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Vertcoin

From Wikipedia, the free encyclopedia
Not to be confused with VERTCON.
Vertcoin
Denominations
PluralVertcoin, Vertcoins
CodeVTC[a]
Precision10−8
Subunits
 1⁄1000millivertcoin
Development
Implementation(s)Vertcoin Core
Initial release8 January 2014 (10 years ago) (2014-01-08)
Latest release23.2 / 2 October 2023 (13 months ago) (2023-10-02)[1]
Code repositorygithub.com/vertcoin-project/vertcoin-core
Development statusActive
Operating systemWindows, Linux, macOS
Source modelFree and open-source software
LicenseMIT License
Ledger
Ledger start9 January 2014 (10 years ago) (2014-01-09)
Timestamping schemeProof-of-work
Hash functionVerthash
Block reward12.5[b]
Block time2 minutes, 30 seconds
Circulating supply68,972,398 (as of 19 March 2024)
Supply limit84,000,000
Valuation
Exchange rateFloating
Demographics
Official user(s)Worldwide
Website
Websitevertcoin.org
  1. ^ Compatible with ISO 4217.
  2. ^ January 2014 to approximately December 2021, halved approximately every four years

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

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Vertcoin 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

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  1. ^ "Vertcoin Core 23.2". Retrieved 14 March 2024 – via GitHub.
  2. ^ 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.
  3. ^ 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.
  4. ^ 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.
  5. ^ "Vertcoin fell victim to a 51 percent attack". Wired Germany (in German). 2018-12-05.
  6. ^ Osborne, Charlie. "Bitcoin battered: The worst crypto catastrophes of 2019". ZDNet.
  7. ^ Il-Hwan, Kim (December 2018). "Feasibility Analysis of Majority Attacks on Blockchains". The Transactions of the Korean Institute of Electrical Engineers.
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