The digital currency space is beset with a host of issues but none so as pressing as the speed and security of transactions. Although Bitcoin has led the way in most areas of the development of digital currencies, there have been few developers on the blockchain that have tackled the problem head on.
Vertcoin (VTC) is making bold moves in an effort to help ease some of the problems associated with transaction speeds, online/offline congruence and security. The cryptocurrency platform was started with a strong commitment to decentralizing, arguably the biggest issue plaguing the blockchain right now. Developers of VTC have put the mission of keeping the digital token free from the diffused culture and architecture that plagues so many of the more established coins.
Few know for instance that Bitcoin (BTC) has seen heavy centralization over the last few years. Much of the coin’s properties have been usurped by the recent phenomenon called ASICS. These are architectural and governmental protocols that have seemingly hijacked the leading coins, removing the vestiges of a fully developed and decentralized token.
Developers at Vertcoin have created an adaptable platform that stays resistant to the growth of ASICS, a fact which has helped to establish the coin as one of the real standouts in the space. This position or stance against ASICS is a bold one considering that Vertcoin was started in 2014 – this makes the token a child in comparison to many of its bigger peers. This makes the stance all the more remarkable and suggests in many ways that VTC is a real shift away from the current paradigm.
Perhaps the biggest advantage that Vertcoin (VTC) brings to the age of digital tokens is its approach to strengthening the lightening network. Lightening is the blockchain’s conduit for facilitating transactions between and among various cryptocurrencies. Over the years the network has seen its fair share of tweaks and improvement, but the overall problem of connectivity has not been seriously addressed. Under the current state of affairs users who want to send and receive transactions need to be online at all times. This is not ideal and since any one party can be absent at any one moment, the efficiency and speed of transactions on the blockchain has become a major problem.
VTC hopes to change that by strengthening the protocol by attacking the problem from the angle of empowering users at the point of transaction level. That is to say, instead of creating a third-party medium for facilitating transactions, developers have created a LitBox, a multi-coin lightening solution that acts a small home router. Essentially developers have created a means by which transactions can be under the control of the user – effectively turning each party to a transaction into their own banker.
LitBox sits atop the Lit Wallet, allowing users to seamlessly move funds between wallets and acts a true improvement on the lightening network, but also on the growth of blockchain itself.
The improvements haven’t gone unnoticed. Since the start of the year the token has grown steadily, setting key breakout milestones along the way. At the start of the year the token was trading well below $1, but having breached that level it’s been trending above for the last two weeks. The 30-day high is $1.92, set recently as VTC climbed 60%. The token has since stabilized, trading at around $1.67 at this writing. The underlying numbers supporting the token’s popularity are based on a market cap of $75M. VTC has set an all-time high of $9.42.