CryptoZiller Vertcoin Dashboard
What is Vertcoin?
Vertcoin (VTC) is a peer to peer digital currency that can be exchanged between people over the internet. Vertcoin cryptocurrency leverages blockchain technology which means it is a financial network owned by its users, with no censorship or third-party interference.
Vertcoin was launched in 2014 as a Litecoin fork. Vertcoin is the most decentralized cryptocurrency in the market because it is ASIC resistant. That is, Vertcoin cannot be mined using ASIC hardware.
What makes Vertcoin unique?
Vertcoin’s main focus is decentralized mining. Vertcoin wants mining of coins to be fair and easy, which is why they don’t allow ASICs on their network. By a matter of comparison, Bitcoin can be mined using ASICs, which allows people with high hashing power to centralize mining.
Vertcoin is participating in the Lighting Network to increase the transaction times and reduce transaction costs on the network. In fact, Vertcoin is working on cross chain atomic swaps with Litecoin such that, once the Lighting Network is launched, you will be able to pay with Vertcoins directly to merchants that accept Litecoin or Bitcoin.
Currently, Vertcoin network is Segregated Witness activated (SegWit), enabling users to enjoy faster transactions as they wait Lightning Network to be implemented.
Vertcoin believes that as long as you have a personal computer, you should be able to join Vertcoin Network. As a result, they have introduced a feature called One Click Miner, which makes it easier to access the network without broad technical knowledge.
What is 1-Click Vertcoin Miner?
This is feature, still in development, that allows users to get rewarded with Vertcoins by being part of the Vertcoin network. With 1-Click Vertcoin miner, users can mine and earn coins even when they don’t use their personal computers.
What is Segregated Witness?
Segregated Witness (SegWit) is an innovative technology that Vertcoin has activated on its network to allow for faster transactions. Segregated Witness refers to a structure in the blockchain in which the block size limit is increased by removing signature data from Vertcoin transactions. What Segregated Witness does is it removes part of a transaction so that extra space is created for adding more transactions to the blockchain.
You can think of Segregated Witness as the process of separating transaction signatures to increase block capacity and provide protection from transaction malleability (unscrupulous interception and modification of sender’s transaction ID by the recipient).
What is Lighting Network?
Vertcoin utilizes Lighting Network to offer scalable, instant transactions in its blockchain. Lighting Network makes it possible to move the majority of transactions off the blockchain for faster processing. Vertcoin uses Alpha Lighting Network.
What are Vertcoin Stealth Addresses?
Stealth addresses are a privacy feature that Vertcoin is implementing to provide privacy and anonymity in the public ledger.
Stealth addresses refer to randomly generated, one-time addresses that are created for each transaction on the behalf of the recipient. It allows the recipient to publish a single address but the transaction they receive go to a separate, unique address. The aim is to ensure transactions on the network cannot be linked to the published address of the sender or the recipient.
How does atomic cross-chain work?
Atomic cross-chain allows for a direct exchange of Vertcoins with any other cryptocurrency. It is a feature designed by Lightning Network that gives users a decentralized way to seamlessly exchange Vertcoin for Litecoin or Bitcoin on their wallet.
What can you do with Vertcoins?
Proof-Of-Work (PoW) mining allows you to get rewarded with Vertcoins for using your computer to validate transactions on the network. But you can also receive or send Vertcoins via Electrum wallet.
It is important to note that Vertcoin recently disabled permanently the web wallet. Vertcoin owners who had their coins stored in web wallet will be required to import the coins directly from the web wallet into Electrum. It is only after this importation that you’ll be able to spend the coins.
Electrum is a popular Bitcoin wallet that allows you to secure or store your Bitcoin funds, including Vertcoins.
How can you send or receive Vertcoins?
To send or receive Vertcoins you need an address that is generated automatically from the Vertcoin Electrum. Once the transaction is complete, you’ll wait for up to five minutes for the funds to clear.
How can you mine Vertcoins?
Vertcoins can also be earned using Proof-of-Work mining. In Vertcoin mining, participants are presented with blocks of transactions that they have to validate and keep the blockchain secure. In return for their work, miners are rewarded with newly generated Vertcoins.
Vertcoin developers do not allow Vertcoin mining using specialized mining equipment like ASICs. Instead, all miners must use consumer grade hardware to mine Vertcoins to ensure there is fair competition among miners.
Miners in Vertcoin blockchain usually mine coins in pools known as Peer-to-Peer (P2P) pools. It is worth noting that Vertcoin recently introduced a second network option into Peer-to-Peer pools designed for smaller miners to get a share of the coins.
How can you purchase Vertcoins?