The Verge Coin is an interesting cryptocurrency option if you are looking for a method of payment that allows you to remain anonymous. This coin, often referred to by its call sign XVG, recently suffered a setback due to a cyber-attack. Here are the latest Verge Coin news and what to expect from this cryptocurrency in the future.
The Technology Behind The Verge Coin
Even though all cryptocurrencies ensure some level of privacies for the parties involved in a transaction, it is still possible to track where a payment originated from. Anyone who has access to the ledger where transactions are recorded can access this information.
The Verge Coin stands out from other cryptocurrencies by using technologies that truly protect the identity of the parties involved in a transaction.
The Wraith Protocol is one of the most interesting aspects of this virtual currency. Users can choose to activate this protocol to have a transaction recorded on a private ledger.
Verge Coin also supports a public ledger. Transactions can be recorded on the public ledger whenever there is a need for transparency.
This feature makes the coin interesting since you can use it for business transactions on the public ledger and conduct private transactions on the other ledger. It makes the coin more versatile and provides a level of privacy that you won’t find with any other cryptocurrency.
If you decide to use the Wraith Protocol, the data linked to a transaction won’t be visible to anyone. Whether you decide to use this protocol or not, the IP addresses involved in a transaction remain private.
Verge also uses the TOR and I2P networks to deliver safe transactions. These networks allow you to exchange Verge coins with other users without having to rely on a third party.
The I2P network is made up of different nodes. The location of the nodes is unknown, and each transaction goes through a succession of nodes. The same route is never used twice.
The Tor Onion Router network uses several layers of encrypted data. This practice makes data impossible to track once a transaction has been completed.
Verge has also developed a filter known as the BIP37 filter. Implementing this filter reduces the amount of data that is shared with each transaction.
Verge Coin users have access to an encrypted chat feature known as Visp. You can access this feature directly from your wallet. This is a P2P chat client that allows you to communicate with the other party involved in the transaction.
Verge Coin stands out from other cryptocurrencies because even though these virtual currencies are more private than other payment methods, payments can still be traced and are recorded on public ledgers. Some users prefer to use Verge Coin due to the added privacy.
You can use different wallets to store Verge Coins, initiate transactions, and receive payments:
Regardless of the wallet you decide to use, the IP addresses and other details associated with each transaction will stay in the wallet you use. You can use any of these wallets to store XVG coins offline, and these three wallets use simple payment verification technology.
A Brief History Of Verge Coin
Verge Coin was originally known under the name DogeCoinDark. This project was created by a team of developers who wanted a cryptocurrency that would provide them with more privacy.
The Verge name was adopted as the project grew. The team behind this coin originally promoted it on social media and podcasts, but the coin didn’t receive much attention at first.
In June 2017, the team behind Verge Coin released a white paper detailing the technology behind this crypto-currency. The white paper gave the coin more legitimacy and helped users understand how Verge Coin was different from other options.
The white paper talked about privacy, TOR integration, and explained how the I2P network works. It also presented the Electrum wallet that can be used with the XVG coin and introduced users to the Wraith Protocol.
Explaining the technology behind the coin in simple terms has contributed to people adopting it.
Verge Coin News
There have been different significant Verge Coin news stories in 2018. The coin first received attention in June 2017 and was mentioned in a few major cryptocurrency news stories of 2018.
Verge Coin received a lot of attention towards the beginning of 2018 when adult entertainment website Pornhub announced a partnership with the crypto-currency. Users would be able to use Verge Coin to purchase subscriptions in a safe and private manner.
The price of Verge Coin increased after this announcement. However, an attack targeted Verge Coin shortly after this announcement was made. The team behind Verge Coin didn’t respond quickly enough and didn’t acknowledge the severity of the attack right away.
A hacker was able to exploit a bug in the mining process of the coin. This person stole 20 million XVG. The mining algorithm of the coin has been fixed so that the bug can no longer be exploited, but the attack had a negative impact on the price of the coin.
In the meantime, Pornhub created partnerships with other cryptocurrencies. Verge Coin had the potential to become a major cryptocurrency, but users turned to other options as other virtual coins were available as payment methods accepted by Pornhub.
Things have been looking up for XVG recently. The Verge Coin was listed on Bithumb in December 2018. Bithumb is the largest crypto-currency exchange in South Korea.
Being listed on this major platform has positively impacted demand for the coin since it has been getting more attention and is also more liquid now that it is listed on Bithumb. This announcement caused the value of the XVG coin to increase by 53 percent.
The Verge Coin being listed on Bithumb was the first sign of recovery after the attack that affected the cryptocurrency.
The XVG coin has been listed on other platforms since then. You can now track and purchase this virtual coin on the Bitcoin Superstore, Gold Label Project, and Blockfolio Signals. The Living Room of Satoshi, which is a major platform for the Australian market, also recently added this coin.
It is likely that other exchange platforms will list this virtual coin if demand increases. However, it’s important to keep in mind that these exchange platforms offer hundreds of different coins so being listed on these platforms doesn’t necessarily make the XVG coin more visible.
Recent Verge Coin news has had a positive impact on pricing. The coin’s listings on several major exchange platforms have improved confidence from investors and crypto-currency users.
The coin is currently ranked between the 45th and 40th position in terms of market cap. It is trading at $0.007091$ per coin at the moment. The current market cap exceeds $108,000,000.
The price of the XVG coin has been fairly steady. It increased in December when the coin was listed on Bithumb and slightly decreased after this announcement.
Price Prediction For The Verge Coin
The Bithumb listing had a positive effect on the price of the Verge Coin. It is likely that more major exchange platforms will list this virtual coin and contribute to increasing demand and value for the XVG coin.
Right now, the crypto-currency market is slowing down. Demand and prices are down even for the most performing coins.
The partnership with different exchanges is giving the XVG coin some staying power. The coin is accessible, liquid, and attractive since it can easily be traded for real cash. Not all virtual coins have these advantages.
The Verge Coin also benefits from a solid team of developers who have been dedicated to this project since the beginning. New features are added regularly and there is a commitment to improving the networks that are making Verge Coin one of the best options for privacy.
The Verge Coin is somewhere around the 40th position on the crypto-currency market. This means there are other more popular options to consider, but the XVG coin is benefitting from a steady price.
The price dropped to $0.055 in December after the announcement from Bithumb and has increased to $0.007 since then.
Keeping your XVG coins is a sound strategy for now. If you are looking to invest in cryptocurrency, the Verge Coin is a good option to consider if you want to create a diverse portfolio. The Verge Coin is an interesting addition to your portfolio if you want to conduct private transactions.
Other virtual coins rank higher and have a stronger demand. However, the XVG coin has a promising future now that it is listed on several major exchanges. The Verge Coin also offers advantages that other cryptocurrencies don’t have by keeping transactions private.