Vertcoin (VTC) is one of the few min coins that are dedicated to always updating their protocol to disable ASIC mining. This is due to the main belief of the project in the decentralization of blockchain technology.
Simply released as an open source project on Github, the same of Bitcoin, Vertcoin (VTC), community of volunteers and miners has assured its longevity.
The People & # 39; s Coin as Vertcoin (VTC) defines itself in reference to its commitment to the ideals established in the original white paper of Bitcoin regarding individual voting power. Unfortunately, the original model established by Satoshi Nakamoto of a CPU = 1 rating was eliminated for Bitcoin and other PoW cryptocurrencies by the growth of large, large mining pools.
As such, with a strong emphasis on fairness in the mining industry Vertcoin (VTC) has maintained its ASIC-resistant design.
Historical review of Vertcoin (VTC)
Launched in January 2014, Vertcoin (VTC) was designed to use the work trial consent algorithm. He used the Scrypt Adaptive N algorithm when it was launched, but it was necessary to fork in to use the Lyra2RE algorithm less than a year because of the increase in ASIC extraction platforms.
It was not until a year before the Vertcoin development team (VTC) migrated from the Lyra2RE algorithm after discovering that more than 50% of the blockchain was controlled by a botnet. This time the move was towards the Lyra2REv2 algorithm and Vertcoin (VTC) has been with the algorithm since then.
Read: Vertcoin (VTC): a cryptocurrency engaged in decentralized mining.
Although starting from October 2018, the possibility of another hardfork is imminent as it seems that the ASIC extraction might be coming up for the Lyra2Rev2 algorithm.
In addition to its mining policy, Vertcoin (VTC) has been made compatible with the Lightening Network and Stealth Address, as well as implementing the Segregated Witness.
At the moment, the Vertcoin development team (VTC) is working on an update that would facilitate multi-currency instant transactions through blockchain.
Developments that would require another Vertcoin (VTC) Hardfork
As mentioned earlier, Vertcoin (VTC) to prevent the ASIC extraction from undergoing two hard forks and is likely to embark on another difficult fork because of the new developments that took place.
The first is the confirmation of the rumors that came to light in September 2018 of the ASIC miner developed for Lyra2Rev2. Of course, there was still a noticeable increase in network difficulty, perhaps due to the high cost of the new ASIC mining platforms, but it is bound to happen in the end.
The second event that may require another Vertcoin hardfork (VTC) is the increase of Field Programmable Gate Array (FPGA) devices.
What ASIC rig is for CPU mining is what FPGA is for GPU and the Lyra2Rev2 algorithm would be vulnerable to FPGA devices. This development will certainly push individual miners to extract the Vertcoin (VTC).
Even the Vertcoin development team (VTC) must be careful to reject the mining platform like NiceHash that offers hashing power for sale. The implication of this is that it is quite possible for someone to buy enough hashing power to undertake a 51% attack.
Vertcoin (VTC) maintains its position in Fair Mining
A new algorithm called Verthash was proposed by the Vertcoin team. Although the team does not have an estimated time for implementation, it undertakes to complete it as soon as possible while maintaining the safety of the Vertcoin blockchain (VTC).
In fact, the main developer of Vertcoin said that the new Lyra2Rev2 ASIC media would be the most expensive paperweight ever purchased.
Although maintaining the ASIC resistance certainly does not guarantee success for Vertcoin, at least it shows that the coin would keep a dedicated community of miners that would keep it alive.
Neither Vertcoin nor any other cryptocurrency have ever managed to reach the mainstream. But Vertcoin (VTC) remains in contention to become one of those altcoins that would eventually reach the mainstream. This can be deduced from the constant commitment of the development team to improve Coin.
For almost five years, Vertcoin (VTC) has also hung in front of the ICO and launches in 2017 and the largely bearish 2018 cryptocurrency market trend.
It seems that the strong anti-ASIC and the loyal commitment in the mining industry of the Vertcoin team have brought the altcoin through it all.
This consistency on the part of Vertcoin (VTC) could be the surviving tool that would eventually lead to the mainstream while other cryptocurrencies would be dragged into the dust of time.