The cryptocurrency wave has revolutionized the financial sector in every angle. Though many digital coins make voices, only a few stand out from the crowd, one among them is Vertcoin, which is often referred to as the people’s coin. This digital currency was introduced in 2014 by David Muller. Vertcoin has borrowed its concept from Bitcoin. Though both platforms use the Proof of Work consensus algorithm, still their implementations are different.
Features of Vertcoin :
- The Vertcoin platform is ASIC resistant, which means it cannot shift towards centralization unlike the ASIC controlled blockchain projects like Bitcoin.
- Vertcoin is completely community driven, backed by donations and volunteers.
- The Vertcoin platform uses the Lyra2RE (V2) unlike the SHA-256 executed by Bitcoin. By utilizing the Lyra2RE hash function, the hash rate can be reduced. The block confirmation time on the Vertcoin blockchain is 2.5 minutes, almost similar to Litecoin, the peer-peer cryptocurrency.
Vertcoin’s official Medium blog quotes :
“Vertcoin is a coin with simple principles…to provide a truly decentralized currency by placing the power to mine and secure the network in the hands of everyone. No politics. No centralized ASIC firms. No bullshit. Just the coin and the community, we believe the crypto-space needs that.”
Vertcoin Mining :
VTC is mined using mining rigs comprising of Graphics Processing Units (GPUs). In Vertcoin mining can be performed both individually or as a pool. In the individual mining process, you need to set up your own rig whereas a Vertcoin mining pool is made up of several individual mining rigs that form a huge rig, capable of finding and cracking new blocks faster. Both these options have their own set of merits and demerits. For example, if you plan to mine Vertcoin individually, the investment will be high so that you can set up a strong mining rig, which offers you the best results. Whereas if you plan to opt for the Vertcoin mining pool, then you have to share your rewards gained for each successful mined block.
Listed below are the factors, which you need to consider before investing in a VTC mining pool:
Server location: To minimize the latency, servers should be kept close to you.
Check out the distribution of rewards: Different mining pools have different schemes to pay miners who have contributed their hash power. Find out if the plan is feasible enough.
Server uptime should be minimum 95 percent: If the server is prone to frequent downtimes, the negative mining frequency can affect your earnings.
Fees: Always look out for mining pools with reasonable service charges and fewer chances for invalid blocks.
Do a thorough background check before joining a mining pool: Make sure to avoid a mining pool with a history of non-paying miners
Buying and storing Vertcoin :
VTC can be bought on cryptocurrency exchange like Upbit, Poloniex, Bittrex etc. It can be stored in the Ledger Nano S, Trezor, VTC’s core wallet or the Electrum wallet. You can also store VTC coins on an exchange provided wallet.