Vertcoin has become the second cryptocurrency do deploy Lightning Network technology after its SegWit activation this weekend.
In a series of tweets on Sunday, developers confirmed both enhancements had successfully begun, Vertcoin’s price spiking over 50 percent as a result.
SegWit successfully activated on Vertcoin network as of block 713,664!— Vertcoin (@Vertcoin) May 7, 2017
First Lightning transaction on VTC main network! #segwit #lightning #cryptocurrency #vertcoin #litecoin #bitcoin pic.twitter.com/MVkGtgbw4m— Vertcoin (@Vertcoin) May 7, 2017
In activating Lightning Network (LN) transactions, Vertcoin becomes the only cryptocurrency other than pioneers SysCoin to embrace the full benefits of an upgrade the Bitcoin community is still debating.
The move clearly met with approval from investors. At press time on Monday, Vertcoin’s market cap was almost $16 mln with the price of a coin nearing $0.50.
Similar consequences came as a result of SysCoin’s LN activation at the end of April. Its price has continued to grow since the initial announcement.
First mover advantage regarding both SegWit and LN has come in the form of significant value addition, leading to suggestions that upgrading could provide an easy method for developers to turn coins into “get-rich-quick” schemes.
Only three currencies have committed to SegWit so far, however, with Vertcoin and SysCoin coming after the highly-publicized start of Litecoin’s transition.
Litecoin is due to activate SegWit on Wednesday, its price hovering at around $30 in anticipation.