Blog

Hard Fork at block 347000

Vertans,

I am pleased to announce that the new version of Lyra2RE is ready. We will be hard forking to the new mining algorithm at block number 347000 (estimated to be around the 10th of August). In order for this to go ahead smoothly, everyone must update their wallet software to the latest version and miners must use the new miner software after the fork block. This update is MANDATORY; failure to upgrade could see your coins getting lost on the wrong fork. As referenced in my previous post, this update is intended to thwart the botnet mining on the network. The new algorithm provides a far greater ratio of GPU to CPU hashrate meaning that once again GPUs will become the dominant Vertcoin mining force.

Binaries for most platforms can be found here: https://github.com/vertcoin/vertcoin/releases/tag/v0.10.0.0. A 32-bit Windows variant is missing but if it has popular demand then I will get one released, otherwise I do not think one is really needed. The mining software for AMD, nVidia and CPUs are done and will follow shortly.

Kind Regards,

James

July Development Update

Vertans,

Since my last blog post, a botnet has started mining on the network and is taking up a large portion of the mining power (easily over 50%). As a result we have decided to hard fork the network to a refactored version of Lyra2RE with new parameters and different padding algorithms. Our current experimental changes have produced at least a 5x ratio of GPU to CPU hashrate. We hope with additional changes and optimisation we can further increase this ratio in order to nullify the botnet. I imagine the fork itself will occur some time in August after the wallet has been updated and new miners have been written.

The new test coin is effectively ready for release but is currently on hiatus due to our efforts in dealing with the botnet. It will be released shortly after the hard fork has occurred and the network has stabilised. It makes sense to hard fork Vertcoin first and then release the new coin so that we only have to fork one network rather than two. The coin itself will act as a testbed for future Vertcoin features and updates with more regular wallet releases. Most future changes will first be made to the new coin before being merged into Vertcoin itself once we have determined they are stable. This will allow us to be far more agile when prototyping new features without the fear of endangering the maturity and stability of the long established Vertcoin network.

I have not as of yet received any offers from people wishing to help us update the Android wallet. The bounty was originally set at 1000 VTC but I am willing to take offers from developers stating the bounty which would be required for them to complete the task. Once again, please do not hesitate to contact me at: [email protected]

Kind Regards,

James

Android Wallet Bounty, Merge-Mining and Website Updates

Vertans,

Before the fork to Lyra2RE there was a rather useful mobile wallet for Android. This has since become defunct and was thus removed from the Play Store. I’m sure many of you would like to see it revived so I am offering a 1000 VTC bounty for the old wallet to be updated for the new fork. Rest assured, this is not a “start from scratch” project, the old code is still available and just needs updating. You can find the code here: https://github.com/dayreiner/vertcoin-wallet. If you are interesting in completing this task, please contact me at [email protected] We can discuss further details there.

In other news, Darren (/u/darrenturn90) has begun work on getting our new merge-mined coin up and running. We will now be ironing out the kinks and I hope to get a release date with binary wallets announced by the end of this month. Since the fork, the Monocle blockchain has been far from secure due to low hashrate and many people have simply discarded their old coins. Therefore, the new coin will be a complete reset, under a new name and with a different distribution model. This will also give people a fair chance to get their hands on the new coins and hopefully will increase the chances that it will end up on an exchange (which is essential if we want to test elasticity there).

Finally, I have recruited some new helpers who are going over the website with a fine tooth comb in order to get it fully up to date. This should make it easier for new users to find information on mining etc.

Regards,

James

The future of Vertcoin

Vertans,

This has been an interesting week, with the price of VTC rising rapidly from less than $0.01 to peaking at $0.19 today. To many this has come as a surprise, me included, although I have always believed Vert was undervalued given its virtues. However, we are now at an impasse. We can either let this rise go unnoticed by the community and watch VTC fall back into the position it was a week ago or we can take action, and bring Vertcoin back to the limelight. On that note (and assuming everyone wants the latter option) I am calling for people to come forward and make things happen. With Adam extremely busy with his new start-up, this effectively leaves me as the only developer and I don’t want Vertcoin to be a one-man-band as it will not survive that way.

