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A bitcoin-replica launched with an aim to discourage miners from forming pools and gain a monopoly over its network has been compromised. Mark Nesbitt, a security expert, revealed that the blockchain of Vertcoin, a peer-to-peer PoW cryptocurrency, is under a 51% attack. The Coinbase engineer found that some anonymous cybercriminals rented a large amount of ASIC
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Vertcoin’s official Twitter account was hacked earlier today, with the attackers posting tweets attempting to scam users out of their bitcoins.
At around 4:00 PM Tuesday, the Vertcoin Twitter page announced a fake Bitcoin giveaway as a celebration of Vertcoin’s success. The tweet asked users to send 0.005 BTC to an address to enter, with the winner to be announced on May 3. This is an all too common crypto-scam on Twitter, with fake accounts impersonating major players in the space announcing fake ETH giveaways with dozens of replies saying it worked. What makes this scam different, however, is that this is the first time hackers managed to take control of a legitimate account in order to perpetrate the scam.
With the Christmas holidays and all, most of us have overlooked the newly released Vertcoin development roadmap, which has been released on December 22nd. Ever since the switch to Lyra2RE as the new mining algorithm, the new team has to look to the future and come with some plans to keep Vertcoin relevant. Let’s see what they have come up with so far.
The most important part about keeping a digital currency relevant is proper PR and marketing. Luckily for us, the Vertcoin team is thinking along the same lines in that regard. Unfortunately however, there are no means to conduct an extensive PR campaign at this point in time. Starting a fundraiser to pay for PR is one the plans being considered as of this writing.
While most people will have probably heard about Vertcoin, not everyone is aware they have recently changed their mining algorithm. Vertcoin has always prided itself on being an ASIC-resistant digital currency, and therefore launched with the Scrypt-N algorithm, which reduces mining efficiency over time.
As digital currencies need to keep evolving over time in order to stay relevant and ahead of the curve, the VTC developers felt a change in mining algorithm was in order. And not just to a regular mining algorithm we have all heard about, but they chose for the Lyra2RE algorithm. Lyra2RE is a new Proof-of-Work algorithm for an ASIC-free future.
Well, it was only a matter of time really, until one of the major exchanges started paying more attention to both VertCoin and LeafCoin.
As we reported yesterday, VertCoin has seen a massive price increase over the past few days, and is well on its way to overtake the price of Litecoin.
LeafCoin, which first got listed on CoinMarket, is another coin that brings a lot of trading volume, both for buying and selling.
We are very pleased to see both coins added to Cryptsy, and hope to see more coins added in the near future.
We have briefly touched upon VertCoin a few weeks ago, but it seems that this coin may have been more amazing than any of us gave it credit for.
VertCoin is a Scrypt coin, but with an interesting twist, called “adaptive N-Factor”. The N-Factor of Scrypt determines how much memory is required to perform your mining tasks.
One of the reasons why this “twist” has been implemented, is to combat any form of ASIC development for Scrypt, which we all hope is coming at some point.
The reason why we’re focusing on VertCoin is right now, is because of the amazing value increase over the past few days.
CoinedUp is being a busy bee lately, and we applaud them for that. The CoinedUp exchange is adding a lot of potentially great coins , and is an excellent first exchange to be listed on. The latest CoinedUp addition is called VertCoin!
VertCoin was released on January 8th, so it’s not even a week old. To see it on CoinedUp already , is a feather in the cap for the VertCoin team, to say the least. But there are some unique features about VertCoin you should be aware of, so let’s take a look under the hood :
