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Verge (XVG) Provides Privacy Without Sacrificing Confidence

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Verge

There are private coins that exist solely to obfuscate transactions. Then there are private coins that exist to protect their users. Verge’s XVG is the latter, using their strong anonymity protection to ensure that their coin remains decentralized and uncontrolled. They maintain a public ledger, and all transactions are transparent, ensuring that blockchain validity is monitored. The combination makes Verge a strong choice for investors looking for privacy, without entirely eliminating accountability.

Open source and fairly distributed, the Verge cryptocurrency avoids the pitfall that many coins face. Their development team holds no overwhelming amount of the original allotment of coins, and as such, there should be no fears that they will suddenly flood the market. Their inability to pull an exit maneuver is an added feature of the blockchain’s validity. It’s also a good sign for those looking to invest.

From DarkDoge to Verge

Verge began life with the name DarkDogeCoin. This somewhat marketing unfriendly name came about as a result of their focus on the DarkSend system currently in use with DASH digital currency. Users sent a specific amount of coins. That specific amount is divided and scrambled with other senders to eliminate tracking. In 2016, they re-branded under the current Verge name. The focus hasn’t changed, but the unnecessary comparisons to the DogeCoin meme-based cryptocurrency are readily avoided.

Ultimately, the purpose of Verge continues to be anonymous, easy transactions. Their blockchain design is quick and efficient for use with real-world applications – transactions fees are still fairly low, and the chain can process 200 transactions per second. This is drastically higher than Bitcoin itself, in line with other coins from the early eras. They have announced their intention to incorporate RSK technology into their blockchain, which would enable up to 2,000 transactions per second.

Transparent Stealth

Anonymity and the obscuring of user data is not only the major component of the Verge blockchain. It’s also the founding reason for its creation. Initially focused on the DarkSend software developed by DASH, they have expanded their options and opened up new avenues to allow for complete obscuring of personal data. Currently, they offer transactions through both Tor and I2P. Both allow the removal of geolocation and identity usually tied to transactions.

At the same time, the developers of Verge are aware of the necessity of a visible, public, distributed ledger to validate transactions and provide some form of auditing for the system as a whole. Otherwise, users have no way to verify Verge’s decentralization claim. It would be possible to drop large amounts of XVG into the system invisibly.

Verge or Monero?

Monero has a high level of buzz lately, and not all of it for good reasons. As a completely private coin, they run the risk of use for a variety of unsavory purposes. Almost invariably, if a website is caught mining cryptocurrency through embedded code – it’s Monero. Still, this is not the fault of the cryptocurrency itself, but the people who are using it. Monero is only a tool.

At the same time, Verge sidesteps these issues with their public ledger and transparent code base. No one is going to be using the Verge blockchain to launder massive sums of money, and their mining is equally transparent. While both coins exist in the ‘dark web’, Monero’s design uniquely suits the space. Verge has with real-world usability, and that means certain fail-safes that make the currency less attractive to criminal elements.

Verge into the Future

Unlike their various competitors, Verge did not have a pre-mine. Where many coins are switching over to a Proof of Stake algorithm, Verge has decided to remain Proof of Work. This prevents hoarding of XVG by those with a large initial capital. Further, they have a multi-algorithm mining platform that allows almost any mining rig to join the network – ensuring additional decentralization in addition to a larger potential mining pool.

Verge recently enjoyed one of the largest spikes in value in cryptocurrency history – going up over 800% as a result of the words of John McAfee – a controversial figure in the cryptocurrency sphere. This coincided with the market spike at the end of last year, resulting in very high returns for those that happened to be holding XVG at the time. While it is unlikely to see that happen again, Verge continues to be a solid project with a promising future.

We will be updating our subscribers as soon as we know more. For the latest 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 and read our full disclaimer.

Image courtesy of g4II4is via Flickr

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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