The vertcoin developer by the name Eric Kubick confirms that the exchange base for vertcoin, the Vertbase is undergoing testing currently. Eric, who works as a part of the vertcoin developing team posted a picture which had the beta version just about to transfer the concrete money (the USDs) to equivalent vertcoins.
People asked is @vertbase still happening…
— Vertcoin (@Vertcoin) August 20, 2018
Though the vertcoin team is not in any circumstance linked to the development of vertbase, on an institutional level as per the vertcoin people, they work and stand side by side with the vertbase team cheering the effort that the team has been putting in. The vertbase chief operating officer Justin Seidl, a cryptocurrency enthusiast himself, co-founded the vertbase along with Tyler Jauquet. Justin has previously acted as the chief technology officer for shift savings bearing experience in the ‘Automated Clearing House (ACH) transfer, payment processing and financial regulated applications’.
The vertbase folks have previously disclosed that the process of interviewing the candidates for the development lead is underway. Tyler Jauquet has been assigned with the task of acting as the chief financial officer for vertbase, his expertise encircling the exchange as it is to deal in finance transfer once the devs are done with it.
The crypto-exchange in New York requires a license (the Bitlicense) to operate, which the vertbase folks are more than willing to work out. Vertbase is set to be launched across the United States of America but the current focus of the development team is just the high-population states the likes of which include, New York (and which according to the vertbase developers would be quite challenging).
Vertcoin (an altcoin) is a cryptocurrency similar to bitcoin with added features to favor the already established bitcoin system in the most decent fashion possible. Vertcoin operates as a peer-to-peer cryptocurrency with the icing on top i.e. open-source lightning network implementation, incubated at the Massachusetts Institute of Technology (MIT). Vertcoin operates under ASIC resistant functioning over the proof-of-work (PoW) protocol. This digital currency was brought before the public eye on 8th of January, 2014. Since then, vertcoin (or more colloquially, VTC) has been operated over other exchange i.e. the Coinbase, which eventually turned a hectic job for the users of vertcoin.
Why were people skeptical about Vertbase being launched?
The timeframe the devs gave out co-related the launch with the very first quarter of 2018 which due to some reason could not be made possible for the developers as the company looked to shut its exchange down to incorporate the new exchange (their very own) to operate vertcoin over. This led the crypto enthusiasts to contemplate about the launch of the vertcoin exchange building up their thoughts all encircled in doubts for the eventual release.
The recent picture from Eric shows that the company has been working over the project for quite sometime and has come up with the prototype version of the exchange with Eric testing a purchase of vertcoins with his USDs. People have been continuously demanding answers about whether the exchange is still under development stages or the idea has been omitted out altogether. The vertcoin twitter responded back as an answer to the enthusiasts stating that in case people are asking whether the vertbase is set to see the day of the light, here is the proof that the testing phase has been initiated. This twitter account linked Eric’s picture of testing the exchange.
What’s the take?
With VTC team offering guidance to the mining program and towards the establishment of a computer system to cope up with a specific amount of mining, the VTC is to flourish in the near future as it combines the aspects of BTC plus the additional ones that can cater for the benefit of the user either financially and digitally. Thus, the cryptocurrency is in desperate need of a network where the users can purchase and sell the vertcoins in solitude, away from BTC and other altcoins as that would result in immense traffic and the danger to be exposed to the hacking elements who stalk every trade in order strike out of nowhere, making strides towards the capital and taking off with it.