Blogs
Does it still make sense to HODL XVG after multiple attacks?
Verge is known for its privacy-centric nature. How does Verge achieve this? Well, Verge uses a wraith protocol that runs on Verge’s Blockchain network, you can send and receive payments privately and benefit from the stealth addressing services that the XVG network has to offer. Basically, you can perform quick anonymous transactions at high volumes with low fees making Verge one of the most in-demand coins for crypto enthusiasts.
Attacks on the Verge network
However, recent reports about a breach on the Verge network have led to doubts on whether Verge’s wraith protocol is capable of providing safety and privacy to the network as well. It’s a common understanding in the crypto space that you can only choose one between scalability, privacy, and security. Recent reports of a 51% attack on verge’s network are a clear indication that Verge decided to have privacy over security and this has not helped the altcoin’s growth momentum gain speed of late.
After a series of partnerships with a variety of industry-leading companies including the deal with Pornhub, many crypto investors are still bullish on this crypto coin and for a good reason. To begin with, unlike most altcoins XVG is on its own category. After all, the privacy-centric space is still pretty new and there are only a few coins that can compare to what verge XVG is offering.
Could privacy save XVG?
Among its peers are altcoins such as Monero, Zcash, Dash and Zencash to mention a few. These cryptocurrencies have been the envy of most with such a strong lure to investors. Is XVG’s privacy-centric feature enough of a reason to hold the coin despite recent attacks? Well, probably not but let’s take a look at the journey that Verge has made so far and analyze whether it’s still a good idea to invest in XVG.
Believe it or not, Verge started out as DogeCoinDark. The cryptocurrency was a fork of Bitcoin that was created in 2014 with the main aim of improving Bitcoin’s privacy. The good news is that the vision and purpose behind what used to be DogeCoinDark has remained pretty much the same even after it was later on rebranded in 2016 into what we know today as Verge coin.
Is Verge truly anonymous?
But the question begs, is verge truly anonymous? Well, although Verge claims to be an anonymous coin it’s not completely obfuscated. Verge integrates an onion routing protocol that is basically an anonymity network run on TOR IP addresses to obfuscate transaction and make them untraceable.
However, while this might work for browsing online, it is certainly not full proof when applied to publicly distributed ledgers. Sure you can obfuscate your IP address, but regulatory officers will only be required to conduct a Blockchain analysis to find out the identity of the transacting parties on the network.
It’s the reason why Monero implements a ring signature on top of its stealth addressing to boost anonymity on the Blockchain and not only in terms of IP addresses. Perhaps Verge can borrow a leaf from long-standing privacy coins like Monero and Zcash to not only build stronger anonymity protocols but to also regain the confidence of its community.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
