Refreshing in: 60s | Wed, Jan 26, 05:55AM GMT
When it was first released back in January 2014, Vertcoin (VTC) sought to fulfill bitcoin’s earlier promise of a decentralised currency that can be mined using ordinary computers. Dubbed the “people’s coin”, the aim of Vertcoin’s Scrypt-N hashing algorithm prevented big-time miners using application-specific integrated circuits (ASICs) from monopolising the market.
When ASICs capable of mining this algorithm came out and threatened the Vertcoin team’s commitment to make the coin accessible to everyone, the team forked Vertcoin by changing its hashing algorithm. When a botnet threatened to control more than half of the Vertcoin network, the team changed the algorithm yet again.
You will need to decide whether the recent halving of block rewards might bring a decline to the profitability of Vertcoin, although in the cases of bitcoin and Litecoin, which have already halved their own block rewards, this did not seem to be a long-term problem.
Another thing to consider is the commitment of Vertcoin’s team to keeping the coin away from large ASIC miners. With Vertcoin, anyone with a computer is a potential miner. Thus, Vertcoin lowers the entry barriers to cryptocurrency mining (ASICs are far more expensive than CPUs/GPUs available on ordinary computers). The recent release of a new version of its GUI-enabled mining software further makes mining Vertcoin easier. As more people go into mining, there could be a corresponding demand for more powerful GPUs able to handle increased mining loads.
Another factor in that “segregated witness” has been enabled on its blockchain since May 2017, making the cryptocurrency compatible with the Lightning Network (note that the price of Vertcoin increased during that month). Segregated witness allows blockchains to handle even greater transaction volumes. This innovative approach has gained almost universal approval in the crypto community.
The Lightning Network will enable the instant transfer of Vertcoin to the bitcoin and Litecoin blockchains. Traders will need to decide if this will be advantageous to Vertcoin, given the increased attention it might bring to the coin from people who have purchased the two other cryptocurrencies.
Litecoin and Vertcoin developers are also working together to make atomic swaps between the two coins possible. Traders will need to consider whether the higher price of Litecoin will drive up demand for Vertcoin as people look for a cheaper gateway to the Lightning Network.
Just like every other cryptocurrency, the price of Vertcoin is volatile and there is no guarantee that the price will maintain its current stable trend. It could rise up or plummet down.
|Vertcoin (VTC)||New Zealand Dollars (NZD)|
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