Vertcoin introducing stealth addresses

Vertcoin

As you may have already heard vertcoin (VTC) is a virutal currency that is based on the Scrypt-N (N factor Scrypt) algorithm. The average confirmation time is 2.43 minutes which is very similar to that of litecoin. While the mining algorithm might sound very similar to the one of Litecoin it is in fact very different. Scrypt-N means that once every couple years the N factor which regulates memroy requirements will double. This means that if equipment would be developed to mine the Scrypt-N algorith at N = 10, then when N increases the equipment will be rendered useless. This is essentially the idea of how vertcoin is ASIC resistant unlike litecoin whose Scrypt algorithm always requires the same amount of memory. If the above was too complicated then check out what wow-doge‘s analogy of the Scrypt-N alogirthm from reddit:

We’re at a lake, fishing. Everyone gets in groups and helps each other out in different coves all around the lake trying to get as many fish as we can. Here comes a group of dickheads that spent a lot of money on a Super Fish Finder 2014®. They get in their boats and they catch an enormous amount of fish because they can find them a lot easier than the rest of us.

Everyone at the lake is getting pissed off so we decide to do something. We decide to switch lakes and catch fish that don’t show up on their Super Fish Finder 2014®. Now, we all have an equal chance to find some fish with our traditional equipment. If the dickheads buy Super Fish Finder 2015®, we all again decide to switch to fish that won’t show up on their new toys(change the value of N in scrypt-N).

Here are the VTC statistics taken from cryptocoinsinfo:

Stealth Addresses

Stealth addresses allow payees to publish a single, fixed address that payors can use to send funds privately and non-interactively. The announcement of stealth addresses came on reddit, here is what the developer said:

Vertans,

The moment you have all been waiting patiently for has arrived. Tonight, we are proud to present to you Stealth Addresses on the Vertcoin Mainnet!

This is the culmination of months of hard work – the kind of hard work that leaves your brain fried and your fingers cramped by the end of the day.

Vertcoin’s Stealth Address implementation is yet another, better reason to adopt Vertcoin as your choice payment method for business or personal use. Business users may have worried anonymous payments would prove too litigious to be practical; Personal users may have worried about the integrity of payments with full anonymity. Now both can rest assured because the privacy Vertcoin’s Stealth Addresses provide are right in line with what we would all expect from a world class coin.

What are stealth addresses?

All the transactions are still on the blockchain to be seen, but the link between an address and an individual is obfuscated. One thing that not many people seem to consider when talking about anonymity systems in cryptocurrencies is that true anonymous payments make all the blockchain tools you’re used to useless. In essence, the sender and the receiver are the only people that know each other’s address. On the blockchain it does not show that vertcoins have been transferred from one address to another because both addresses are obfuscated. For a tutorial on how to use stealth addresses as a merchant or as a buyer click HERE.

Jump in market price

As the announcement for the addition of the stealth address rolled in the price of vertcoin has jumped over %84 in 24 hours on cryptsy. Here is a quick look at the market, currently as of 7/2/14 1 VTC = 0.00071 BTC

As you can see vertcoin has been on quite a downtrend lately just like all the other altcoins. Unlike litecoin which is currently dying, vertcoin is seeing hope as market price jumps with big buy volume to support it.

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