Most privacy coins are designed to solve these problems with encryption, while Verge attempts to resolve privacy issues when users connect to their networks.
Verge was born in 2014, its predecessor is DogeCoinDark, many people mistakenly think that this project is the currency of another branch of the dog, but in fact they are two completely different blockchain . The chief developer of this project is sung rok,
An event in 15 years brought the project into a storm. In order to promote the popularity of Verge, the founder of the project publicly advertised that Verge is particularly suitable for use on the dark network, in an attempt to increase the momentum of its community.
Although verge can provide anonymous services, if the official promotion supports Verge as a means of payment on the dark network, then this is two different things. We know that the dark network is a deep network, which is full of illegal transactions such as guns and drugs, so this involves legal risks. Therefore, during this period, this incident attracted criticism from many people in the encryption community.
Soon after, DogeCoinDark was checked by the popular service called Proof of Developer, which was actually only the founder alone, and the community was once again paralyzed.
With painstaking thoughts, in February 2016, DogeCoinDark was renamed Verge, hoping to draw a line between it and the Doge brand and the dark net. Since then, the project has been dedicated to the legitimate use of the public.
Positioning: Verge is one for the people and everyday use of encryption currency , which improved the original Bitcoin blockchain, aimed at achieving its original purpose, that is, individuals and enterprises to provide fast, efficient and decentralized direct The transaction method, while providing privacy protection.
Technical Features: Like the three anonymous currencies, Monroe, Dash and Zcash, Verge is also committed to protecting the privacy of users. If the public blockchain can display balances and transaction records, it is like your bank account exposure. It is easy to see balances and transfer records in the public eye, so this is unacceptable to many people.
Most privacy coins are designed to solve these problems with encryption, while Verge attempts to resolve privacy issues when users connect to their networks. It uses TOR and I2P to mask the user’s IP address and geographic location, and always maintains full confidentiality for anonymous transactions that cannot be tracked.
The Verge blockchain generates a block every 30 seconds. It supports 100 transactions per second. Compared to Bitcoin’s close to 7 transactions per second, Verge has a huge advantage.
Verge’s total supply is 16.5 billion, using consensus mechanism of POW workload proof , but unlike most blockchain projects, there are five work proof algorithms running on the blockchain, namely Scrypt, X17, Lyra2rev2 , myr-groestl and blake2s. Designers believe this can improve security and prevent 51% of attacks.
Ghost Protocol: Verge’s Ghost Protocol has a similar function to the zero-knowledge proof function, that is, you can choose whether to open the transaction information or not. There are two different types of books in the Verge blockchain, one for the public account and one for the private book. .
If you choose to open the ledger, then the ghost agreement is closed, the user’s transfer transaction information, etc. will be publicly visible; if you choose a private ledger, then the ghost agreement will open, the user’s personal information will be hidden, but the transaction amount will still be displayed.
In summary, Verge is designed to cover the user’s IP address and geographic location through TOR and I2P, to prevent users from being tracked by the network, and to protect personal transaction privacy through the ghost protocol.
Significant events: Between April 4 and April 6, 2018, an unknown hacker launched an attack on the Verge network and controlled the Verge network three times, each time for several hours, during which it was blocked. Any other user makes a payment.
To make matters worse, during this time they were able to dig Verge coins at 1,560 pieces per second (about $80) and roll away Verge coins worth more than a million dollars.
In mid-May, hackers again attacked the Verge blockchain and again took away millions of dollars worth of digital assets.
These two incidents directly led to community doubts about the technical security of the Verge project and had a direct impact on the value of the Verge currency. The hacker implementation principle is to reduce the difficulty of mining by timestamp spoofing, and to dig up more tokens than the protocol preset by greatly increasing the block submission rate.
As an anonymous currency, the Verge project has a unique approach to privacy anonymity. Five different algorithms are used to prevent cyber attacks, but in terms of actual operation, this design obviously does not achieve the expected results. Self-defeating.
Although the core developers have taken corresponding measures after the incident, most people still feel worried and lack of confidence from the reaction of the community. From the perspective of liquidity, compared with the other three major anonymous currencies, the flow of XVG Sex is currently not as good as the three major currencies.
[su_quote]This article is writing on 12 Aug 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]