I need people to come forward who would be willing to help with any of the following:

  1. Core wallet developers. This would require you to have some knowledge of C++ but do not feel that you need to be a guru. There are things to be done at many levels which could be completed by those with less experience than one might think. Getting involved with the project is a great way to improve your skills (I know I am a lot better as a result of my efforts here) and there’s no need to worry since nothing will be released without being thoroughly tested first.
  2. Updating the website. I have done some work with this, but much of it is outdated and requires an overhaul. This would include removing any information pertaining to Scrypt-N since this just confuses newcomers to the coin. The website needs to be crystal clear and help people through the whole process from setting up the wallet to mining, buying or spending coins. Similarly, much of the wallet documentation is out of date and needs improving.
  3. Merchant Monday. Some time ago there was an initiative called “Merchant Monday” where a Reddit member compiled a complete list of all the places where Vertcoin was accepted whilst calling on Reddit users to petition for another merchant to start accepting VTC as well. This was a great initiative which saw merchant acceptance expand hugely and I would like to see it return. If someone would like to restart and lead this initiative please get in touch. To that end, you may have noticed VertVerser has been down for some time. I am working on getting this back up and running since it was a really good way of allowing people to easily spend Vertcoin wherever Bitcoin was accepted.
  4. What’s next? In the road-map we posted a few months back, we stated that elasticity was going to be the next feature we implemented. With the recent price jump I question whether this is the best course of action since it would be extremely experimental and I would not want to jeopardise this uptrend that many of us have been dreaming of for some time. Therefore, I would like to see a discussion within the community as to what new features they would like to see in Vertcoin’s future, whether that be elasticity or something else.

If you would like to get involved in any of these tasks, no matter how big or small you think your contribution might be, don’t hesitate to contact me at [email protected] or on Reddit as /u/jamesl22.

I truly believe in Vertcoin’s mission and I think our future can be bright but only if we make it so ourselves. Otherwise, this rise will all be for nothing and I don’t want to see that happen.

Kind Regards,

James (jamesl22)

Team Updates

Hello all,

I wanted to give you all an update on our progress with Elasticity. The project is taking longer than expected and at the moment I don’t have a firm estimate of when it will be complete. A few of us had some other things come up which diverted our attention away and delayed the project.

As always, talented developers who want to hang their hat on some cool features are welcome to join the team. Just get in touch @ [email protected] or PM me on reddit (I actually check reddit more than email).

More to come, just wanted to make sure you all knew we are still moving forward.

Cheers,

Adam

Wallet Update – v0.9.0.2

Vertans,

I am happy to announce the release of wallet version 0.9.0.2 for Windows, OS X and GNU/Linux. This is a bug fix release which aims to fix the vast majority of problems with the current version. If you have problems please don’t hesitate to create a new issue on GitHub so we can incorporate a fix into the next version (likely 0.9.0.3). A wallet update is not required but is strongly advised to ensure you are on the most stable wallet build.

Downloads and bug fix list:

https://github.com/vertcoin/vertcoin/releases/tag/v0.9.0.2

Regards,

James

Elasticity Timeline

Vertans,

We have been hard at work plotting the details of the elasticity implementation and are finally at a point where we feel comfortable announcing a target release time-frame.

We expect to have the new elastic distribution model completed within 4 months. As we get closer to the target we will be able to provide more details that so many of you are eager to have!

Cheers,

Adam

[ANN] Vertcoin Elasticity

Vertans,

A few people commented that the issue of the subsidy reduction should precede any efforts of PR/Marketing – we do not disagree. In fact, the roadmap is more of a list of items we are working on in parallel. On that note, we have reached a final decision on the subsidy change discussion. Vertcoin will not be changing the mining subsidy. Before the half of you that were in favor of a reduction lose your cool, read on.

