The Vertcoin team build and deployed the protocol in response to seemingly increasing mining centralization in lager PoW like Bitcoin. There are actually some key differences between Vertcoin and Bitcoin. Firstly. Founded all the way back in , Vertcoin (VTC) is an iron-clad, battle-tested veteran of the crypto world – a decentralised community-owned. HOW TO GIFT SOMEONE BITCOIN
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Moreover, they are not environmentally sustainable, and they have strayed from the values of decentralization that led to the creation of cryptocurrencies in the first place. As such, it's projected that Vertcoin serves as a reminder that there are very promising alternatives out there that deserve a second chance. Litecoin was founded in by former Google staffer Charlie Lee. Litecoin's blockchain is open source and wholly decentralized.
It was originally made using a modified version of the Bitcoin blockchain to add improvements and changes to make it a more usable day-to-day currency. It included some key modifications to the underlying Bitcoin code, such as making Litecoin much easier to mine. As mentioned earlier in our Vertcoin vs Litecoin comparison guide, other key statistics are that Litecoin has 4-times the token supply compared to Bitcoin 84,, vs.
Litecoin has since shared some of the features and updates of Bitcoin, such as the integration of SegWit and the Lightning Network. In fact, Litecoin was among the first blockchains to have adopted SegWit. Since then, the Litecoin Foundation has maintained a proactive approach to turn its blockchain into a testbed for future changes and protocol updates that have yet to come to Bitcoin or other blockchains. The native currency of Litecoin is the LTC token. Litecoin's LTC cryptocurrency tokens are designed to best work as a payments currency, one that is permission-less to use and integrate while also charging far lower fees.
Litecoin's LTC tokens are among the most widely used to date as a form of currency, owing to their ease of being adopted into merchants' point-of-sale systems. This is also thanks to the many dedicated cryptocurrency payments solutions and providers that have integrated Litecoin.
As of January , LTC tokens are an accepted means of payment with over 2, merchants and stores worldwide. This makes Litecoin the 8th-largest cryptocurrency. As mentioned previously, Litecoin has a total supply cap of 84,, LTC and even follows Bitcoin's halving pattern every 4 years roughly every , blocks. Now that we've understood what Litecoin is and more about its LTC tokens, it's a good time to learn more about what makes Litecoin special.
For this, we shall be taking a more comprehensive view of its feature sets and distinct advantages before we can conclude our Vertcoin vs Litecoin comparison. Like Bitcoin, Litecoin has adopted a Proof-of-Work PoW consensus algorithm, which is based on mining to power and secure the blockchain network.
In return, miners receive LTC tokens as a reward and to incentivize further contributions of mining power. As mentioned earlier, the rewards will decrease as per the pre-programmed halving model that happens every 4 years, or roughly every , blocks. The aim of this transition is to make Litecoin mining more memory intensive and could thus be done using more home-grown hardware and regular computers instead of more expensive ASICs.
Litecoin was among the first 5 blockchains to have openly adopted the SegWit protocol update before Bitcoin. Essentially, SegWit's purpose is to make blockchain transactions far more efficient and scalable. This is done by separating or segregating witness signatures from data that pertains to transactions.
Separating the witness signatures from the block allows a blockchain to effectively increase the number of transactions that can be stored and processed per block using the SegWit protocol. Consequently, this means that a blockchain network can increase its processing capacity and can complete more transactions per second.
Overall, the implementation of SegWit allows for a blockchain to be far more scalable. This has several benefits for a blockchain network's functionality. Firstly, the SegWit protocol results in overall cheaper transaction fees for blockchains. This comes down to the number of transactions that can be stored within a block.
As SegWit makes room for more transactions to be stored inside of a single block, the block producer won't need to process as many blocks for a set number of transactions. Secondly, SegWit makes for a more secure blockchain network. Previously, witness signatures can be altered before a block can be validated by miners while also affecting the transaction ID.
This can create an issue with the book-keeping and ensuring that all network participants send and receive their tokens as per the amount and addresses. SegWit solves this by allowing the signatures to be changed without altering the transaction parameters.
