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Verge (XVG) susceptible to another 51% attack? Here is what you need to know




The past few days have been nothing but turmoil for the XVG community especially when news broke out on Tuesday that Verge (XVG) had succumbed to a 51% attack. The attack came about as a result of a hacker managing to trick the Verge protocol and gaining 51 percent control of the network only to mine XVG at the least difficulty and make away with over $1million worth of XVG.

What is a 51% attack

The debate around the possibility of a 51% attack on most if not all coins have been ongoing in the crypto-verse for quite some time. In fact, with the recent ranking from the Chinese government showing Bitcoin and Verge being ranked at number 13, the Bitcoin community was all the rage, with critics dismissing the results for showing an unfair comparison between Bitcoin and Verge.

Granted, one of the main reasons Bitcoin has remained at the throne of the crypto verse is that it has managed, over the years, to withstand attacks such as the 51 percent attack. Basically, a 51 percent attack is an attack on a Blockchain network whereby the hacker is able to control the blocks on the Blockchain by having 51% control of the mining capacity of the entire Blockchain network. With such power, the hacker can mine coins at the least difficulty or shut down the entire network.

Comparing Bitcoin To Verge

For this reason, established Blockchains such as Bitcoin and Ethereum would require billions in terms of investments in computing power for any one entity to manage a 51% attack. This makes these networks impenetrable as it would cost more to hack than to follow the normal mining protocol.

It is a whole different case for verge as it is still a growing network vulnerable to such attacks. In fact, this was the second time Verge was attacked as indicated on CCN. Although the Verge protocol uses a rotational mining algorithm to maintain its ASIC resistance and also as a security mechanism, the hackers managed to gain control of two of the mining algorithms (scrypt and lyra2re) and used false time stamps to manipulate the network into accepting duplicate blocks into the main chain.

XVG Community responds with positivity

As reported on CNN the attack happened between block 2155850 and 2206272 as the hackers managed to mine over 30 million XVG coins in a matter of hours. The Verge team confirmed the attack in a post on twitter mentioning that “some mining pools are under DDoS attack” and that the network was “experiencing a delay” in the mining blocks. Verge has since moved to activate the emergency hard fork to address the vulnerability on their network

Although critics saw the move as a mere temporary solution for the problem, the XVG community has responded to the attack by sticking together as the Verge team works its way around a solution. CryptoRekt, the creator of the XVG black paper, posted on Twitter encouraging the community not to be discouraged by the loss saying that

Every challenge or problem… Is an opportunity for us to grow?

His comments on the issue were reiterated by other co-members of the XVG community who equally responded positively to the whole situation.

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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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XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange



Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited ( ), 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 ( ), 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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Should Crypto Projects Devote Resources to Community Growth and Marketing?



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



Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub ( 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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