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Guide: Cryptocurrency Verge

Guide: Cryptocurrency Verge

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Verge (XVG) is an open source cryptocurrency that offers anonymous transactions, obfuscating the IP address and geolocation of its users with Tor and I2P technologies. It is based on the bitcoin source code and aims to provide individuals and businesses with a fast, efficient and decentralized way to make direct transactions while maintaining your privacy.

History of Creation and Development

About appeared in 2014 DogecoinDark (later Verge) as well as about its founders very little information and facts that can be found on the Internet. Some say it has a lot in common (source code) with the jokingly created Dogecoin (DOGE), others with NovaCoin.

About the team, which consists, according to the information on the site, of 23 people, there is no data except Twitter accounts. Despite the statement that the Verge is a software 100% open source, and work on development and marketing is supported by thousands of community members, there are clear signs of the sole authority management: stop mining during the attack, 51, amendments to the code without community participation or vote, and, the dews detected media etc.

Here’s what I found about Verge:

  • The original Bitcointalk page was created on October 9, 2014;
  • Rebranding (name change from DagecoinDark to Verge) was made in February 2016;
  • According to official statements, the development and marketing of the project is carried out by members of the community, and the developing company is non-profit;
  • The company is headquartered in Fort Myers, Florida;
  • According to Linkedin, the company was founded in 2012, but there is no information about what It was doing for 2 years (from 2012 to 2014).
  • The Verge project is not reliable from a security point of view.

The Story of John Macafee

On December 13, 2017, John Maccafi tweeted that the future of cryptocurrencies lies with such projects as Verge, Monero and Zcach. After that, the price of Verge rapidly began to rise and by December 17 has risen more than five times. Proponents say that John was paid to appeal by the fact that there is a website where money can buy tweets from John.

Wraith Protocol

Another possible factor in the price increase in December-January was that an article on Wraith Protocol was published on Medium, where one of the developers of the platform talks about what Wraith Protocol is, how it works and its advantages. On December 29, 2017, the official Twitter Verge announced that they would soon release Wraith Protocol, which also contributed to the price increase, but the introduction of the Protocol was repeatedly postponed and in fact the launch of the Protocol revealed many flaws in its work.

Fundraising for the Development

On March 19, 2018, a tweet about the start of fundraising to support developers was published in the official Twitter account of Verge. On March 22 of the same year, another tweet explained that the funds, amounting to 75 million XVG coins, would be used to secure a “strategic business Alliance” with an unnamed global organization. The fundraising successfully ended on March 27, 2018.

Despite this, the community at Reddit has been configured not so rosy and suggested that the funds collected will need lead developer Justin Sanroku to pay their tax liabilities because the funds to Coinbase frozen. The conclusions of some users are as follows:

  • Justin Sanarica there are problems with the payment of taxes;
  • Justin Saneron begins to desperately seek to raise about $3 000 000 tokens XVG. Says it’s for partnership;
  • Justin Saneron says that the partnership will be announced April 16, the day after the deadline for filing taxes.

Cheating on the integration with Ledger

Another interesting point in this story is that the Verge April 14 transferred significant funds raised during the fundraising to the exchange Binance. An interesting fact is that the Verge team stated that the transfer serves as a payment for integration with the Ledger hardware wallet. Ledger, however, denied such agreement.

Attack 51

On April 4, 2018, the official Twitter-Verge reported that the Verge network was attacked and the attack lasted 3 hours. On the same day, user Ocminer wrote about the attack on the Verge network on Bitcointalk. He revealed the details of the attack and disassembled it in detail, saying that the attack on the network lasted much longer than 3 hours — for several days, even after the Fork-a coin. Presumably the attack covered 2500 and more blocks, and since in one block of 1560 coins, the total number of coins mined during the attack is not less than 3.9 million.

The Expected Network Functionality Verge (XVG)

Wraith Protocol

Wraith Protocol is a technology that allows the user to seamlessly switch between public and private accounts in the blockchain. Users can now choose what they want to use. When Wraith Protocol enabled data transactions are hidden and not visible through Explorer units. Additional hidden addressing saves transaction hidden and not linked to your shared address. If Wraith is disabled, transactions are bound to your public address and are viewable via the blockchain.

TOR

TOR derived from the abbreviation of the original name of the software project “the Onion Router”, is an IP obfuscation service that provides anonymous communication in a multi-level network. Verge integrates Tor into their wallets (Core, Electrum and Android), thus eliminating the detection of any network entry point where You could be detected through network surveillance, which depends on knowledge of the source and destination.

I2P

I2P is a very confusing tunneling service that uses ipv6, which announces all the Verge data sent over the network. When Verge running in the network using I2P, technology becomes a key to ensure the anonymity of users.

Nuclear Swaps

Atomic swaps is a technology that provides direct peer-to-peer trading of individual block chains with BIP65 support and eliminates the need for trusted third parties. Traditional centralized exchanges can be replaced by decentralized exchanges (DEX), which means you always keep your funds in your wallet and don’t rely on an intermediary.

Multi-pow Algorithm

Verge uses the POW principle, but based on several algorithms. Verge has 5 different hash functions: Scrypt, X17, Lyra2rev2, myr-groestl and blake2s.

Wallets, Exchanges and Capitalization

Today there are 7 desktop and mobile wallets available for download on the official website.

At the time of writing, the mined coins was just under $15 billion Capitalization Verge at a price per coin of about $0,056 is about $844 billion Max coins will be 16 555 000 000 XVG.

Future Plan

Presents a roadmap indicates plans for months ahead explaining that in cryptography all change too fast to predict that far ahead. The presented road map includes such items as:

  1. Internet-shop of branded clothing Merchandise where you can buy goods for XVG and BTC;
  2. XVGui Miner official mining pool;
  3. RSK Smart Contracts;
  4. RingCT Integration;
  5. Official iOS wallet;
  6. Android i2p wallet;
  7. Tor I2P Electrum Wallet;
  8. Test Tor I2P Electrum Wallet.

Conclusion

An insecure blockchain, the development team of which acts, apparently, for personal gain, conducting successful manipulations with the price on the market.

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