In further cementing Litecoin's ambitions to become a more usable currency for regular payments, they have also adopted the Lightning Network onto their blockchain. The Lightning Network is a second-layer solution built to augment the Litecoin blockchain's versatility.
It does this by enabling nearly instantaneous payments and with a low cost between users and merchants. If a customer wishes to transact in other words, to pay at a store, a payments channel will open between the two parties, secured end-to-end. None of the transaction data from this channel are recorded onto the blockchain until both parties have completed the transaction and have then closed the payment channel.
This allows for payments to be done independently of a blockchain until after it the transaction is complete. The advantages are two-fold. Firstly, transactions can be done nearly instantly, as both the customer and the merchant don't have to wait for network confirmations to be complete. Secondly, both parties will only need to pay Litecoin miners once the payment channel is closed.
Overall, the Lightning Network's implementation has made Litecoin's blockchain far more convenient, usable, and efficient for mainstream applications. It allows for transactions to be done securely, quickly, and cheaply compared to some other blockchains and their respective cryptocurrencies or regular methods. They tested this by transferring 0. Litecoin has very recently implemented the MimbleWimble protocol update to their blockchain.
MimbleWimble works as a data storage and transaction system that increases fungibility and privacy while also helping to aid in better scalability. MimbleWimble is based on a UTXO model, but unlike its traditional application, it has no addresses, and the private keys are further encrypted to be known only by the account holder.
When transacting Litecoin using MimbleWimble, both the sender and receiver will need to establish a dedicated channel for the transaction. Both the sender and receiver will respectively sign off the transaction and all its parameters before being sent to the blockchain's mining nodes. This allows all transaction data to be completely anonymous, making for fully private and confidential transactions. The most recent update that has been added to the Litecoin blockchain was the implementation of MimbleWimble's security and privacy features.
Next, we shall be taking a closer for some of the future development updates for the Litecoin blockchain and its LTC cryptocurrency tokens before we can round off our Vertcoin vs Litecoin comparison. Presently, there doesn't appear to be a fixed roadmap set by the Litecoin Foundation. The most immediate blockchain network improvements are solely to help increase Litecoin's scalability and versatility in processing transactions more efficiently. The most immediate upgrades are the adoption of Schnorr signatures and Taproot onto the Litecoin blockchain.
Both are designed to improve the efficiency of transactions on the network, thus further adding to future scalability while also creating an added layer for privacy. However, it does appear that the addition of these upgrades to the Litecoin blockchain could potentially expose it to greater regulatory scrutiny, owing to the ability to make anonymous and seemingly untraceable transactions. Another thing to look out for in Litecoin's future is its next halving cycle.
The next halving is scheduled to arrive sometime in August We can now safely conclude the Litecoin portion of our Vertcoin vs Litecoin comparison. It's easy to get excited about Litecoin's potential growth and its ability to help push cryptocurrencies into the mainstream, especially in using it as a viable alternative to fiat currencies stablecoins.
Litecoin has shown a way forward where transactions can be made quickly, seamlessly, privately, securely, and affordably. As such, Litecoin's LTC tokens have seen a surge of interest as of late , as more people see the uniqueness of its underlying system. This is compounded by the limited scalability of many major blockchains today, struggling under massive network congestion and sky-high fees.
It's clear now that alternative chains such as Litecoin are not only here to stay, but they are crucial to the survival and future of real-world blockchain adoption by the masses. Finally, we can conclude our Vertcoin vs Litecoin battle and see which one comes out on top.
If you've read through our comparison here, then you can very easily see why Litecoin would easily deserve the top spot. Indeed, that is our choice as well, and very deserving owing to Litecoin's strong merits. Its future remains limited for the time being, as its blockchain's scalability and functionality remain more limited than some others.
However, it has thus far fulfilled its mission to be a good day-to-day currency, having already been widely adopted as a means of payment, thanks to its speedy transaction times and low fees. Vertcoin, on the other hand, had similar ambitions, but it has yet to accomplish that goal, and it currently remains a currency only within its own diaspora.
