Vertcoin’s battle against centralization continues as new threats from FPGAs are being watched carefully and the old ASIC enemy once again rears its ugly head. New address formats on p2pool, squashing bugs in the core wallet, and much much more below in this month’s Vertcoin Developer Update.
Vertcoin on Asics
Addressing the ASIC in the room. As some of you have seen, there is currently an ASIC for Lyra2REv2 for sale. Outside of the website listing the asic for sale, we don’t have any proof they are functioning. Regardless if these asics are functional or not, we are moving forward with the creation of Verthash. We can’t speak for other projects who use our algorithm but if you are buying a ASIC to mine Vertcoin it will likely become the most expensive paperweight you’re likely ever to purchase. We mean what we say, and we are willing to put in the work to ring true to our values and ideals. As a result, we have also looked into repurposing the Exchange fund to go towards the faster development of the new Verthash algorithm. Allowing Verthash to hit the public faster than previously estimated. We do not have a set ETA for Verthash but know we are working very hard to get it done quickly without sacrificing quality and security of our project.
Core wallet update
This core wallet update was an important one. It was a fix for critical vulnerability CVE-2018–17144 from upstream Bitcoin Core. More info on the vulnerability can be found here. Everyone should upgrade as all versions of Vertcoin Core since v0.12.X are affected. The source and binaries can be found here. As always, back up your wallet prior to upgrading.
This release of P2Pool-VTC hard forks both P2Pool networks to add bech32 and p2sh payout address support, meaning you can now use the addresses starting with 3 and vtc1 with p2pool.(thanks to Deluxe for PR #30). This update is coming for OCM in the coming weeks. For now the source and binaries can be found here.
Building a new algorithm isn’t something you want to rush. Each process and change has to be examined so it doesn’t affect the rest of what is already concrete. Currently we are almost past the proof of concept stage, and we are checking the new algorithm on a GPU platform. Some small, but really important corrections have been implemented. Verthash is supposed to be both ASIC and NiceHash resistant. Currently the whole blockchain is needed and used on the mining host, but in such a way that it should still be possible to mine on cheaper 4GB RAM GPU cards.
The Vertcoin Foundation
As most of you are aware, we are in the process of setting up a foundation. This legal entity will allow Vertcoin to actually “exist” and own things like trademarks, copyrights, and donated funds. We are currently finishing the paperwork, and the board had its first formal meeting.
The board of the Vertcoin foundation will exist of James, Eric (Etang), Joe (Zemrys), Gert-Jaap, CryptoPlankton, Canen, Pip, Harrison Jenkins and Flakfired. More details and exact roles within the board will be announced once formalized.
We are also filing for formal 501(c)(3) tax exemption, which allows donors to the foundation as well as the foundation itself very useful tax benefits. There is also a Vertcoin Foundation website in the making that will list all board members including their formal role, as well as minutes to the board member meetings — including the first one we had on September 15.
The repurposing the exchange fund
About a week ago we made a post on our sub Reddit about the communities feeling towards repurposing the exchange fund to use to further develop Verthash. So far we have about 98% voting to repurpose the fund. This seems like a reality now. If you have a comment please feel free to express it on our sub reddit post.
Vertcoin is now on Blockfolio Signals
We are expanding the ways in which you can reach us! In addition to Discord, Twitter, Facebook, and Linkedin, you can now receive Vertcoin news via the Blockfolio app using the signals feature.
We only got one show done last month. Schedules permitting, we will do some more live streams in October rather than just the developer update. Canen might do a live stream in the middle of the week, so make sure to subscribe to our YouTube or Twitch!
Last month on Vertcoin Talk, Canen went over the August Development update and spoke with the owner of Vertbase LIVE as the launch of the public beta was happening!
Tune in on YouTube LIVE, Soundcloud, Google Podcast or iTunes for a on-demand recording of the show. You can find the latest here.
Off the Chain
Have you been following along all month with the Off The Chain series? Tons of shorter clips from previous Vertcoin Talk Podcasts that hit on important subjects surrounding Vertcoin and the crypto world.
Subscribe to our YouTube Channel to catch the latest “Off the Chain” show !
We have had amazing community input on the front of merchant adoption. Together, we are now working on laying the groundwork for our merchant focused value proposition, merchant education and merchant outreach materials. We are currently setting up a survey that should help us gain insights into why (or why not) merchants choose cryptocurrency and how we should support them. If you want to help sending it out, drop by #open_marketing on our discord.
Merchant Page: https://vertcoin.org/merchants/
Monthly KPIs (Key Performance Indicators)
No tangible growth, or loss this month. It still looks like the market is shedding moon boys. We will still be here regardless.
- Reddit: members: 34,200 -0.3%
- Discord: members: 9496 -4%
- Twitter: followers: 65,400 -1%
- Facebook: followers: 9,084 -0%
VTC Development Fund
Donations for September:
Marketing & Advertising Fund +33.6 VTC
General Dev Fund +1524 VTC
UK trademark lawyers -1450
- New multi-platform Lightning based wallet incl. stealth + atomic swaps
- Establishment of the Vertcoin Foundation( closing in)
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
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.