Hello, I have reposted the FAQ from reddit.com/r/vertcoin posted by u/asianboygames for your convenience. What is Vertcoin? Vertcoin is a digital peer to peer currency focused on decentralization and ASIC resistance. Vertcoin is aiming to be easily accessible to the everyday user without extensive technical knowledge. Vertcoin has started to lower the barrier of entry with lots of video guides and the development of the One Click Miner (OCM). Why does ASIC Resistance Matter? ASICs (Application Specific Integrated Circuits) are dedicated mining devices that can only mine one algorithm.

Coins like Bitcoin and Litecoin both made GPU mining obsolete when SHA-256 and Scrypt ASICs were created. ASIC Resistance and How it Makes Vertcoin Decentralized Vertcoin believes that ASIC resistance goes hand in hand with decentralization. ASICs are made by companies like Bitmain and almost all the original sellers of ASICs sell on a preorder basis. When pre ordering an ASIC you are buying from a limited batch that the ASIC company has produced. Often times the batch will not be fully filled and the ASIC company will often have left over ASICs.

Read our Complete Beginner's Guide about Vertcoin (VTC). Start mining, make sure you have a Vertcoin address to. CCMiner on a Windows machine. Join a Mining.

When the ASIC company has left over ASICs they will put them to work mining. Soon enough the ASIC company will have a very large amount of unsold ASICs that are mining and slowly the ASIC company starts to own a large part of the network’s hashrate. When an ASIC company(s) starts to own a large majority of the hashrate the network can become very centralized after a while. Having your network consist of a few large companies can be very dangerous as they could eventually get 51% hashing power and 51% attack your network, destabilizing the network. When your network is made out of a lot of smaller miners, like Vertcoin, it is much harder for your network to be 51% attacked, therefore increasing network security. By having centralized hashing power your coin effectively centralizing the network as the centralized hashing power can deny transactions and stop any activity they don’t want. What Ways is Vertcoin Superior to Litecoin and Bitcoin?

BridgeCoin BCO Mining Not Profitable more. Network Difficulty Adjustments with Kimoto Gravity Well Vertcoin uses a difficulty adjustment called Kimoto Gravity Well which adjusts the difficulty every block, whereas Bitcoin and Litecoin’s difficulty changes every 2016 blocks. By adjusting the difficulty every block Vertcoin’s block time can stay consistent by adjusting for the fluctuation in network hash rate from hash rate renting and part time miners. If a large miner switches off Bitcoin or Litecoin mining the network could be slowed to a crawl until 2016 blocks are mined and the difficulty can change to adjust for the new network hash rate. We observed this happen to Bitcoin when Bitcoin Cash became more profitable than Bitcoin and Bitcoin’s network hash rate saw a steep fall off, slowing the network to a crawl. If this was to happen with Vertcoin the difficulty would adjust after 1 block was mined, allowing Vertcoin to always be profitable to mine. Anyone can Meaningfully help Verify Transactions In Proof-of-Work crypto currencies miners help secure the blockchain and get rewarded with the block reward.

In ASIC mineable coins like Bitcoin and Litecoin you can’t meaningfully verify transactions unless you pay 1000-2000$ for a ASIC miner. When you mine with a CPU or GPU in a ASIC mineable coin you make no meaningful impact on the network. It is like trying to break concrete with a shovel while everyone else has a jackhammer. Simple Upgrades Aren’t Held back by 1-2 Large Miners In ASIC market people buy ASICs in batches in a preorder.

With Bitcoin ASICs there is not enough demand for ASICs so the batch often doesn’t get sold out so now the manufacturer has spare ASICs. Now that the manufacturer has spare ASICs they will often start mining with them and eventually the ASIC company has one of the highest hash rates. If the ASIC company doesn’t want a certain upgrade to go through, for example SegWit, they can vote with their hash rate to hold back the upgrade forever or at least until people who want SegWit get more hash rate.

