Q&A with Vertpig CEO Adam Collier
Note: The Vertcoin team is not organizationally linked to Vertpig. However, we support the effort and are working in conjunction with Vertpig to shed light on the project.
After high community demand Vertpig CEO Adam Collier decided to do a Q&A with the Vertcoin Community. We will start off with an introduction of Adam, followed by the Q&A section.
Who is behind Vertpig?
Hi. My name is Adam Collier, I am the Founder & Lead Developer of Vertpig.
I first found vertcoin back in mid 2017 after being recommended to take a look by a friend. After lots of research, I was fascinated and I had to buy some. Searching around, I quickly found an easy way into VTC from GBP, the problem was the fees. They were ridiculous. In the end I opted to buy LTC through coinbase and trade it for VTC through Bittrex. It wasn’t exactly painful but I thought it would be great if there was an easier way.
I’ve been interested and involved in cryptocurrency for many years now. For the past 12 years, I’ve been heavily involved in programming, mainly web development. I had been looking for a project to work on in my spare time, then came the idea of Vertpig.
Now it’s more than just a side project in my spare time. I’m so committed to making Vertpig a reality and so far, so good. I see no hurdles in the way of release.
I have another developer alongside me who volunteers his time to the project. He is one of my closest friends but has to remain anonymous due to his current job position (hopefully soon we can employ him!). There are also 2 financial backers helping us getting started. All going well over the next month, I will continue building a team behind Vertpig to further on the development and growth of Vertpig.
We hope you can join us on this journey!
What is Vertpig?
Vertpig is a cryptocurrency Exchange centered around Vertcoin. On release we will have 3 pairings. VTC/GBP, VTC/BTC and VTC/LTC.
What countries will be available at launch, and will other countries & currency pairings be supported in the future?
Vertpig will be open to everyone, with all pairings being based around VTC. Starting with VTC/GBP, VTC/BTC and VTC/LTC. VTC/GBP will only be available to UK residents. In the months after launch we’ll be looking to add a VTC/EUR pairing and exploring the different possibilities of pairing VTC with other coins.
Will Vertpig only centre around Vertcoin, or will there be more coin pairings (in the future)?
All our pairings will always be with VTC. Whilst only currently paired with BTC & LTC, we plan to add more coins in the future.
Will you include the same levels of authentication that Coinbase uses before you can purchase Vertcoin?
We are using the Google authentication system, this means in order to use Vertpig you must either hold an existing google account or be willing to create one. All the security methods Google implement on their authentication system can then be utilised. This of course includes Multi-Factor Authentication.
UK residents wishing to trade with GBP are required to complete a verification process for KYC & AML reasons.
Will there be an iOS/Android app ready for Vertpig?
We hope to have at least an iOS app ready for when we release. This will not be ready for the users participating in our pre-registration and early stages of release.
How will you market Vertpig to raise awareness?
At first we want to grow naturally, Marketing and raising awareness just throughout the Vertcoin community & Twitter.
Once we are in a position to expand further we will then explore other marketing opportunities.
What can you tell us about purchasing/depositing options?
UK Residents will be able to deposit and withdraw funds using the Faster Payments Service.
Deposits will be credited instantly (as soon as we receive them, in the UK this is normally instant, but it might take up to 2 hours) and withdrawals will be processed and sent the same day.
At this time we will not be accepting Debit / Credit Cards but we currently see no reason why we need to. If we make depositing using Bank Transfer so fast, simple & free, who would want to pay a 4% fee on their deposit.
Accepting card payments for cryptocurrency is a huge business risk and one that actually all 11 payment processors that we applied to in the UK declined.
How will you handle support requests?
We have a built in support ticket system & live chat service which eventually prior to release will be active 24/7. During the initial stages of release, support tickets will be handled by myself.
Once we grow and the need is required prior to release, we will look to employ some customer service agents to handle the support 24/7
There will invariably be technical difficulties so how will you scale your service as needed?
At first we will be growing at our own pace, gradually inviting users from the pre-registration onto the platform.
The heavy load of the platform is handled by the Google Cloud Platform which automatically scales as required. The rest we will manually scale as and when we need additional load throughout the stages of release.
Do you anticipate running out of VTC at some point and if that happens, what steps will you take to preserve the market value while replenishing your market while simultaneously continuing to provide a good service to your clients?
We are an exchange, whilst we plan to initially assist trading, the volume will be dependant on the users trading on our platform.
Our aim is to build a platform that people want to trade on and then we will have no worries about volume.
Will this be a buy and sell exchange? If so, how much cash will you keep on hand and how will you handle bull and bear markets?
Of course. It is no exchange without selling as well as buying. The amount you can sell depends on the amount of users willing to buy. Whatever fiat they’re buying with, you can sell for.
What scale of adoption are you anticipating at launch and what is your plan if adoption exceeds expectations?
There has been huge interest in Vertpig and it’s really great to see.
We plan to first release to a very small group of users, gradually increasing the number of users as we become more confident in the platform.
The exact numbers & speed we invite new users on board depend on how well the release stages go.
