Understanding Vertcoin And What Makes It ‘The People’s Cryptocurrency!’
Cryptocurrencies were created decentralized, unregulated and anonymous. However, governments around the world have been trying to centralize and regulate cryptocurrency transactions, while also seeking out reports about users investing in them. The three pillars on which the very concept of cryptocurrency stands is under attack from legal and governmental organizations. However, there are some currencies which continue to fight back.
Vertcoin, for instance, is one such cryptocurrency. Hailed by many as ‘the people’s cryptocurrency’, Vertcoin offers an impressive technology as well as an impressive cryptocurrency investment option. The price of the currency performed really well over the past six month period – showcasing that it does have a potential to become a major player in the markets in the long run. At its peak, Vertcoin Price crossed a high of $10 and is likely to hit a new all-time high later this year.
Let us take a closer look at what makes this currency so special:
Why is Vertcoin Known as ‘The People’s Cryptocurrency’?
- Peer to Peer, Decentralized Currency:
While the basic concept of all cryptocurrencies is that they are decentralized in nature, there are many which call themselves decentralized but have a central governing body. However, unlike those cryptocurrencies, Vertcoin is truly decentralized and has no central body involved. All transactions take place between the parties involved and it is truly a peer-to-peer system with no involvement of a third party at all.
There were no pre-mined coins, neither were there any free airdrops, which ensures everyone gets the coin at the same price and no one in this ecosystem has an undue advantage over the other!
- SegWit Activated System
The SegWit (Segregated Witnesses) technology has been one which has been discussed frequently these days. This is a technology which makes sure that cryptocurrency payments are faster and cost lesser. Vertcoin has a SegWit activated system which ensures that the cryptocurrency is not affected by problems such as those of network congestion, slow transaction speeds, and high fees.
- Active, Open Community of Developers
One of the most impressive things about Vertcoin is the fact that the technology is backed by an active group of developers. There’s a ‘community’ feel to the way developers work, and the number of people who invest in, or back the currency have become an active part of this close-knit community of people. Vertcoin’s dev team listens to the users and often rolls out updates as per their needs. This active and open nature of the developer’s community is what makes Vertcoin ‘The People’s Cryptocurrency’.
- Resistant To ASIC Mining
As stated above, Vertcoin developers wanted to ensure that all users remain equal and that no user has an unfair advantage when it comes to mining Vertcoin. This is the reason that the currency has been designed to be ASIC-resistant. ASIC devices are faster and efficient tools for mining cryptocurrencies, but they cost a lot and consume a lot of electricity. This limits them to miners who have a decent budget to spend on these basic costs.
Cryptocurrencies that can be mined using ASIC devices, such as Bitcoin often witness people setting up ASIC mining farms with hundreds of devices working together to mine cryptocurrencies. This gives an unfair advantage to those who have a higher spending power. However, by making Vertcoin ASIC-resistant, the developers want to ensure that there is a fair distribution throughout.
- Mining for All!
Cryptocurrency mining is something that many people consider to be a costly, hard and complicated process. However, Vertcoin bashes that myth completely. The developers behind this cryptocurrency have designed it in such a way that it makes mining easy and open for all. First off, Vertcoin is ASIC resistant, which takes out the cost factor.
To make mining easier, Vertcoin is now working on developing a one-click miner, which will ensure that even users who aren’t as tech-savvy can easily mine for Vertcoin cryptocurrencies. Similar to Bitcoin, which is capped in at 21 Million, Vertcoin is capped in at 84 Million – i.e., only 84 Million Vertcoin cryptocurrencies can ever exist in circulation!
To sum it up, Vertcoin is truly ‘the people’s cryptocurrency’, as it ensures that it has a fair system for all the users – as well as makes sure that no one in the community has an unfair advantage over the other on account of having more money or technological knowledge. Practically anyone can become a part of this system and be at the same level with everyone else! Vertcoin will indeed be a cryptocurrency to look forward to in 2018.