You Have a Say in Protocol Rules and Consensus In Bitcoin you are a passive observer because you can only issue transactions and you have no part in the process after that. In Vertcoin you can be apart of the process for deciding the ordering of transactions and deciding what transactions get into blocks. Block Rewards and Transaction Fees are Distributed Evenly In Bitcoin and Litecoin the block rewards and transaction fees are often given to the large miners in China due to mining centralization created by ASICs. Vertcoin distributes its mining rewards to people all around the world thanks to the mining decentralization. When will Atomic Swaps Be Ready? Atomic Swaps can be done in two flavors: On-chain and Off-chain (via Lightning Network). On-chain swaps were actually done already using Blocknet, you can see it in use on.

We’re looking into doing it again using Interledger. However our main focus is to do off-chain Atomic Swaps using Lightning Network technology. Because it has the same benefits as Lightning transactions: No network fees and instant transactions. For off-chain swaps we need Lightning Network to be fully operational. It’s difficult to give an ETA on that since we aren’t the ones developing it. U/gertjaap posted a video on the current state of the Lightning Network for Vertcoin a while ago, which you can see. This was actually the “bleeding edge” of Lightning Network at the time.

Was able to use it on VTC’s main net, meaning that our blockchain is ready for the good stuff. As you can see however, it can’t yet be considered production ready (most users would want a little better UX than a command line app). Now off-chain Atomic Swaps is a technique based on the same principles as Lightning Network, but adds an extra complexity for it being across chains. So it’s basically the same as a “multi hop” Lightning payment, which is not yet built by any of the implementations.

They’re still working hard on making the single-hop payments robust. So in order for AS to be possible, LN has to be fully operational.

A timeline cannot be given at this time, because frankly we don’t know. The implementation of Lightning Network we feel has the most potential is LIT, because it supports multiple currencies in its protocol (where LND is bitcoin-only at the time and requires significant work to support other currencies, which is an essential part of being able to work across multiple blockchains). LIT is open source and there’s nothing secretive about its progress, you can see the development on. We even have our lead dev James Lovejoy ( ) close to the action and contributing to it where possible (and our team as well through testing it on the Vertcoin chain). So we’re not developing LN or AS ourselves, we’re just ready with our blockchain technology whenever it becomes available. If we have any real progress that has some substance, you can expect us to let the world know.

Experience Points XP Mining Safe there. We’re not interested in fluffy marketing – we post something when we achieve real progress. And we are not keeping that secret. How do I Choose the Right Vertcoin Wallet? Deciding what Vertcoin wallet you should choose can be a difficult process. You can choose between three different wallets: Core, Electrum and Paper.

Once you decide you can use the video guide to assist you. Core The wallet is the wallet that most people should use. It will store the entire blockchain (~2GB) on your computer. The Core wallet is the only wallet that fully supports P2Pool mining. You will also have to use the Core wallet if you plan to run a P2Pool node or any Vertcoin related server. Electrum The wallet is a light wallet for Vertcoin. You do not have to download the blockchain on your computer, but you will still have your own private keys on your computer.

This is recommended for people who don’t need to store Vertcoins for very long and just need a quick but secure place to store them. Paper The wallet is as the name implies, a physical paper wallet. When generating a paper wallet you will get a pdf that will need to print out.

A paper wallet is normally used for long term storage since it is the safest way to store Vertcoins. A paper wallet can also be called “cold storage.” Cold storage references the storage of your coins offline, preventing you from getting hacked over the internet. How do I start mining Vertcoin? We have many guides available for you to use depending on your computer specifications. WARNING: Very unprofitable, AMD optimized miner is coming very soon.

Where can I get the One Click Miner (OCM) You can get the latest version of the One Click Miner in the. The download is pinned to the top of the #oneclick channel.

