Vertcoin’s ambitious goals to subvert specialist mining technology and give power back to the people.

Fundamental to the fabric of cryptocurrencies, mining must remain accessible. Verifying transactions with the goal, and reward, of releasing new currency is a simple configuration allowing for incentivized security. This keeps networks ahead of potential threats through diversification and continual decentralization. Currencies like Vertcoin embody this ideal in a space that has risen to prominence on the backs of currencies that have manifested the opposite.

Specialist technology defines the cryptocurrency market today. Although the original intent of Bitcoin was determined to push away from this, and other, barriers – in essence many large volume currencies have become difficult to mine without expensive and specifically designed technology. ASIC-resistance is the answer to this divergent conundrum.

ASICs (application-specific integrated circuits) are hardware machines designed for a specific purpose. In the case of cryptocurrency ASICs are used to mine more efficiently.

Expensive and difficult to obtain, these machines are not readily accessible to most people and, in reality, are only used by people in the upper echelon of computing – leaving the mining of Bitcoin to an elite group. According to altruist developers like James Lovejoy of Vertcoin “Bitcoin and Litecoin are not much different than [centralized financial entities] that we have now because they are wholly controlled by the ASIC miners – the voice of the miners is disproportionately amplified.”

Instead of allowing specialization to condense the growth and centralize the control, Vertcoin is returning to the roots of crypto, power to the people. Wealth and power cannot be held in the hands of a few, rather the entire process must be accessible to the many.

With a core focus on decentralized mining, ASICs are not allowed on the Vertcoin mining network, retaining the idyllic values of access and participation that cryptocurrency is known for. Furthermore, the technology is built to keep the hash rate (how the processing power of a crypto network is quantified) in equilibrium with the price in order to keep mining profitable and scalable. This continues to encourage individuals with regular computing abilities to mine the currency, reinforcing the decentralized intent.

Coupled with prioritizing easy transactions, Vertcoin is creating a currency for the future. Empowering people to take part in the system instead of being a passive observer. After all, if holders of these currencies don’t understand the lightning network or atomic swaps and, worse yet, don’t use the currency – then is it really a currency at all?

Creating a community of participation will help currencies like Vertcoin innovate for a more positive future in crypto as a whole. Decentralization is not just a pipe dream of purist developers, it is the holy grail of the free world. Without it there’s no personal liberty and even less accountability. Find the freedom of crypto and spread the word!

Ross Ruffing, lead writer @ Crypto 101

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