Vertcoin Development Update — December 2018
Are you ready to fork? This past month has seen a flurry of activity updating software, getting the word out, and generally preparing to fork. This will be the third time Vertcoin has demonstrated its willingness and ability to fork (though not the last) to kick off ASICs/botnets and deter future ones wondering where to best place their investments. Ensuring mining stays on readily available, multi-purpose, consumer devices is paramount to ensuring the health, immutability, and distribution of the network.
The hard fork — What you need to know
When is the fork?
The hard fork is planned to take place at block 1080000. With the Vertcoin block time being 2.5 minutes, that places the fork date somewhere around the second of February (02–02–2019). You can find the countdown at https://wenvtcfork.xyz/.
What do I need to do?
All users of the Vertcoin network, including exchanges, wallet providers, system integrators and payment providers need to update their wallets to the latest release which can be found here.
If you are a user who relies on the back-end of another service, such as is the case with hardware wallets, you rely on them to update their infrastructure to support the fork. Ledger and Trezor have confirmed to support the fork.
Miners will need to a few things to support the fork.
- Update their full node(s)
- Update their mining software
- Ensure your pool supports the new algorithm
- Update p2pool if applicable
You can find links to all the latest releases in middle of the article.
You can follow this Reddit post to receive the latest information and to test on test-net.
Businesses, exchanges, payment integrators
Volunteers will contact most involved parties directly to provide support during the fork. In case you have not been contacted and you need assistance, visit the Vertcoin Discord.
I RUN A FULL NODE!
If you run a full node, please update your full node to the latest Vertcoin Core release in order to support the fork. This is extremely important!
What will happen to my coins?
Nothing will happen to your coins. You will need to update your wallet or make sure that in case you are using a 3rd party wallet, their back end is updated to the latest code to make sure you are on the correct chain.
If you run your own Vertcoin Core, please make sure you update your wallet before spending any coins.
If you use any type of offline wallet or paper wallet, your coins will also be unaffected. Please make sure you use the latest version of Vertcoin Core if you decide to take your coins out of cold storage.
Will I at least get free Vertcoin cash or something?
No. We highly doubt something like that will ever exist and would like to remind you that anyone claiming so is likely to be a scammer. Please never share your private keys with anyone and do not import them into any unknown websites or services.
Why change the algorithm?
The Vertcoin network has been developed with a focus on ASIC resistance. In the view of the active developers, contributors and community, ASIC resistant mining is the only way to maintain a decentralized network where both consensus and economic incentives are managed at the level of the user. The ASICs that were created for Vertcoins algorithm endangered this vision, which is the primary reason for the fork.
Furthermore, it became clear that ASIC mining poses a great threat to small networks. Hashrate was incredibly centralized and was offered on hashrate renting platforms at low prices. This created the opportunity to attack the Vertcoin network.(We have no confirmation of any exchange being affected, but this seems to be what happened).
What is Lyra2REv3?
As has been previously announced, ASICS that can mine Vertcoin utilizing the Lyra2REv2 hashing algorithm are in the wild. The Vertcoin Development Team has a long term solution, dubbed Verthash, in the works. However, the threat by ASIC miners is big and GPU miners need a solution today. This is the reason to release a modification to the Lyra2REv2 algorithm which is called Lyra2REV3.
- Render ASICs useless
- Reduce inherent advantages of ASICs/FPGAs over GPUs
- Enable hard forking in a fast, yet safe and secure way
Where can I download the latest software and miners?
- Nvidia CCminer- Precompiled github binaries Coming Soon
Please update your mobile wallets through Google Play store or the IOS app store.
Confused? Need some help with all this? Come ask us in our Discord.
Vertcoin Year in Review
- Vertcoins One Click miner
- Vertcoin Core and Electrum Wallet Updates
- LITBox concept announced
- lyclminer released for AMD mining
- Trezor Support
- The Vertcoin Foundation (Almost finished)
- R&D phase of Verthash
- Release Candidate for Lyra2REv3
- Non-Securities Legal Opinion
- St. Patrick’s Day Promotion
- New website launch
- Sponsorship of the “The Call To Freedom” radio show for the first half of the year
- A Call to Action Against ASICs
- #FairMining campaign
- Vertcoin Talk Podcast
- Merchant Adoption initiative
- AMD Miner Instructional Video Contest
- Off The Chain series
- VertDocs and Vertcoin Academy
- Blockfolio Signals
- CoinGeekco Signals
- Promotion of community projects Vertbase & Coinzark
- Tons of interviews and talks throughout the whole year by team members
- Merchant Mondays
This is a summary of some of the initiatives that the marketing team worked on for this month.
December was a busy month for Talks, we had 3 in total! Make sure to follow us on all of our social sites to get alerted to upcoming talks. Episode 14 should be going live in the coming days. A lot of valuable information was passed around in these talks, check them out below.
Vertcoin Talk: Episode 12 — October & November Development Update
Let’s talk 51% attack
Vertcoin Talk: Episode 13 — Technical Deep Dive into 51% attacks with Gertjaap and James
Tune in on YouTube LIVE, Soundcloud, Google Podcast or iTunes for an on-demand recording of the show. You can find the latest here.
We increased our focus on merchant adoption in 2018. Not only have we started efforts to increase the number of merchants that accept Vertcoin, but we also wanted to promote the spending of Vertcoin as a currency rather than just an investment vehicle.
We achieved this through various activities such as Merchant Mondays, tweets supporting Vertcoin merchants, a list of merchants on the Vertcoin website and a merchant survey.
We are glad to say that our Merchant Mondays post now features around 60 merchants and the amount of merchants that accept Vertcoin through coinpayments.net is now over 120. With the addition of numerous new stores this means that you can now buy countless items with Vertcoin, ranging from VPN services, electronics, apparel and a wide range of household items. You can review a list of VTC merchants here and here.
In 2019 we will reach out directly to merchants in cooperation with several people from the Vertcoin community. A special thanks to Mike Birmingham for his support in these activities so far. Let’s get Vertcoin adopted in a lot of places next year. We also recognize the need for more payment integrators and want to have this as a focal point for 2019. You can contribute by visiting our #open-marketing channel on Discord.
Take our survey here
Merchant Page here
Monthly KPIs (Key Performance Indicators)
We have seen worse trends.
- Reddit: members: -0.9%
- Discord: members: 9059 -2.9%
- Twitter: followers: 63,800 -8.2%
- Facebook: followers: 9,004 +5.6%
VTC Development Fund
Donations for October:
Marketing & Advertising Fund +356.87VTC
General Dev Fund +1,202.15 VTC
UK Lawyers -3,800 VTC
Links and Resources
- Twitter: https://twitter.com/Vertcoin
- Donations: vertcoin.org/donate
- Roadmap: https://trello.com/b/RbsKPeGw/vertcoin-roadmap
- Join our Discord: https://discord.gg/vertcoin
- Official Website: https://vertcoin.org/
- Facebook: https://www.facebook.com/vertcoin
- Vertcoin Talk: https://soundcloud.com/vertcoin-talk
Big thanks to all who have helped, and continue to do so!
Credit: Thatmanontheright, The development team, and The marketing team