Vertcoin (VTC) is one of the coins that have been around for a while (January 2014) but this doesn’t mean its no longer relevant in the crypto world. Just like Litecoin (LTC), Vertcoin was a blockchain that was designed essentially similar to Bitcoin but it tries to solve problems that Bitcoin has that have been observable throughout the years.
This leads us to the first of one of the five strong points for Vertcoin, Bitcoin’s nº1 problem, ASIC resistance.
#1 – Vertcoin is ASIC Resistant
Vertcoin (VTC) was one of the first to implement these changes to a Bitcoin-a-like blockchain and since then many new projects saw that this problem was one that we should be paying attention. Cryptocurrencies such as Ethereum and Monero are one of the few that also implemented some ASIC resistance.
Many of you wonder what ASIC computation means but instead of going through the technology itself I will talk to you about the effects of not being resistant to it. If you make the mining process of your network non-resistant that means that any ASIC computer would be able to take all of the mining rewards since they have much higher computational powers and much higher hash rate that will allow them consistently win block rewards.
You add that to the fact that ASICs are really expensive and are not the kind of computers that ordinary Joe has and we got a recipe for disaster. Centralization of the processing of transactions is one thing that Satoshi Nakamoto told us never to do again.
#2 – Segwit and Lightning-Network compatible
What was Vertcoin’s (VTC) vision? Solve Bitcoin’s problems.
What is the #2 problem for Bitcoin? Scalability.
Which brings us to Segwit and Lightning Network implementations that are off-chain applications that allow us to work around Bitcoin scalability problems, both from price of fees and size of blocks.
Vertcoin (VTC) was one of the first to implement these solutions in their blockchain which tells us one thing, their developers are not only paying attention to the market needs but also that they are very active.
#3 – 10,000 Vertcoins (VTC) for New Exchange Fund
Just recently a crowd funding took place so that the Vertcoin’s team would be able to try and have more visibility in the market through negotiating with popular exchanges. The exchanges in which they’re trying to enter were not yet announced but the Developers addressed their community through their official subreddit. Link here.
Vertcoin (VTC), in their official statement they said that they couldn’t release any information regarding which exchanges were in open negotiation because they stated that most exchanges make projects sign a NDA (Non-Disclosure Agreement) that makes their negotiations invalid if the information about a possible new listing is leaked.
Even though no new information regarding exchanges is yet available this shows us that Vertcoin (VTC) plans to have a lot more exposition for investors. Now since we’ve seen the success Litecoin had in the past years we can only guess how successful Vertcoin can really be but they seem to be walking in the same direction as LTC.
Vertcoin (VTC) currently sits in #117 according to coinmarketcap.com which shows us that it can still go a long way in terms of market quota. Assuming the market bounces up after this January slide, which we can assume it will based on past years behavior, February is going to be a great month for cryptocurrencies and even if Vertcoin (VTC) does not increase their market quota they’ll sure grow a lot in the coming months.
Vertcoin (VTC) is currently being traded at $4.21 USD and can be purchased through mainly Bittrex or Poloniex. Assuming the market bounces back we might see Vertcoin bashing its old all-time record of $10.02 USD and going to an evaluation of nearly $30 USD as early as late February or the beginning of March.
Cover image source: investinblockchain.com
View Comments (1)
On going just by my gut and limited knowledge, Vertcoin does seem to have plenty of potential. I hope it works out for the VTC team.