Vertcoin Development Update — May 2018
The sun coming up in May is having a good impact on Vertcoin. The developers are spending more and more time inside as we approach summer. We continue to strive for increased merchant adoption while keeping things as decentralized as humanly possible. Below is what we accomplished last month.
Progress is being made on the LitBox LIT Wallet. The UX is nearing completion with both mobile and desktop counterparts. For those who haven’t been following along, LITBox is a multi-coin lightning solution that makes crypto scalable and easy for the average user. It is the only solution that allows users to own their own funds on lightning without a 3rd party. As the first multi-coin lightning wallet design in existence it has been a real eye-opener into how lightning wallets and the future of finance may function. There is no similar reference material that exists so this is a completely new yet familiar experience for the user, drawing on similarities that the average user is already familiar with. Checkout the interactive version of our LIT Wallet here.
Vertcoin core 0.13.2
Our core wallet is up to date with the latest Bitcoin core builds. This update merges updates from 0.13.1 which fixes issues with new installs being unable to find peers and fixes the release for 0.13 which fixes regtest and testnet mode. It also upgrades OpenSSL from 1.0.1 to 1.1.0. The source code and binaries can be found here.
As always, back up your wallet prior to upgrading
Stable Lit channels
It might not be well known, but two of Vertcoins developers work at MIT’s DCI. This makes Vertcoin privy to the cutting edge tech coming out of the digital currency initiative. While their work isn’t entirely Vertcoin focused, it does help Vertcoin in the long run since Vertcoin is planning and developing the Litbox.
The “lightning network” is a broad term for many implementations of one original idea seen here. Staying true to the original idea, Vertcoin is a Lit family. Using the broad term, the lighting network isn’t ready for everyday use. Channels are only stable for around 50–300 consecutive pushes before failure. This pull request James made brings that number to 10,000. Without much of whisper, this pull request pushes the stability of the lightning network closer to being used for everyday transactions.
LIT Technical Talk by Gertjaap
Over the past weeks, Gert-Jaap has — as a developer at MIT DCI — been working on a new technology called Discreet Log Contracts. This technology allows you to run smart contracts on bitcoin or compatible blockchains, using external information provided by so-called “oracles”. The first application leveraging this technology is a bitcoin-denominated US Dollar forward contract. This is essentially providing an alternative to stablecoins, allowing you to hedge against volatility. Even though this is not something that was developed for or by Vertcoin, it’s still noteworthy since the functionality for Discreet Log Contracts is integrated into LIT, which is compatible with Vertcoin as well. In the Youtube video below, Tadge Dryja (Research Scientist at the DCI) explains what Discreet Log Contracts are, and then Gert-Jaap shows a working demo.
One Click Miner
Vertcoins one click miner is a great example of how usability can influence adoption. Its success will not end here, as it is truly an ever evolving creature. We strive to make it as easy as possible for anyone and everyone that owns a GPU to mine Vertcoin. In the latest release ccminer was updated to the nanashi fork, and a small bug fix for the miner update process. You can grab the new version here.
This month was an exciting adventure for the Marketing Team! We start off the month with a bit of a PR nightmare by having our twitter hacked and wrapped up the month launching the pre-order of the Vertcoin Verde hot sauce! It will be amazing on your tacos!
Below is a summary of some of the initiatives that the marketing team worked on this month.
Episode 4: Fun Twitter stuff and April Development Update
On this show we got into April Dev update, an Interview with LearnCrypto.io YT channel, ASIC for equihash coins, Twitter getting Highjacked, What are our goals over the summer, Social media presence and what it means to support an idea you believe in. (Price hype vs community involvement).
Episode 5: Vertpig is back & Vertcoin Hot Sauce?
On this show we got into Coinotron’s percent of the Vertcoin Hashpower and how Nicehash uses that pool, ZCash embracing #FairMining, Siacoin article, Updates on VTC Academy, Vertpig is back and Vertcoin Verde Hot Sauce (Possible sauce coming soon, stay tuned)!
Episode 6: Does it really only take $1,000 to 51% attack Vertcoin?
On this episode of Vertcoin Talk, Gertjaap will be joined us to talk technical aspect of a 51% attack and is it a real threat to Vertcoin, Vertbase delayed due to banking hiccup & Vertcoin Verde Hot Sauce Pre-Order Now Live!
Tune in on YouTube LIVE, Soundcloud or iTunes for a on-demand recording of the show. You can find the latest here.
We started to increase our focus on merchant adoption around the end of April. Our motivation for this is that although the focus of most cryptocurrencies has shifted towards being an investment rather than a currency, we do not agree with this vision. We wanted to remind everyone that our goal is to create a decentralized currency, owned by its users. Merchants who accept cryptocurrency bravely pave the way for the adoption of Vertcoin, and we should support them in every way possible.
Overall, May was a strong month. There was a big win for adoption, as it’s now even easier to accept Vertcoin as a business with the release of the Coinpayments.net Shopify plugin.
Over the past month, we have had numerous new merchants accept Vertcoin as a means of payment. Our list of merchants grew with an incredible 55% this month. We also added descriptions for all our merchants on the weekly Merchant Monday update and we even have a Vertcoin hot sauce now!
Merchant Page: https://vertcoin.org/merchants/
Vertcoin Academy is trucking along in the works. We have a sample site up here. We need to fix it up so that we have a matching seamless experience similar to that of all Vertcoin based projects. Porting over the documentation to the new site will start soon but in the meantime, please continue to help contributing to the current documentation site, https://docs.vertcoin.org/. We are committed to giving you the best experience when it comes to learning about Vertcoin, block-chain and our solutions.
Vertpig is back!
Vertpig is back! You can now come and trade Euros, Bitcoin & Litecoin for Vertcoin on the Vertpig Exchange! They have a 0% makers fee on all pairings. The VTC/BTC and VTC/LTC markets are open worldwide, a simple registration required using just your email address. Check it out here!
Check out the latest update on the status of the Vertbase banking situation.
Check it out here: https://www.reddit.com/r/vertcoin/comments/8n165i/update_vertbases_bank/
disclaimer: While the Vertcoin team is not affiliated with Vertbase or Vertpig, we do support the idea and look forward to their success.
Monthly KPIs (Key Performance Indicators)
- Reddit: members: 34,450 +0.1%
- Discord: members: 14,523 +0%
- Twitter: followers: 83,500+0.13%
- Instagram: followers: 2,918 +0.2%
- Facebook: followers: 9,677 +0.112%
VTC Development Fund
Donations for March: +273.8 VTC -thanks!
- New multi-platform Lightning based wallet incl. stealth + atomic swaps
- Establishment of the Vertcoin Foundation( Still in progress!)
- New algo info
- New exchange listings
- Trezor support
- Expanding VertDocs/ Vertcoin Academy
- Vertpig updates
- Vertbase updates
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
- Instagram: https://www.instagram.com/vertcoin/
- Vertcoin Talk: https://soundcloud.com/vertcoin-talk
Again we’d like to give a big thanks to all who have helped with the project so far. We love our community and have been amazed at the response to the project. The community will make 2018 the year of Vertcoin by joining any of our social media outlets. Spread the word. Pitch in. After all, we are the people’s coin.