Combined with its lack of clarity, we won't know what's to come for the future of Vertcoin. Our Vertcoin vs Litecoin comparison shows that a future where economies will be underpinned by a decentralized monetary system is much closer than it seems.
Already, cryptocurrencies have been growing in adoption. Litecoin has shown us what that future looks like, and it's safe to say we're very excited. The development team is now working on upgrading the blockchain to allow for instantaneous atomic swaps. As mentioned above Vertcoin has already been through three hard forks, and another is on the way due to new developments in the hardware used to mine cryptocurrencies. This would do away with fair mining and could push all the individual GPU miners away from Vertcoin.
The Vertcoin developers are now working on a new algorithm which they are calling Verthash. The team has said the algorithm will be similar to the Ethash algorithm used by Ethereum and will not only secure the blockchain for fair mining, but will also maintain the security of the network.
One other consideration the team has to deal with is the mining platforms that sell hashing power. As long as Vertcoin is able to keep its fair mining standard this type of activity will be blocked. However, it does almost guarantee that the project will continue to live on with at least a small, but dedicated community of miners and users.
In order to make mining as simple for users as possible Vertcoin has developed and released their own 1-click mining software. It has to be the easiest mining software for any cryptocurrency. You can download the 1-Click miner from the Vertcoin website , but unfortunately, it is only available for Windows. Aside from letting the software know which mining pool to use and what wallet address to send rewards to you also specify either CPU or GPU mining.
Once you have those three things in place you can simply run the miner and collect your VTC. Unitus UIS has been available to be merge mined since the beginning, and according to the information at Give Me Coins you can also merge mine Monocle and Parallaxcoin through them. That will likely change in the near future as there has been an application filed with the IRS in March to create the Vertcoin Foundation.
This will help the project take advantage of tax-exempt status, and will give the project the legal framework necessary to file for trademarks and copyrights. Many of the developers working on Vertcoin over the years have come from MIT since the coin and the project has close ties with the school. In fact, some of the work done with Vertcoin comes from other MIT projects, which allows for some free development for Vertcoin.
The downside to working solely with volunteer developers has been a negative impact on Vertcoin when developers have inevitably left for better-paying work over the years. Once the Vertcoin Foundation has been created it will be able to offer salaries to the lead developers, giving the project a more consistent development atmosphere and maintaining top talent.
One of the most effective ways in order to increase adoption for a cryptocurrency is through an active and engaged community. To that end, Vertcoin prides itself on its community. Firstly, they have their official Discord channel. They have over 9, members in the channel. I jumped into it to get a sense of the discussion and it was encouraging to see that many of the members.
On the social media front, the Vertcoin Twitter has over 62k followers. They regularly keep their community up to date over here and they get a great deal of engagement from their followers. There are also two subreddits on Reddit for the Vertcoin community. The official one has over 33k users. Then you have the vertcoin mining subreddit and this has 3.
Both of these are pretty active with regular discussion. Finally, Vertcoin has an official Medium blog that is relatively active. Every month they will share the latest updates on every aspect of the project — well worth following. It continued climbing and in just two weeks the price skyrocketed as investor demand for the coin reached a fever pitch.
That was on May 6, It is also listed on a few other exchanges but there is almost no trading volume on these exchanges. When it comes to VTC trading volumes in general, they are quite thin on each of the individual exchanges. This could present an issue from a liquidity perspective.
Once you have your VTC, best practices would have you taking it off the exchange and storing it in an offline wallet. We are all too aware of the risks that come from the some of the largest exchange hacks. This is forked from the original Electrum wallet and is quite intuitive and easy to use. Finally, if you are looking for a third-party wallet with mobile support then the Coinomi wallet could be ideal.
This is also a multi-currency wallet that supports numerous other cryptocurrencies — over to be exact! Something that I always like to do in order to determine how much work is been done on a project is to take a look at their public code commits. Hence, I decided to dive into the Vertcoin GitHub and take a look at their three most active pinned repositories.
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