Introduced 2014-01-08
Symbol VTC
Hash function Lyra2REv3
Block time 2.5 minute
Block reward 25
Coin cap 84 million
Diff. retarget Kimoto Gravity Well
Halvening 840k blocks (~4 years)
mintxfee 0.001/kB
Premine 3 blocks (150 VTC)

Vertcoin (VTC) is an open-source cryptocurrency created in January 2014 that focuses on decentralization. Vertcoin uses a Proof-of-Work (PoW) mechanism to issue new coins and incentivize miners to secure the network and validate transactions. Vertcoin has hard forked three times in order to reject specially designed hardware known as ASICs as well as CPU botnets from contributing to the peer-to-peer Vertcoin network and allowing consumer grade hardware such as GPUs more incentive to secure the network.

History Edit

Vertcoin was released via a client on GitHub on January 8, 2014 and remains an open source software project under the MIT/X11 license. Vertcoin is the result of a fork after Scrypt ASICs were developed and being used on the Litecoin network. Vertcoin introduced what was known as "Adaptive N‐Factor" to the Scrypt algorithm. The N‐factor component of Scrypt determined how much memory was required to compute the hashing functions and increased with time.

On December 13, 2014 (block 208301), Vertcoin forked from Scrypt-Adaptive-N to Lyra2RE, a NIST5 based chained algorithm with customizable parameters, as a proactive defense against emerging Scrypt-Adaptive-N capable ASICs.

On August 10, 2015 (block 347000), Vertcoin forked from Lyra2RE to Lyra2REv2 due to an assumed CPU botnet controlling more than 50% of hashing power on the network.

On May 7, 2017, Segregated Witness (SegWit) was activated in the main network and Lightning Network technology demonstrated in action the same day.

On September 20, 2017, the first on-chain atomic swap was performed on the Vertcoin network, exchanging 55 vertcoins for 1 litecoin.

On December 12, 2017 (block 840,000) the block reward was cut in half (50 to 25 vertcoins).

On November, 11, 2018, a law firm made a position that vertcoins are not a security under U.S. law.

On October 20, 2018, the hashrate of Vertcoin more than doubled as an ASIC was created for its hashing algorithm, Lyra2REv2. This led to numerous reorganizations of its blockchain between October and December 2018 known as 51% attacks.

On February 1, 2019 (block 1,800,000), Vertcoin forked from Lyra2REv2 to Lyra2REv3 in order to prevent v2 compatible ASICs from contributing to consensus.

Community content is available under CC-BY-SA unless otherwise noted.