcoin.[5] Though a December 2018 paper published in The Transactions of the Korean Institute of Electrical Engineers said that "because [Vertcoin] is not a very popular blockchain, the difficulty adjustment algorithm is very sensitive to hashrate change, making it an easy target to timestamp spoofing and cherry picking attack."[6]

From October through December 2018, Vertcoin suffered from 51% attacks.[7]

References

  1. ^ a b c d Charlton, Alistair (2014-02-05). "Vertcoin: The Soaring Cryptocurrency Set to Surpass Bitcoin". International Business Times. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  2. ^ a b Ward, Mark (2014-04-25). "How to mint your own virtual money". BBC. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  3. ^ a b c DeMuro, Jonas (2018-02-03). "6 cryptocurrencies that could become the next Bitcoin". TechRadar. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  4. ^ Ryan, Thomas (2014-04-29). "Why we benchmark with Vertcoin". SemiAccurate. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  5. ^ Popken, Ben (2018-01-03). "Missed the bitcoin boom? Check out these five rising cryptocurrencies". NBC News. Archived from the original on 2019-01-01. Retrieved 2019-01-01.
  6. ^ Il-Hwan, Kim (December 2018). "Feasibility Analysis of Majority Attacks on Blockchains" (PDF). The Transactions of The Korean Institute of Electrical Engineers.
  7. ^ "Vertcoin fell victim to a 51 percent attack". Wired Germany (in German). 2018-12-05.

External links