Vertpig: Building an Ecosystem for Vertcoin
During January 2018, BTCManager reported on the exciting new potential alternative to Coinbase, Vertbase. Whereas Vertbase aims to be a method to purchase Vertcoin (VTC) for fiat currency directly, Vertpig wants to be the ultimate cryptocurrency exchange for VTC users. The exchange will offer all trading pairs in Vertcoin.
Quick review: What is Vertcoin?
For those who are unfamiliar, Vertcoin is an increasingly popular altcoin that uses ASIC resistant proof-of-work mining, very low-cost or free transactions, and an extremely active and enthusiastic fan base. Vertcoin has seen steady growth both in price and in daily transaction volume since it launched several years ago.
The problem with Vertcoin, like most other altcoins today, is that if you want to exchange for it, you will typically need to get your hands on bitcoin first. Then from bitcoin, you can trade it into Vertcoin or another altcoin. This extra step not only makes it more complicated and time-consuming, but also increases the cost of acquiring Vertcoin.
Together with Vertbase, Vertpig could make for an entirely new ecosystem that could potentially allow for extremely low-cost entry into the crypto world from the traditional fiat currency world.
For example, once both services are running, one could potentially use a credit card or bank account to purchase Vertcoin directly (presumably for a lower fee than Coinbase or other competitors charge) from Vertbase. Then, they could very cheaply send that Vertcoin to Vertpig, and then exchange it again into whichever cryptocurrency they want that Vertpig supports.
Eric Kubik of the Vertcoin dev team Interviews Vertpig CEO Adam Collier
On February 3, Eric Kubik of the Vertcoin team posted an interview with the Vertpig CEO Adam Collier onto their medium page. In the interview, Collier noted that Vertpig will begin by offering Vertcoin pairs with BTC, LTC, and GBP (British Pounds). The service itself will be available to everyone, but GBP may only be available to UK citizens who pass an ID verification.
Furthur, Collier notes that while the exchange will start with just BTC and LTC, they “plan to add more coins in the future.” If you are a UK resident, you can “deposit and withdraw funds using the Faster Payments Service.” Fees will be minimal, and the exchange’s CEO stated their intention to “make a sizeable donation towards the Vertcoin development fund every month.”
Will it be a success? Collier thinks so. He stated that there is a “huge interest in Vertpig and it’s really great to see,” and already has Lightning Network implementation on the drawing board:
“I have briefly spoken to James [James Lovejoy, Vertcoin lead dev] about it [the Lightning Network], I personally don’t feel it’s ready just yet to be implemented into Vertpig but once we release I want to start working on it to make it happen.”
Indeed, with all these new and interesting services popping up around Vertcoin, the currency may yet have a lot more room to grow in the future. It should be noted, however, that neither Vertpig or Vertbase are currently operating just yet, but are anticipated to boost the altcoin’s volume and visibility.