What threats to your business model do you anticipate and how do you plan to address them?
My biggest worry is being a new exchange, having liquidity, nobody can buy if nobody is selling and vice versa. We will do what we can to assist and attract traders onto the platform, assisting with volume where we can.
Do you plan to keep your fees competitive and favorable to clients allowing VTC to continue its positioning as the people’s coin?
Our fees will be nothing but reasonable. We also hope to make a sizeable donation towards the Vertcoin development fund every month.
What lessons have you learned from single coin exchanges such as those that offered BTC early on? / What information have you gathered from single coin exchanges such as those that offered BTC early on?
Vertpig is not a single coin exchange. Whilst our pairings are all centred around VTC, we also support BTC & LTC.
This allows the ability to Buy & Sell, BTC & LTC & more coins in the future through Vertpig.
Do you have the same or similar resources to that of Coinbase?
Absolutely not at this stage. Coinbase has raised over $200 million in funding. We are a startup company, whilst we have financial backing behind us, it’s nowhere near on that scale.
We hope to grow Vertpig gradually and then the financial backing behind us will increase, however we are just starting out on our journey.
Maybe one day!
What security measures are you implementing to ensure our data is kept safe?
We are storing as little data as possible, the authentication is carried out by Google, we only receive your name & email address from this. All passwords are stored with Google.
The verification for UK users wishing to trade with GBP is carried out by a third party company called Yoti. We receive a portion of the details you provide to verify your account but we do not store this data on our platform.
Have you donated to the exchange listing?
No. I don’t think it’s right to be paying these huge listing fees. Whilst being listed on another big exchange would be beneficial to Vertcoin, there are better ways to spend that kind of money.
Will you offer a affiliate (referral) program like other exchanges?
Yes, once we are fully released and out of our pre registration stage we will be announcing our affiliate program.
Will there be different account types, if so, will the daily deposit/withdrawal limit be different?
The only difference is the additional verification for UK residents wishing to trade using GBP. The limits will be the same for all users.
What is the maximum number of concurrent users your system will handle at launch?
Hard to tell exactly until we start inviting users onto the platform. We will scale to be able to handle whoever wants to use our platform.
Going through all this trouble for a rank 100 coin seems suspect. Have your investors commented on this?
Actually when I first found vertcoin, it wasn’t a rank 100 coin. However that hasn’t changed anything. It actually gives me more drive to make Vertpig a success and get vertcoin back up the market cap charts.
Using VTC as a gateway for users to buy & sell not only VTC but other coins is a great way to increase the visibility & volume of Vertcoin.
Will you give the Vertcoin community an opportunity to invest in your platform?
Something I have thought about a lot and actually received a lot of requests regarding. I would love to be able to make this happen but I am currently unable to work out how this could work. It’s not something I’ve seen done before but if anyone has any sensible suggestions on how this could work or advice, I would love to hear them.
Will you support Segwit?
Are you looking into LN support?
LN is fascinating and certainly the future. I have briefly spoken to James about it, I personally don’t feel it’s ready just yet to be implemented into Vertpig but once we release I want to start working on it to make it happen.
LN will be great for an exchange and I assure you it’s a high priority of Vertpig!
Do you plan to ensure security will be sufficient for any transactions / wallets / users (how do you plan to enforce &/or guaranty &/or provide a SLA/SLO &/or fraud protection)? We want to avoid any situation like Mt.Gox or cryptsy!
Of course. Security is obviously a huge priority, a huge portion of funds will be stored offline.
The more I tell you about security, the less secure it becomes. However rest assured, security is our number 1 priority and I will do anything I can to ensure the funds we hold on behalf of users are safe.
When is the next update and event?
Pre-registration is now open!
What is pre-registration?
This allows you to register to Vertpig and join a queue. If you are a UK resident you will be able to complete the verification process required to be able to deposit and withdraw GBP.
We will then at the end of February all going well, start inviting users from the queue to start using Vertpig.
The rate at we roll out entirely depends on how well the releases go, we will however aim to have as many of you as possible using Vertpig as soon as we can.
You can now pre-register on our website.
If you are interested in using Vertpig, please do pre-register, it would be great for us to see the scale we need to be at!
If you don’t already, give us a follow on Twitter! @vertpig
We want to give a special thank you to Adam Collier and the Vertcoin Marketing Team for making this Q&A happen.
Links and Resources
- Twitter: https://www.twitter.com/Vertcoin/
- Donations: https://www.vertcoin.org/donate/
- Roadmap: https://trello.com/b/RbsKPeGw/vertcoin-roadmap/
- Join our Discord: https://discord.gg/vertcoin/
- Official Website: https://www.vertcoin.org/
- Facebook: https://www.facebook.com/vertcoin/
- Instagram: https://www.instagram.com/vertcoin/
- Vertpig: https://www.vertpig.com/
- Vertpig’s Twitter: https://twitter.com/Vertpig
Credits: Sjoerd Weigergangs — Author; Alotta Money — Graphics; Editor- Eric Kubik