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Verge (XVG) sinks, and even Pornhub can’t come to the rescue

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Verge XVG

Cryptocurrencies have already proved themselves as profitable ventures with more and more of them emerging while many companies continue to show interest in using them.

Some companies have even gone further to launching their digital coins that have navigated the waters to advance and become relevant. However, many emerging cryptocurrencies fail to consider one crucial fact adequately, and that is network security.

Blockchain Safety

Many people will agree to the fact that they have heard news of blockchains being secure and transparent mediums of transacting. However, this might not be entirely true to all blockchain technologies; blockchain is still a relatively new technology, and in its initial stages that require a lot of further enhancement and development, especially in the area of security.

Because blockchains are the platforms that are holding virtual currencies that are in demand in the current time, makes them a bigger target to hacks and bug attacks. The legal repercussions associated with hacking or attacking a blockchain are quite high and severe, but if successfully done, the attack is likely to bring huge rewards to the hackers.

The Problem with Verge (XVG)

Late last month, Verge suffered yet another 51% attack that affected about 35 million XVG digital coins in less than five hours. This was shortly followed by a 14% Verge’s XVG price decline in the time duration of 24 hours. The recent attack is not doing any justice to the privacy coin, Verge (XVG), denting their credibility and image as a viable cryptocurrency.

In April, an unknown hacker managed to gain entry to the network minting XVG coins while blocking other users, at the time, from making any transactions. Other attacks have followed since them, and they are severely affecting the prices of XVG.

Now trading at $0.038 and assuming a market cap of roughly $580 million, the position thirty-four as per Coinmarketcap virtual currency is significantly falling in value, and the end doesn’t seem to be near. The general perception by many now is, Verge (XVG) is not a secure platform.

Pornhub and Verge Relationship

When Verge (XVG) announced their partnership with MindGeek and Pornhub, the entire cryptocurrency community was left tongues wagging. The media referred to it as the “biggest partnership” in the history of virtual currencies. Many commended Pornhub for trusting cryptocurrency as a payment option although the decision to settle with Verge was highly disputed.

The partnership entailed allowing consumers of explicit content to pay for premium services in Verge while allowing performers the chance to be reimbursed in XVG. The partnership was catching momentum, but a change of tune is currently being witnessed.

According to a recent release by Anna Lee, the pioneer of Virtual Reality Porn, the adult site is experimenting with Vice Industry Token (VIT). She went to her twitter page to announce the “casting call” the website’s initial annual Pornhub Games, hosted by Asa Akira that promises to pay the top three performers $10,000 equivalent of VIT.

Although the new partnership between VIT and Pornhub is not officially announced yet, the rumor mill has it that VIT will be the elite sponsor of this years Pornhub awards. The virtual currency is quickly making a name for itself in the industry.

And clearly, this all shows that even Pornhub is not interesting in rescuing Verge while it depreciates. But of course, I, as a crypto enthusiast would not want to see any coin on the market fail, including Verge. Let’s see how it goes.

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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 Pxhere.com

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.

NFTs are already being actively traded in markets globally. For…

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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 been…

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