Estimated reading time: 2 minutes, 20 seconds
This episode of Blockchain Token – What is it? covers VertCoin! In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more.
VertCoin is a decentralized currency dedicated to the original principles of cryptocurrency: bringing financial control to the people. Vertcoin is well aware of possible manipulation by mining pools, and have made sure that every node operating on the network has an equal chance to mine. Vertcoin aims for fair distribution of their token, taking issues with airdrops and ICOs.
Dubbed “the people’s coin,” Vertcoin makes it clear it sticks to cryptocurrency’s original values: giving users true control of their financial system. And in order for Vertcoin to truly be the people’s coin, it needs fair distribution. The team has taken issue with the traditional means of ICO’s, pre-mines, and airdrops, as they do not favor all users equally. Vertcoin can be mined by anybody, profitably.
There is no central party controlling Vertcoin. Their staff is comprised of volunteers from their community and the project is completely funded by donations. With the congestion experienced on some other networks, transaction fees have skyrocketed. Vertcoin is committed to keeping these fees down. Mining difficulty is adjusted every single block, which is every 2.5 minutes, allowing for network flexibility.
Another problem afflicting networks that some of critical of is how much control mining pools could potentially have over the network. Vertcoin’s algorithm is designed to resist the development of custom mining hardware and multi-pool mining, avoiding any potential manipulation by bad actors. The coin is designed to be protected from specialized mining equipment gaining an advantage, therefore making sure that it will always be possible to mine with consumer grade hardware. Yes, that means that even you could mine Vertcoin.
They are currently in their alpha stage for their “1 click miner” which allows you to dedicate your unused CPU power to mine Vertcoin, all on a fair network that allows everyone to compete and prosper.
They are also exploring launching a lightening network that would speed up transactions exponentially. This feature would also include “atomic swaps” which are transactions conducted using two separate blockchains. Think of it as an instant cryptocurrency exchange.
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