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Does it still make sense to HODL XVG after multiple attacks?

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Verge
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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.

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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.

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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