In 2009, Bitcoin (BTC) ushered in a new financial era. Since the advent of the peer-to-peer (P2P) currency, it has gained many followers who are trying to repeat its success. The goal of the creators of altcoins is to overcome the technical limitations that BTC has and expand the potential for using the blockchain technology that underlies BTC and cryptocurrencies in general. So in 2011, a fork of Bitcoin Litecoin (LTC) appeared, and in 2014, Vertcoin (VTC) appeared. In this article, we will try to consider the main pros and cons of these forks and compare them.
Comparing Litecoin and Vertcoin, it is necessary to say that both forks were created in order to improve the technical characteristics of Bitcoin and have many similarities. Both cryptocurrencies have a limited issue of 84 million coins. Both are decentralized and open source. However, LTC occupies a much more leading position in the cryptocurrency market than VTC. Litecoin is already called “digital silver”, by analogy with the “gold” of BTC, while Vertcoin remains a little-known altcoin and is used only in its own community.
What is Vertcoin?
Although Vertcoin is similar to LTC and BTC, it has one significant difference – ASIC resistance. While this may seem like a minor change, it actually has much bigger implications when it comes to fair distribution, policy, and decentralization of the coin. VTC remains true to the original concept of cryptocurrencies: the financial system belongs to its users, it is the people’s coin. However, this factor was not the most critical. Many observers and experts of the cryptocurrency market began to note that the general trend of the development of the cryptocurrency and the introduction of new technical solutions to improve its operation, over time, may lead to the decentralization of the crypto network and the beginning of its regulation by specific individuals or special bodies. Therefore, the VTC project was originally created as an alternative fortress, where the possibility of using ASIC devices for mining digital assets was excluded.
To date, Vertcoin, despite a number of undeniable advantages, remains far from the most popular cryptocurrency. There is also very little information about the developers’ plans to popularize VTC. However, this does not mean that VTC has sunk into oblivion. Vertcoin serves as a reminder of the main purpose for which the cryptocurrency was created. Namely, that the cryptocurrency should remain decentralized and belong to the people.
What Are The Features of Vertcoin?
Vertcoin is a peer-to-peer decentralized coin founded as a result of the Bitcoin fork. It was developed for ordinary users to be able to mine VTC on their PCs, not for people with farms or ASICs. This cryptocurrency is based on the same mining algorithm as in Litecoin – Scrypt, but with some improvements. If LTC mining requires 1 MB per stream, then in the case of VTC, 2 MB per channel was required at the beginning, and after that the value doubled every few years.
As it was written above, the VTC cryptocurrency uses a similar algorithm to Litecoin – Scrypt, but with changes. In fact, the team improved it and called – Scrypt-N. It is based on the rationalization of memory with active protection through the Lyra2RE algorithm. In 2019, the VTC team improved the algorithm to Lyra2REv3. The main goal of the VTC team is to create a decentralized financial system owned by its users. That is, without the participation of centralized mechanisms, for example, used by banks. As for the production of VTC from personal computers, in this regard, the team took care of the participants of its ecosystem, making mining simple and convenient.
Mining takes place according to the Proof-of-Work (PoW) algorithm. To get started, you just need to download a program called One-Click Miner, available on the official website. Mining really starts almost in one click, hence the sonorous name.
What Are Vertcoin’s Future Roadmap Updates?
Over the past years of the project’s existence, the team of VTC has managed to prove that it is moving in the right direction, not only towards professionals in the field, but also beginners. Intuitive mining, accessible even to a person without experience, a good wallet and an eye for full decentralization make VTC cryptocurrency comfortable for the user. A good indicator is also that the community trusts the company and invests in it not only funds, but also more valuable resources – time and knowledge. At the same time, the team is constantly developing and refining the platform. Summing up all of the above, it can be said that VTC cryptocurrency throughout its existence demonstrates excellent indicators for the speed of development, the success of innovations and the fight against ASIC miners.
However, at this point, the VTC team has not published a proper roadmap. But still, some plans for the future were announced. We can only hope that the community will begin to act more actively in the direction of popularizing Vertcoin.
The main advantages of VTC include easy mining, which is available to the average user, without the need for expensive equipment. As well as preserving the idea of decentralizing the cryptocurrency.
The disadvantages of this cryptocurrency include the fact that it has so far been used only for peer-to-peer transactions. In addition, the developers do not make clear their plans for the development, future updates and further growth of the project.
What is Litecoin?
