Blog

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

In Celebration of Success – Lyra2RE Lives

Vertans,

We are so very pleased to be past block 208301 and on Lyra2RE. The fork could not have gone more smoothly! A huge thanks to our own developer, James, for handling the bulk of the Lyra2RE implementation – an impressive contribution to Vertcoin. Another big thanks to djm34 for accepting and crushing the challenge of creating our Lyra2RE GPU miners. Without his help we could not have made this happen. So much goes on behind the scenes and I extend a personal thanks to those that helped on this project. We did not have a coin to “copy paste” from, so everything you see is largely from scratch (as it relates to Lyra2RE). From ideation, to planning, to execution, this fork was handled with professionalism as evidenced by the stable launch.

It goes without saying that Lyra2RE ushers in the next ASIC resistant era for Vertcoin and offers a new low power mining option for GPU miners. In fact, Lyra2RE consumes ~30% less power when compared to scrypt-n and ~17% less than X11 (tested on nVidia 750Ti, but other power consumption ratios are very similar). That is a HUGE incentive to mine Vertcoin and was a direct response to calls from our community to make Vertcoin more power efficient.

Many of you are wondering, what does the future hold for Vertcoin? If you know anything about our history, you should know that we are constantly evaluating new exciting ideas to bring to the coin. To name a few (some of which we didn’t implement): Stealth Addresses, Lyra2RE, Shark Bite Subsidy, Furnace Difficulty, VertVote, VertVerser, etc. Our developers and community are actively engaged in discussions surrounding these kinds of ideas. We are discussing a few new features internally, but I would challenge you, the community, to bring forth ideas that solve a “problem” within the market. By continuing to provide innovations that solve problems – perhaps not limited to the world of cryptocurrencies – we will significantly increase the usability and marketability of Vertcoin.

Finally, thank YOU for your support. The development fund was instrumental in making this release go off without a hitch. Please consider making a regular donation to that fund (VpBsRnN749jYHE9hT8dZreznHfmFMdE1yG or vJmsiNXPUGxhwr8PENK52F3x7fqGaNo4m9a4VHbsZdoG6s99dxQ4Qeucbd9vMULMbdyM2wxiEmZrsjMob8EYT5Lmq5JBTXjt5HqnuU)!

With Alacrity,

Your Vertcoin Development Team

PS: We will continue to monitor the network to ensure any minor issues are resolved quickly. Speaking of… We have the version number display issue fixed in the OSX wallet. You can get that here: https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoin-qt-v0.9.0.1-osx.zip and the Virus Total scan results are here: https://www.virustotal.com/en/file/3b56174cf2d42c5fbe29958c71b46632413ab469f3d462ec2dcb42d3389a3290/analysis/1418481529/

[URGENT] Update Your Wallets!

All,

We are rapidly approaching the fork with ~4 days remaining. Please update your wallets and PLEASE email your pool operators to have them update their wallets as well. Right now our network is only ~5% updated to the latest version (0.9.0.0 or 0.9.0.1). Unlike some optional updates, this is MANDATORY – as in stuff will break if we don’t all update!

Also, please note that the Android wallet work is not yet complete. You are advised to transfer funds from your mobile wallet before the fork just to be safe.

For your convenience, downloads are direct linked below by OS:

Wallets

Linux (most pools):

Daemon (x86): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoind-v0.9.0.1-i386.zip
Daemon (x64): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoind-v0.9.0.1-amd64.zip

Qt (GUI)(x86): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoin-qt-v0.9.0.1-i386.zip
Qt (GUI)(x64): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoin-qt-v0.9.0.1-amd64.zip

Windows:

Qt (GUI)(x86): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoin-qt-v0.9.0.1-win-x86-upnp.zip
Qt (GUI)(x64): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoin-qt-v0.9.0.1-WIN64.zip

Daemon (x86): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoind-v0.9.0.1-win-x86-upnp.zip
Daemon (x64): https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoind-v0.9.0.1-WIN64.zip

OSX: 

10.8+: https://github.com/vertcoin/vertcoin/releases/download/v0.9.0.1/vertcoin-qt-v0.9.0.1-osx.zip

Source:

https://github.com/vertcoin/vertcoin

Pool Software

P2Pool: https://github.com/metalicjames/p2pool-Lyra2RE
stratum-mining: https://github.com/metalicjames/stratum-mining-Lyra2RE
node-stratum-pool: https://github.com/sammy007/node-stratum-pool/tree/lyra2re
node-multi-hashing-pool: https://github.com/sammy007/node-multi-hashing/tree/lyra2re
Python Module: https://github.com/metalicjames/lyra2re-hash-python

Miners

AMD/ATI:

Windows sgminer x86: https://github.com/metalicjames/sgminer-Lyra2RE/releases/download/5.0.0-Lyra2RE-RC1/sgminer-v5-Lyra2RE-RC1-WIN32.zip
Linux sgminer x64: https://github.com/metalicjames/sgminer-Lyra2RE/releases/download/5.0.0-Lyra2RE-RC1/sgminer-v5-Lyra2RE-RC1-amd64-linux.zip

nVidia:

Windows ccminer x86: https://github.com/metalicjames/ccminer-Lyra2RE/releases/download/v1.0-Lyra2RE-RC1/ccminer-Lyra2RE-RC1-WIN32.zip
Linux ccminer x64: https://github.com/metalicjames/ccminer-Lyra2RE/releases/download/v1.0-Lyra2RE-RC1/ccminer-Lyra2RE-RC1-amd64-linux.zip

Thank you for your support! Now get to emailing your pool operators!!!!

Cheers,

Adam