Vertcoin is an open-source cryptocurrency that introduced important improvements in the security and long-term decentralisation of the blockchain tech
Vertcoin is an open-source cryptocurrency that introduced important improvements in the security and long-term decentralisation of the blockchain technology. Vertcoin was the first cryptocurrency to implement stealth addresses that significantly increase privacy on the public ledger. Additionally, the team behind the project has also upgraded the way the coin is mined so that ordinary consumers without special computing power can become a part of the mining process. The developers are constantly working on the advancement of the cryptocurrency and aim at making it available for everyone – regardless of their device.
Vertcoin was created by a team of five active developers from all around the world and many more dedicated contributors that have been working on the project for years. They have noticed the growing need of bigger transactional security on the blockchain network and have successfully invented a way to achieve it. Without going into many technical details, here is some basic info about the “ordinary” blockchain transactional system, that of Bitcoin, for instance, and the new enhanced one of Vertcoin.
For a lot of time now cryptocurrencies have been promoting their anonymity and safety until recently it turned out that the blockchain network is still vulnerable to attacks. Each transaction on the peer-to-peer network is verified and confirmed by the devices connected to it and that is what makes it decentralised. Eventually, the data about the payment is stored on a public ledger to which anyone has access. Although the information about the transfers is difficultly associable with actual people, there are still ways to analyse the data and figure out who has executed the transaction, what is his/her balance, spending habits and trading partners. In light of this, Vertcoin has introduced an innovative stealth address system which brings 100% security to both the payee and the payer.
A stealth address is generated with a Vertcoin wallet and is then shared with the payers. Every transaction executed to the stealth address generates a one-time code which is the item that is made available on the blockchain and not the address itself. Thus, the private transactions are hidden within the data itself and only the parties participating in the payment have access to its details. Except for privacy, Vertcoin’s team was also concerned about the level of decentralisation of the blockchain.
Regular coins such as Bitcoins, for example, are currently mined with the so-called ASIC (Application Specific Integrated Circuit) highly specialised computers that have replaced the GPU and CPU mining. Consequently, the mining of Bitcoins has become an activity limited only to people who possess expensive hardware. This is a phenomenon that is against the beliefs of the Vertcoin’s development team what strive for complete decentralisation and public access. That is why Vertcoin has implemented special technical requirements that cannot be covered by ASIC machines but that correspond to the specifications of regular computer’s GPU and CPU. As a result, custom mining computers cannot take part in mining and any person, regardless of his/her personal device, can contribute to the mining process.