We are most pleased to announce that Vertcoin will be moving to an elastic distribution model. This is absolutely revolutionary in the cryptocurrency world and will bring incredible stability to Vertcoin. This will undoubtedly bring the investors AND users of the coin that we so desperately need. So, what is elasticity? Cryptocurrencies traditionally operate on an inelastic distribution model whereby the supply of coins is fixed or runs on a schedule (halving). Many prominent economists have commented that the biggest thing holding Bitcoin back from ubiquity is their inelastic distribution model. The problem is one of market volatility – supply does not ever adjust to demand and thus you get massive swings in price (bubbles and crashes). With an elastic distribution model, the supply of spendable coins reacts to the market demand. So, why have cryptocurrencies opted not to include an elastic supply? Our guess is that no one has come up with a way to do it in a decentralized fashion. Traditionally, an economy of elasticity requires a central governing body to adjust the supply based on demand (think of the Federal Reserve or IMF). Vertcoin will solve this problem.

People often conjecture about what will increase the price of Vertcoin; the truth is, many of the suggestions are right. Inflation is high, usage is low and demand is low. The only reason Bitcoin has not suffered more as a result of their inelastic distribution model is because they were first to the scene. However, we believe eventually Vertcoin will out reach Bitcoin because of elasticity.

Imagine purchasing VTC without having to fear its value will degrade. That would make a lot of us much more likely to buy VTC to actually use it because we know it will be roughly worth the same as when we bought it. Likewise, the elastic model will prevent dangerous price bubbles. Finally, a cryptocurrency meant to be used rather than pumped and dumped.

There are many many details that go into making this a reality and it will take time for us to develop it, however, we have had some robust discussions and believe we have the solution – it is now a matter of implementation. Those details are intentionally omitted from this post so as to protect our work until we are ready to release it at which point it will be open source. However, what I can say is that the system will account for inflation by reducing the supply of coins in circulation, and conversely it will increase the supply of coins in reaction to deflation. All of this while maintaining a secure, decentralized network.

As I said before, if you want to help us in this endeavor, the best way is to PM/Email me or James to get you added to our project management system. From there you can contribute by fixing bugs (to start) or start working on a PR/Marketing strategy. And, as many of you do regularly, please contribute to the development fund to accelerate this process (VpBsRnN749jYHE9hT8dZreznHfmFMdE1yG or vJmsiNXPUGxhwr8PENK52F3x7fqGaNo4m9a4VHbsZdoG6s99dxQ4Qeucbd9vMULMbdyM2wxiEmZrsjMob8EYT5Lmq5JBTXjt5HqnuU).

I hope you are all as excited as we are to usher in the next era of cryptocurrency!

Cheers,

Adam

Vertcoin Roadmap

Vertans,

After much internal discussion, we have reached a point where we are ready to announce our roadmap following the release of Lyra2RE.

  1. PR Campaign
  2. Hyper-Adaptive Block Confirmation (HABC)
  3. Final discussion on subsidy reduction
  4. Final discussion on increasing block maturity time

Additionally, we want to strongly encourage our more technically adept community members to help us fix bugs and submit pull requests to the Vertcoin Github (https://github.com/vertcoin/vertcoin). We believe it is crucial to the health of Vertcoin that our community is broadly engaged in the development, maintenance and promotion of Vertcoin.

To expound on numbers 1 and 2, we know we need to do a PR campaign, but we don’t necessarily have the means to do so. We ask that someone who knows how to run an effective PR campaign steps up to help. We can start a new fundraiser and control the distribution of those funds with the operational arm being one or more community members. Number 2 is a new method by which we can accelerate block confirmation times. The target time will be as low as 1 second, but will adapt to the speed of the network. As many of you know, fast block confirmation times pose a myriad of challenges, but we believe we have a mechanism that can overcome those challenges. More to come…

To help us manage the various efforts with community integration, we are using a new project management system called Taiga (https://tree.taiga.io). If you are interested in helping – even with the PR Campaign – we ask that you contact us for an invite to the group.

Cheers,

Adam

Breaking News : Potential Exploit Found In Scrypt-N/X11

All,

An observant community member released some interesting information today regarding a pattern in the nonces on Scrypt-N and X11 blockchains. It appears there is a reoccurring divisibility by 256. If this is true, a miner could be created such that only hashes from /256 nonces are generated giving that miner a massive advantage over others. Additionally, it appears this pattern does not exist on Lyra2RE.

We are watching this closely for confirmation from others. Read more here: http://www.verters.com/blockcheck

Cheers,

a432511