The financial industry has been revolutionized by cryptocurrencies, offering an alternative to traditional centralized systems. One such cryptocurrency is Vertcoin (VTC), created to make mining accessible to everyone. Vertcoin utilizes an ASIC-resistant consensus algorithm to differentiate itself in the market. In this article, we'll delve into the details of Vertcoin, discussing its definition, functionality, history, unique features, value, and a comprehensive guide on purchasing it.
What Is Vertcoin (VTC)?
Vertcoin (VTC) is a cryptocurrency that was created to provide an accessible mining process for everyone. Although it is similar to Litecoin and Bitcoin, Vertcoin differentiates itself by utilizing a consensus algorithm that makes mining VTC ASIC-resistant.
Initially, mining cryptocurrency was something that anyone could do. All a person needed to do was turn on their CPU and run a mining client. However, as more individuals began mining cryptocurrency, the mining difficulty on the Bitcoin network increased, requiring miners to upgrade or purchase new mining hardware continually. This led to a situation where individuals could no longer compete with deep pockets who could afford to build expensive mining rigs or create mining farms consisting of tens of thousands of mining rigs.
As the complexity and competition in cryptocurrency mining increase, there is a concern that mining power will become consolidated and controlled by the largest mining operations. This would result in centralization and monopolistic network control, which cryptocurrencies set out to disrupt in the first place. Vertcoin's blockchain is designed to resist the consolidation of mining power, ensuring that the network remains decentralized and easily minable by standard consumer hardware.
What Makes Vertcoin Unique?
Vertcoin's primary feature is its dedication to a fully decentralized network via an ASIC-resistant mining algorithm. Initially, CPU mining was sufficient, but as the network expanded, GPU mining became prevalent. Despite this shift, Vertcoin maintains its accessibility goal to ensure mining remains available to all, irrespective of their hardware.
Vertcoin's unique consensus algorithm, Lyra2REv3, is ASIC-resistant and designed to be memory-intensive, enabling a wider range of people to participate in mining. This maintains a decentralized and democratic network, accessible to everyone, not just those with powerful hardware.
Vertcoin (VTC) stands out from other cryptocurrency blockchains due to its unique Lyra2REv3 consensus algorithm that makes it ASIC-resistant. This allows for a more democratic mining process, preventing the consolidation of mining power by large operations and maintaining a decentralized network.
Vertcoin's blockchain is designed to be easily minable by standard consumer hardware, providing accessibility for everyone. By prioritizing decentralization and accessibility, Vertcoin aims to fulfill the original goals of cryptocurrencies and disrupt the centralized financial system.
What Is VTC Coin?
VTC is the native cryptocurrency of Vertcoin digital that operates with the purpose of being accessible, secure, and decentralized. VTC has normal tokenomics of a market capitalization of 6.8 million dollars, a trading price of $0.1, and a total supply of 84 million VTC coins.
VTC is used for making payments, transaction fees for the Vertcoin network, governance fees, etc. VTC is also a store of value, it can be held by investors as a long-term investment, with the potential for appreciation in value over time.
Vertcoin was created in January 2014 as a fork of Litecoin, with the aim of delivering on the promises that its predecessor failed to live up to. It was designed to resist the consolidation of mining power in an effort to stay decentralized and easily minable by pretty standard consumer hardware. However, Vertcoin has had to undergo numerous protocol changes over the years due to security issues, subsequently falling in popularity among the crypto community.
Built on Bitcoin base: Vertcoin is built on top of the Bitcoin protocol, which allows it to receive updates when Bitcoin releases new specifications.
- Same block time and supply as Litecoin: Vertcoin has the same block time of 2.5 minutes and a maximum supply of 84 million coins as Litecoin, a popular cryptocurrency that uses a similar mining algorithm.
- Scaling limits and orphan generation: Vertcoin's design ensures that it can handle blockchain growth and orphan generation, which refers to the creation of a forked chain due to competing mining efforts.
- Verthash mining algorithm: Vertcoin's mining algorithm, Verthash, is designed to be GPU-friendly, ensuring a more decentralized distribution of hash power and security for the network.
- Difficulty adjustment every block: Vertcoin's difficulty is adjusted every block, or approximately every 2.5 minutes, which allows for more stable and responsive mining rewards compared to Bitcoin's difficulty adjustment every two weeks.
VTC Coin Value
Vertcoin's value, like that of other cryptocurrencies, has been prone to significant fluctuations since its inception in January 2014. Its peak value was achieved in December 2017 when it hit a remarkable high of $9.80. Presently, Vertcoin's market capitalization is approximately $51 million, and there is a circulating supply of approximately 57 million VTC coins.
What Gives VTC Value?
The value of VTC is determined primarily by market demand, which can be impacted by a variety of factors. These factors include the coin's practical utilities, the Vertcoin network's robustness, and the rate of adoption. The fact that Vertcoin is ASIC-resistant makes it a more accessible coin to mine, which can contribute to its demand. The community's support for the project also adds value to VTC. The development team behind Vertcoin is dedicated to keeping mining open and accessible to everyone, which has earned it a loyal following.
How to Buy VTC Coins?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including VTC, users can now trade easily and seamlessly. To purchase VTC on CoinEx, follow the steps below.
- To access CoinEx's services, register for an account by clicking "Register". Existing users can log in.
- Deposit funds into your CoinEx account using one of the supported cryptocurrencies.
- Navigate to the VTC trading page on CoinEx, select the trading pair of your choice, and enter the amount of VTC tokens you want to purchase.
- Buying VTC is a simple process after finding the trading pair. Choose the appropriate trading pair, indicate the desired number of VTC, and trade the paired token with VTC.
By following these easy steps, you can acquire VTC coins on CoinEx quickly and securely.