ForexMinute.com – Vertcoin developer, anonymously called A43211, announced yesterday a roadmap to implement a fresh algorithm update Lyra2. This new algorithm will replace PoW, and is speculated to be an advanced version of Scrypt. The announcement comes at a time when the Vertcoin market cap is constantly tumbling. Its last noted drop is around 14% within a timeframe of 24 hours.
It will be tough to say whether this announcement is genuine or just a gimmick to support Vertcoin. The cryptocurrency market has recently encountered plenty of such events in which the coins are supposedly pumped in-and-around few development updates. Meanwhile, customers are made to believe that coin has received huge optimism for its potentially profitable ventures.
Vertcoin however holds a good reputation for challenging the arrival of money-eating ASICs. The coin has actually worked towards introducing methods to support low-end miners. Indeed it’s quite a messiah for those who were unable to generate enough ROIs by mining the top coins.
In its new announcement, the Vertcoin team once again emphasizes on protecting the GPU miners. Lyra2, the potential successor of Scrypt algorithm, focus specifically on scaling hardware difficulty. It simply means that the concept keeps away custom mining machines and multi-pools from entering the network. The announcement further reads:
“Vertcoin’s [algorithm] is designed to resist the development of custom mining hardware and multi-pool mining, ensuring that transactions are validated by a widely distributed network and avoiding the selling pressure when large mining pools indiscriminately flood the market with freshly mined coins.”
The algorithm is scheduled to release on November 30th this year. Its development will start in the mod of next month.
To contract the reporter of the story: Yashu Gola at email@example.com
Subscribe to our daily forex newsletter for free by visiting www.forexminute.com/newsletter