Vertcoin
{{notability|date=October 2024}}
{{Short description|Cryptocurrency}}
{{distinguish|VERTCON}}
{{Infobox cryptocurrency
| currency_name = Vertcoin
| image_1 = File:Vertcoin-2018-Logo.jpg
| image_2 =
| image_title_1 =
| iso_code =
| using_countries = Worldwide
| subunit_ratio_1 = {{frac|1000}}
| subunit_name_1 = millivertcoin
| plural = Vertcoin, Vertcoins
| previous_names =
| symbol =
| ticker_symbol = VTC{{efn|group=infobox|Compatible with ISO 4217.}}
| coin_definition =
| block_reward = 12.5{{efn|group=infobox|January 2014 to approximately December 2021, halved approximately every four years}}
| circulating_supply = 68,972,398 (as of 19 March 2024)
| supply_limit = 84,000,000
| implementations = Vertcoin Core
| code_repository = {{URL|https://github.com/vertcoin-project/vertcoin-core}}
| initial_release_version =
| initial_release_date = {{Start date and age|df=yes|2014|1|8|p=y}}
| status = Active
| latest_release_version = 23.2
| latest_release_date = {{Start date and age|df=yes|2023|10|2|p=y}}{{cite web|title=Vertcoin Core 23.2|url=https://github.com/vertcoin-project/vertcoin-core/releases/tag/v23.2|via=GitHub|access-date=14 March 2024}}
| forked_from =
| project_fork_of =
| programming_languages =
| operating_system = Windows, Linux, macOS
| developer =
| source_model = Free and open-source software
| license = MIT License
| ledger_start = {{Start date and age|df=yes|2014|1|9|p=y}}
| split_date =
| ledger_genesis =
| split_from =
| hash_function = Verthash
| issuance_schedule =
| timestamping = Proof-of-work
| merged_mining_parent =
| block_time = 2 minutes, 30 seconds
| exchange_rate = Floating
| issuance =
| author =
| precision = 10−8
| white_paper =
| total_supply =
| market_cap =
| website = {{URL|https://vertcoin.org/}}
| block_explorer =
| footnotes = {{notelist|group=infobox}}
}}
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.
History
Vertcoin aims to be decentralized by being difficult to mine using dedicated processors,{{cite news |last=Ward |first=Mark |date=2014-04-25 |title=How to mint your own virtual money |url=https://www.bbc.com/news/technology-27143341 |publisher=BBC |access-date=2019-01-01 |archive-url=https://web.archive.org/web/20190106155657/https://www.bbc.com/news/technology-27143341 |url-status=live |archive-date=2019-01-06 }} known as ASICs.{{cite news |last=DeMuro |first=Jonas |date=2018-02-03 |title=6 cryptocurrencies that could become the next Bitcoin |url=https://www.techradar.com/news/6-cryptocurrencies-that-could-become-the-next-bitcoin |publisher=TechRadar |access-date=2019-01-01 |archive-url=https://web.archive.org/web/20190102051119/https://www.techradar.com/news/6-cryptocurrencies-that-could-become-the-next-bitcoin |url-status=live |archive-date=2019-01-02 }} Vertcoin is open source and has a 2.5-minute block time.
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.{{cite news |last=Popken |first=Ben |date=2018-01-03 |title=Missed the bitcoin boom? Check out these five rising cryptocurrencies |url=https://www.nbcnews.com/tech/innovation/missed-bitcoin-boom-check-out-these-five-rising-cryptocurrencies-n834436 |publisher=NBC News |access-date=2019-01-01 |archive-url=https://web.archive.org/web/20190102001000/https://www.nbcnews.com/tech/innovation/missed-bitcoin-boom-check-out-these-five-rising-cryptocurrencies-n834436 |url-status=live |archive-date=2019-01-02 }} 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.
From October through December 2018, Vertcoin suffered from 51% attacks.{{cite news |title=Vertcoin fell victim to a 51 percent attack |url=https://www.wired.de/article/vertcoin-wurde-opfer-einer-51-prozent-attacke |work=Wired Germany |date=2018-12-05 |language=de}} In response, Vertcoin changed to a different proof-of-work algorithm before suffering from another 51% attack on December{{nbsp}}1, 2019.{{cite web |last1=Osborne |first1=Charlie |title=Bitcoin battered: The worst crypto catastrophes of 2019 |url=https://www.zdnet.com/article/bitcoin-battered-the-worst-crypto-catastrophes-of-2019/ |website=ZDNet}}
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."{{cite journal |last1=Il-Hwan |first1=Kim |title=Feasibility Analysis of Majority Attacks on Blockchains |journal=The Transactions of the Korean Institute of Electrical Engineers |date=December 2018 |url=http://journal.auric.kr/kiee/XmlViewer/f380898}}
References
{{reflist}}
External links
- {{Official website|https://vertcoin.org}}
{{Cryptocurrencies}}
{{Portal bar|Economics|Free and open-source software|Internet|Numismatics}}