What do all the Numbers Mean on P2Pool’s Web Interface I’ve seen a lot of confusion from new miners on public p2pool nodes, so here’s a primer for the most common static node page style, for first time miners: Active Miners on this Node Address – This is the list of addresses currently mining on this node. If your address does not show up here, you are not mining on this node. Hashrate This is a snapshot of your hashrate as seen by the node. It will fluctuate up to 15% from the hashrate you are seeing on your mining software, but will average out to match the output in your mining software. Rejected Hashrate This is the amount of your hashing contribution that is rejected, both in hashrate and as a percentage of your total contribution. Running your own p2pool node minimizes this number.

Mining on a node that is geographically close to reduce lag also minimizes this number. Ideally you would like it to be less than 1%, but most people seem happy keeping it under 3%. Share Difficulty This speaks for itself, it is the difficulty of the share being currently worked on.

Bigger numbers are more difficult. Time to Share This is how long you need to mine before you will receive any payouts, or any “predicted payout.” The lower your hashrate, the higher your time to share. Predicted Payout This is the reward you would receive if a block was found by p2pool right now.

If it reads “no shares yet” then you have not yet been mining the requisite amount of time as seen in the previous “time to share” column. Status Network Hashrate This is the total hashrate of all the miners mining vertcoin everywhere, regardless of where or how. Global Pool Hashrate This is the total hashrate of all the miners mining vertcoin on this p2pool network, be it the first network or the second network. Local Pool Hashrate This is the total hashrate of all the miners mining Vertcoin on this node. Current Block Value This is the reward that will be given for mining the current block.

The base mining reward is currently 50 VTC per block, so any small decimal over that amount is transaction fees being paid by people using the network. Network Block Difficulty This is the difficulty of the block being mined. The higher the number, the higher the difficulty. This number rises as the “Network Hashrate” rises, so that blocks will always be found every 2.5 minutes.

Inversely, this number falls when the “Network Hashrate” lowers as well. Expected Time to Block This is a guess at how much time will elapse between blocks being found by this p2pool network. This guess is accurate on average, but very inaccurate in the short term. Since you only receive a payout when the network finds a block, you can think of this as “Estimated Time to Payout.” Why is P2Pool Recommended Over Traditional Pools?

Decentralisation P2Pool is peer to peer allowing a decentralized pool mining system. There are many nodes setup around the world that connect to each other too mine together. Many other coins have 1 very large pool that many miners connect to and sometimes the largest pool can have 51% or more of the network hash rate which makes the network vulnerable to a 51% attack. If P2Pool is the largest network then that prevents the Vertcoin network to be susceptible to a 51% attack as P2Pool is decentralized.

PPLNS Payout System P2Pool uses a PPLNS (Pay Per Last N Shares) payout system which awards miners more the longer they mine, sort of like a loyalty system. A drawback to this system is that part time miners that aren’t 24/7 won’t be able to earn that much.

2 Networks While Network 1 is catered towards 24/7 miners and people who have dedicated mining rigs, Vertcoin has a second P2Pool network where part time miners and miners under 100 MH/s can go to mine. Mines Directly to Your Wallet P2Pool mines directly to your wallet and cuts out the middleman.

This reduces the likely hood that the pool will run away with your coins. No Downtime Since P2Pool is decentralized and has different nodes for you to choose from there will be no downtime because the P2Pool network does not die if one node goes down. You can setup a backup server in your miner so that you will have no downtime when mining. Anonymity and Security When using P2Pool you use a wallet address making your real identity anonymous, you are simply known by a random 34 letter string.

Along with using a wallet address instead of a username there is no password involved P2Pool preventing the possibility of cracking your pool account (If you were on a traditional pool,) and stealing all your coins. How do I Find a Nearby P2Pool Node You can find the public p2pool nodes the the P2Pool Node Scanners. If you want to find a network 1 node go. If you want to find a network 2 node go.

How do I setup a P2Pool Node? This guide setups a network 2 node. When downloading Python download the 32bit version, not the 64bit. Downloading the 64bit version causes problems with the twisted install. How do I setup a change my node to network 1 or network 2? In the P2Pool startup script when you type the --network flag add vertcoin1 for network 1 and vertcoin2 for network 2 right after. How do I Buy Vertcoin?

