Vertcoin (Abbreviation: VTC) is an open-source cryptocurrency created in early 2014, that focuses on decentralization. Vertcoin uses a proof-of-work mechanism to issue new coins and incentivize miners to secure the network and validate transactions. Vertcoin is designed to be mined via graphics cards instead of through ASICs.
 | |
| Denominations | |
|---|---|
| Plural | Vertcoin, Vertcoins |
| Code | VTC[a] |
| Precision | 10−8 |
| Subunits | |
| 1⁄1000 | millivertcoin |
| Development | |
| Implementation(s) | Vertcoin Core |
| Initial release | 8 January 2014 |
| Latest release | 23.2 / 2 October 2023[1] |
| Code repository | github |
| Development status | Active |
| Operating system | Windows, Linux, macOS |
| Source model | Free and open-source software |
| License | MIT License |
| Ledger | |
| Ledger start | 9 January 2014 |
| Timestamping scheme | Proof-of-work |
| Hash function | Verthash |
| Block reward | 12.5[b] |
| Block time | 2 minutes, 30 seconds |
| Circulating supply | 68,972,398 (as of 19 March 2024) |
| Supply limit | 84,000,000 |
| Valuation | |
| Exchange rate | Floating |
| Demographics | |
| Official user(s) | Worldwide |
| Website | |
| Website | vertcoin |
History
editVertcoin aims to be decentralized by being difficult to mine using dedicated processors,[2] known as ASICs.[3] Vertcoin is open source and has a 2.5-minute block time.[3]
NBC News's Ben Popken said in 2018 that Vertcoin had received significant attention on Reddit due to it being impervious to ASICs which are used to mine bitcoin.[4] TechRadar's Jonas DeMuro wrote in February 2018 that Vertcoin was comparatively popular due to a lack of friction for new users, as well as an active social media presence.[3]
From October through December 2018, Vertcoin suffered from 51% attacks.[5] In response, Vertcoin changed to a different proof-of-work algorithm before suffering from another 51% attack on December 1, 2019.[6]
A December 2018 paper published in The Transactions of the Korean Institute of Electrical Engineers said that "because [Vertcoin] is not a very popular blockchain, the difficulty adjustment algorithm is very sensitive to hash rate change, making it an easy target to timestamp spoofing and cherry-picking attack."[7]
References
edit- ^ "Vertcoin Core 23.2". Retrieved 14 March 2024 – via GitHub.
- ^ Ward, Mark (2014-04-25). "How to mint your own virtual money". BBC. Archived from the original on 2019-01-06. Retrieved 2019-01-01.
- ^ a b c DeMuro, Jonas (2018-02-03). "6 cryptocurrencies that could become the next Bitcoin". TechRadar. Archived from the original on 2019-01-02. Retrieved 2019-01-01.
- ^ Popken, Ben (2018-01-03). "Missed the bitcoin boom? Check out these five rising cryptocurrencies". NBC News. Archived from the original on 2019-01-02. Retrieved 2019-01-01.
- ^ "Vertcoin fell victim to a 51 percent attack". Wired Germany (in German). 2018-12-05.
- ^ Osborne, Charlie. "Bitcoin battered: The worst crypto catastrophes of 2019". ZDNet.
- ^ Il-Hwan, Kim (December 2018). "Feasibility Analysis of Majority Attacks on Blockchains". The Transactions of the Korean Institute of Electrical Engineers.
