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Verge (XVG): Bringing Blockchain Transactions into Daily Life

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Verge (XVG)

Verge (XVG) was initially named as Dogecoin Dark (launched in 2014). However, Verge does not share any attributes with Dogecoin. Wanting to break away from the Doge meme and the connotation the term ‘Dark’ has, the coin was renamed as Verge in February 2016. Verge was developed as a cryptocurrency to be used every day. The main objective of Verge is to fulfill the initial purpose of the Bitcoin blockchain, that is, offering commoners and various businesses an efficient, speedy and decentralized way of conducting direct transactions. The aim is also to maintain personal privacy.

Verge (XVG) is funded by the support of thousands of community members. Unlike many other cryptocurrencies, Verge was not funded by an ICO or through pre-mining. The maximum supply of Verge Coin was set at 16.5 billion. The reason for such a high market cap is that it would enable a large number of transactions every day. The transaction fee is 0.1 XVG and speed is usually 5-10 seconds.

Anonymity

  1. Tor Integration: Tor (The Onion Router) is “an obfuscation service which allows anonymous communication across a layered circuit-based network.” (as described in github.com) Tor drives internet traffic through an overlay network that features over seven thousand relays that has the ability to conceal a user’s location and usage data from anyone conducting a network traffic analysis. The encryption in the application layer of communication protocol stack in Tor is layered like an onion. The routing of communication is partially hidden at every loop in the Tor circuit. This way the communicating peers cannot determine the user’s location through network surveillance.
  2. I2P: I2P, as well as Tor, ensures anonymous access to online content. I2P uses a P2P style routing structure that works through layered encryption. Unlike Tor’s circuit-based routing, I2P executes packet based routing. The advantage is that it allows I2P to avoid congestions and service interruptions in a method akin to the internet’s IP routing. I2P is a highly complicated tunneling service that effectively hides all Verge data sent over the network. An I2P router of a client application builds many inbound and outbound ‘tunnels’, a sequence that passes data one direction. When a client sends Verge data to another client, the message is passed through one of these outbound tunnels by aiming at one of the inbound tunnels of another client. Finally, the data reaches its destination.

Wraith Protocol

The users can opt from public and private ledgers through Wraith protocol. This way the public transactions can be viewed by other users on the blockchain while the private transactions remain completely private. A user can also choose to completely hide the transaction data. Verge plans to send the private transactions data using obfuscated addresses through Tor. The recipient is the only one who can identify the stealth address and redeem funds. Cryptography of Verge is based on the well-established elliptic curves. Through this, the interested parties can share information and agree on the transaction keys and signatures without any knowledge of the observer.

Tor and SSL Integration

Prior to Wraith Protocol, the users of Verge’s CoreQT wallet conducted transactions through clearnet. Now, Verge is guiding them towards Tor. They have also ensured that the QT wallet will only be able to communicate with Tor such that the users remain anonymous. The Tor integration of Verge also combines SSL encryption that institutes a secure and encrypted link between wallets. SSL encryption ascertains that the transactions between the wallets are completed without being intercepted and altered.

Wallets

Verge uses the Electrum wallet that supports both Tor and I2P integration. The users will have the added advantage of secured offline storage of tokens. While sending XVG the user can sign the transaction with his/her private key offline. The clients can use another computer without any access to their private keys to broadcast the transactions online.

Electrum has a sound security system and incorporates passphrase key recovery and multisignature. The Electrum wallet links the decentralized servers that index the blockchain.  The users need not download the entire transaction history.

Verge (XVG) sustains two Android wallets; one allotted for Tor and the other for I2P. The mobile wallets sport security measures like biometric and PIN codes locking. These wallets also support QR codes to work with paper wallets. Another way in which Verge facilitates blockchain transactions daily is by allowing messaging transactions via Telegram, Twitter, Discord, and IRC. The tokens can be sent by providing the recipient’s username. A bot processes the transaction and stores the funds in a holding address. Then a message is sent to the recipient with proper instructions on claiming the fund.

In 2018, Verge plans to employ atomic swaps that will enable interoperability between Verge and other cryptocurrencies. Verge (XVG) is currently tackling the privacy issues of cryptocurrency and blockchain technology. Verge thus provides a high level of security and anonymity with the help of Tor and I2P that will encourage blockchain transactions in everyday life.

We will be updating our subscribers as soon as we know more. For the latest updates on XVG, sign up below!

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.

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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