Litecoin is a digital decentralized currency for making secure payments without involving a third party as an intermediary (for example, a bank). Like most other projects that appeared at the dawn of the crypto industry, Litecoin was just a fork of bitcoin with a slightly upgraded blockchain code. Technically, the Litecoin cryptocurrency is a fork of Bitcoin, but the creator Charlie Lee made changes to the code that allowed for faster, cheaper, and more secure transactions compared to Bitcoin. Nevertheless, in the first two years of its existence, it went from an unknown coin to the owner of the honorary title “digital silver”. LTC is still one of the most popular cryptocurrencies in the world, which is confirmed by its constant stay in the TOP 10 of the rating.
Given the fact that the developer of Litecoin has remained and continues to remain in the public eye until today, it can be concluded that LTC will continue to develop in the cryptocurrency market. The fact is that the actual existence and active work of a real developer of cryptocurrency is of great importance for users, since they understand what the creator is striving for and what exactly will be achieved. In the plans of the developer, of course, the introduction of innovative technologies, without which it is impossible to imagine today an active and effective development of any systems. And first of all, Charlie Lee is focused on developing the scale of the project. In addition, you should pay attention to the widespread introduction of payments using Litecoin. Moreover, many experts say that this project is the most worthy one today.
What Are Litecoin’s Main Features?
Unlike Bitcoin, which uses SHA-256 to hash information in blocks, Litecoin uses a different encryption algorithm – Scrypt. Its main difference from the previous one is that it is not so much demanding on the speed of the computing device, as on RAM. At the initial stages of Litecoin development, this feature of Scrypt made it possible to make LTC mining “ASIC-resistant” – early miners perfectly mined coins with the help of central processors and video cards. However, in 2014, everything changed after mining giant Bitmain developed an ASIC miner for Scrypt.
Consensus in the LTC network is achieved through the Proof-of-Work (PoW) algorithm, i.e. miners solve a complex mathematical problem for generating blocks and receive a reward for this, which simultaneously serves as the issue of new LTC.
Litecoin and Vertcoin have a faster block generation rate and a higher degree of security than Bitcoin. The block creation time of LTC is four times less than that of Bitcoin. This allows to make the network not only faster, but also more secure, because due to the faster formation of blocks, the transaction receives the required number of confirmations for its verification faster.
What Are Litecoin’s Future Roadmap Updates?
The most recent update in the LTC project was the implementation of MimbleWimble’s (MW). This is a development that provides a higher level of privacy and better network scalability. MW is characterized by the encryption of the number of inputs and outputs in the block. A block can be verified and confirmed, but to an outsider, it looks like one large transaction, not a combination of several. As a result, there are no identifiable or reusable addresses, because individual inputs cannot be associated with the corresponding outputs. This means that only participating parties can view the transaction data.
To date, the roadmap as such has not been established by the Litecoin Association. In August 2019, the team introduced the updated Litecoin Core v0.17.1. The new version of the official desktop wallet has increased user privacy and reduced the minimum transaction fees. In addition, the improvements in LTC are aimed at increasing the versatility and scalability of the cryptocurrency.
The undeniable advantages of Litecoin include fast transaction speed with low fees. In addition, LTC has already gained popularity and remains consistently in the top of the most widely used cryptocurrencies. LTC creators are constantly striving to improve the project. The value of tokens will undoubtedly increase due to the deflationary economic model and the increasing deficit.
The disadvantages of Litecoin include the lack of development of the ability to create smart contracts. The Litecoin cryptocurrency is used as a decentralized digital currency, and its blockchain does not allow the creation of functional smart contracts, as it can be done with other cryptocurrencies. As well as the fact that new blockchain privacy updates will be subject to regulatory scrutiny.
Vertcoin VS Litecoin: Conclusion
After reviewing the main characteristics, pros and cons of Litecoin and Vertcoin, you can easily conclude that Litecoin occupies a leading position. Despite the many similarities, LTC was able to achieve good results and take the place of the most widely distributed cryptocurrency. Of course, VTC has the same ambitions, but it remains a currency only within its community.
The creators of Litecoin are constantly improving the project and making new modifications, keeping up with the times and with the requests of the crypto community. While the creators of Vertcoin do not make any clarity in their plans regarding the scalability of the cryptocurrency and further plans for its popularization.
However, it should be noted that due to its characteristics, Vertcoin has every chance to win popularity and also become a common cryptocurrency.
Is Vertcoin a good investment?
The prospects of the VTC cryptocurrency will depend not only on the state of the cryptocurrency market, but also on the success of the project in attracting new users and implementing innovative technical solutions. For investors, this coin is of interest due to the fact that the coin differs in some technical solutions and a specific direction of development. VTC is the most convenient coin for beginners who want to become part of the cryptocurrency world.
Is Vertcoin hard to mine?
Mining of this cryptocurrency is as simple and affordable as possible thanks to One-Click Miner. This is the project’s own miner program, which is easily and quickly configured and understandable even for beginners.