Blog

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

[ANN] Lyra2RE Fork Scheduled!

“Business is a sprint until you find an opportunity, then it’s the patience of a marathon runner.” – Robert Herjavec

Vertans,

The moment you have all been waiting for has arrived. We are very proud to announce the hard fork to Lyra2RE which will land approximately December 16th at block 208301. This is the culmination of many months of hard work with jamesl22 taking the lead and more than proving his technical abilities.

We know Lyra2RE will serve us well being incredibly secure, robust in terms of configurability and easier to mine. Additionally, ASIC production for such a robust algorithm will be expensive and time consuming given its adaptability and resistance to parallel processing. If you haven’t read the white paper, I encourage you to do so here.

Downloads

The linux binaries are available for download here: x86 (SHA1 c59092ebd11ed5dadfba73d3222b63c14d6cf7b4) & x64 (SHA1 43bf946dda134294cb6e59f10b2100d69240493b).

The source code is available here. Python module here. Stratum-mining here. P2Pool, the miners, as well as Windows and OSX wallets are coming very very soon – YES, they will all be available at launch! :-)

If you operate a pool or exchange, please update your wallets as soon as possible and reach out to us with any issues.

Contest

You may be wondering, why block 208301? We thought it would be fun to announce the fork with a bit of a contest. Here are the premise and rules:

  1. The first person to solve the following cipher will receive 2,000 VTC
  2. The first clue is that 208301 = VTCFTW
  3. Every 30 retweets of the announcement tweet will unlock a new clue
  4. The solution must be submitted via twitter using #VTCFTW as a hashtag
  5. Periods are literal and not part of the cipher
  6. The cipher is: 43 596 79n2g 0j47 596 tg8g42g 0gj 2087. 208 47 0gj o970 7g86tg 4pp92c042g 8t5r0986ttgp85 4p 0gj 19tnf.

Good luck and may the best cryptographer win!

Lyra2RE White Paper and Development Progress

Vertans,

Much progress has been made since our last blog post. Due to your generous donations we have contracted someone who can produce a working AMD and nVidia miner. A testing port of ccminer has been completed and an sgminer port has an ETA of 2 to 3 days.

Due to the close proximity of the fork, we have created a Lyra2RE white paper which will give you some more details about what to expect. It can be found here: https://vertcoin.org/downloads/Vertcoin_Lyra2RE_Paper_11292014.pdf

Please share this with others so we can get everyone excited about the fork!

Thanks,

James

Development Fund

Vertans,

As has already been posted on Reddit, we are looking to start a new, dedicated development fund in order to compensate the specialised development required for the GPU miner. This will allow us to move forward with the fork at breakneck speed. In terms of development status, the GPU miner is the last piece of the puzzle, with wallet integration having been completed.

Please donate what you can to this address: VpBsRnN749jYHE9hT8dZreznHfmFMdE1yG

Main Post: http://www.reddit.com/r/vertcoin/comments/2lzojl/official_development_fund/

Regards,

James