You can see a video guide on Youtube, How can I get help with “X problem?” The quickest way for you to get help is for you to join the. We almost always have knowledgable Vertans, whether that be developers or experienced Vertans, online to help you with whatever problems you may have. How can I donate to the Developers? You can donate to the dev fund. You can select what you want your funds to go to by donating to the corresponding address. You can also see how much funding is required and how much we have donated.

Where can I see what exchanges Vertcoin is on? You can see what exchanges Vertcoin is listed on. You can see what exchanges Vertcoin has applied to be on at this. Where can I see Vertcoin’s Roadmap? The Vertcoin developers currently have a where you can see the goals and what the status of said goal is.

You can also vote on what you want the Vertcoin developers to focus on next. What is the Status of the AMD Optimized Miner? The AMD Optimized Miner internal beta is aiming to be ready by the end of September. The AMD Optimized Miner is currently being developed by @turekaj on the.

He currently does not have a Reddit account and Slack is the only way you can contact him. If you would like to add another question to this list please comment it and I will get around to adding it ASAP.

So another has piqued my interest. Vertcoin is very similar to and but is. I looked at the miner Vertcoin provides on GitHub and found it to have requirements that a normal Windows user could consider to be complicated. So I wrote this guide cause it’s what I did and it works pretty well. My system is an GPU-based system, meaning the graphics card is made by Nvidia. Specifically I have a. This should work with most modern GPUs made by Nvidia that have CUDA cores in them (and the correct drivers installed, available ).

A quality wallet for VTC can be found by the way. Step by Step instructions Step 1: Download and install 7zip from. Step 2: Download and the latest. If your Windows is 64 bit, download the x64 version.

If your Windows is 32 bit, download the x86 version. You can find your bit-ness by following. Step 3: Once it is downloaded, right click the.7z file and select properties. Then 1) check the box for “unblock” and 2) click Ok.

Step 4: Right click the 7z you just Unblocked and select 7-Zip and Extract files Step 5: Pick a place to run your program. I’m lazy so I pick my Desktop. Then I click OK a couple times. Step 5a: If at this point your PC’s anti-virus is alerting you, uninstall it and get a quality AV solution. Step 6: Rename one of the.bat files already present to vert.bat. Pick one, doesn’t matter. So far so good, this will prompt for a file name, simply type vert.bat and then hit the del key a couple times to remove the.txt ending.

You then get a prompt warning you of impending doom (a rename dialog box). Step 7: Right click/edit the vert.bat file. Replace the 1st line with the following: ccminer-x64 -a lyra2v2 -o stratum+tcp://coinotron.com:3340 -u jeffstokes72.juan -p sanchez If you were 32 bit instead make the command ccminer -a lyra2v2 -o stratum+tcp://coinotron.com:3340 -u jeffstokes72.juan -p sanchez Step 8: Go register. In the vert.bat replace the ‘jeffstokes72.juan’ with your username.worker and the ‘sanchez’ with your password for your worker. If you don’t do this you’ll be mining for my worker id and giving me free credit for VTC coins. The Coinotron has an example of how it should look too.

Step 9: double click the vert.bat file. If you’ve configured it properly and your system works with this miner, then you’ll see mining happening. On my GTX 1070 I am getting about 35 million hashes/sec. I’m making 2-3 coins a day. Q: What do I do if this doesn’t work?

Can you help me? I have a day job. If you can’t get this guide to work for you, maybe go buy some VTC for cash instead. Q: I want to send you VTC as thanks! A: cool my receive addresses are: VTC – VgvHkaGAFtgR5UQa8ao8PrNNNvoFDrnXZY BTC – 16V5ccxZ3KUt9DdpeLtfKmrTk2Uaf4gCBX ETH – 0x31F8f3f1deD3297b4285f2650A925c82ca11522D For more info hit up.