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Verge (XVG): The case of copying ‘hack fix code’ and staying dishonest

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Verge (XVG), an age-old currency in cryptocurrency time, seems to be a darling to controversy and headlines. From announcing blown up big bombs news of their partnership with Pornhub to the more recent headlines of copying hack fix codes and denying it, the cryptocurrency seems to be creating a space for itself in the market.

The secure incognito virtual currency that uses multiple anonymity-centric networks that utilize open source protocols based throughout the world has been a victim of two protocol hacks in a span of two months with the latest one being last week.

It took Verge developers about three days to bring the situation under control and fix the problem, which some critics say hasn’t been fixed at full, leaving the platform vulnerable for another attack through it might be harder to perform.

Like that wasn’t enough bad news for them, new information emerged claiming the ‘fix’ was copy pasted from an obscure digital currency that launched in November 2017. How does the Verge team react to this news? They try to spin the story and give conflicting information to look like they were the victims of this cyber-robbery.

Records from Github show SHIELDcoin, who claim to be the original owners of the code had implemented the ‘fix’ code around a month ago while Verge records show they did so about three days ago.

It’s not uncommon for programmers and developers reusing others’ codes for their benefit, in fact, copying open-source codes that are not protected by patent rights is legal and morally acceptable. Nevertheless, lying about it and claiming ownership of the code is just intellectually corrupt and morally wrong.

Verge forgot to fix the difficulty calculating code and thought changing the block time was enough. This backfired on them. It is also worth noting that Verge (XVG) developers are alleged to have copied Bitcoins code in creating their platform.

XVG is evidently a fork of a fork with the above two alleged plagiarism being the third time the developers ‘just copy pasted’ other people’s codes to suit their convenience. They still stand on their ground that ‘hack fix code’ might have been their first time to copy paste.

Now, they are working round the clock to come up with an entirely new codebase seemingly because they hardly knew how the current codebase operates, and apparently because they have now learned how to code rather than just plagiarizing other people’s work. Verge development team is not heading to any pressure to accept their offense; they claim it’s the later who copied from them.

More interestingly, it seems Verge (XVG) fans do not care about these allegations as they chose to continue preferring this digital currency in their online transactions refusing to burg under the pressure of the media.

To be considered a ‘serious’ cryptocurrency in the market, a crypto must be good at not only knowing how exchanges work and how mining pools work, but you must also know deep understanding of cryptography, platforms, economics, hardware and many other factors. Anything less from this paint a shaky image on your currency for investors to have confidence. So, it’d be better for Verge (XVG) team to be more transparent and put-in the ‘real’ efforts.

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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.

Image courtesy of Janeke88 via Pixabay.com

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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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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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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