A History of Verge – Understanding of the reference price peaks

December 19, 2018 Coin Payment

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Verge wallpaper

Verge is a privacy-focused cryptocurrency originally launched under the name of DogeCoinDark in October 2014. The project was created to maintain anonymous and untraceable transactions.

Unlike most of his peers, Verge does not use cryptography so much. Instead, it offers its anonymity by exploiting Tor – which hides your IP address by encrypting your traffic and sending it across a chain of computers around the world – and L2P, which offers peer-to-peer routing. Using their Wraith protocol, Verge users can perform public or private blockchain transactions.

Although its initial name may make you believe that Verge is a fork of Dogecoin, it is actually a completely different blockchain that uses a mix between a proof of stake and a proof of work protocol.

It sparked a lot of controversy when he announced the following thread title:

"[ANN][DOGED] DogeCoinDark [POD] – Scrypt – Global Darknet is LIVE! Untraceable! "

While privacy is a great feature, this type of advertising that refers to illegal payments on the market has been rather inappropriate.

The first 450 blocks were extracted quickly, and then DogeCoinDark was then extracted from a popular service called Proof of Developer, discovering that the founder was the only person behind the project.

rebranding

In February 2016, wanting to separate itself from the associations for the Doge brand and the "obscure" reference, DogeCoinDark was renamed Verge. Since then, the project has been dedicated to legitimacy and adoption by the general public. After the February 2016 rebrand, the project has grown to a $ 1.5 billion currency.

The group

The main developer of Verge is Justin Erik Valo aka Justin Vendetta or Sunerok.

Like most of the crypto market, Verge is an open source project, which means that there is no company behind Verge. The currency is supported by the community, which means that there is no stable, full-time team and no physical establishment from which the projects perform its operations.

The advantage here is that anyone can propose changes or improvements to the blockchain and, if the suggestion is voted by the majority of people, the changes are then implemented.

The downside of this agreement would be that team members can not remain completely anonymous forever, which leads to a page of the anonymous team that is constantly changing.

Wraith protocol

What is the wraith protocol?

Wraith Protocol is a technology designed to allow the user to easily switch between public and private records on Verge Blockchain.

The Wraith protocol was announced at the beginning of September 2017 and the launch was scheduled for the following month. Because Verge always intended to function as a private currency, the protocol was created to add additional features that users could activate whenever they wanted.

The launch of the protocol missed its initial deadline and was delayed by three more times, even the final deadline, on 31 December 2017, was lost. This led many traders in the Verge community to panic and sell their holdings, which in turn caused a sharp drop in prices, from $ 0.129 to $ 0.096.

The feature film was officially in January, but was quickly criticized for the numerous delays and "lack of originality and usefulness". The output generated a massive price action, the value remained around the value of $ 0.11.

The McAfee accident

On December 13, McAfee appeared to be a very vocalist supporter of Verge and other Monero and ZCash privacy coins in a series of tweets made by his Twitter account. He reiterated his preference for money and even shared a goal of raising 150,000% in a DM with a follower. Speaking of its potential, McAfee's influence has helped increase the price of XVG.

While the price has risen from $ 0.01 to $ 0.15 in a few days, McAfee has made a 180 round and denied its $ 15 forecast, claiming that its Twitter account has been hacked.

Some find it hard to believe a computer security veteran as if he were the victim of a hack. Community members say they have also supported Verge on other social accounts, adding further confusion to the issue. In addition, he began to actively discredit the currency and make fun of the Wraith protocol at the start of 2018.

Another influencer from Verge, XVGWhale, shared a series of messages between him and McAfee on his phone, where he ultimately claims to have increased Verge's market capitalization alone and claimed over $ 1 million as compensation for his contribution. Two days later, XVGWhale claimed that his Twitter account had also been hacked.

L & # 39; Hack

In the November 2017 incident, CoinPouch, a portfolio approved by the Verge team, lost about 125 million XVG in a hack. Nobody really knows what happened, because none of the parties wants to take responsibility and the account in which the coins were transferred suggests that the hackers could sell them through an exchange.

The address still remains one of the 100 best richest Verge wallets, which together hold 96% of the total supply, most of which has already been extracted. Only 6,000,000 of XVG were transferred from the portfolio by the accident.

The Hard Fork

On April 4, 2018, Verge announced that it suffered a minor hash attack but that the problems had been resolved. However, it emerged that the problem was neither resolved nor minor.

An XVG miner revealed that coins could be minted every time you wanted to use timestamp spoofing on new blocks. And someone had already done it every second for about 13 hours. To solve this problem, Valo implemented a new code, which modified the clock drift to stop spoofing.

But while this solved the problem, it also caused the chain fork, making all the updated wallets and clients unusable.

Things have been corrected, yet the event has generated a negative wave in the community, criticizing the technical competence of the team and their method of handling such situations.

It is important to remember that Justin knew of the inevitability of a hard fork, which is a logical thing when a drift modification is performed in the codebase.

The crowdfund problem

At the beginning of October 2017, Verge started a crowdfund with a target of 1,000,000 of XVG, about $ 6,600 at the time. The goal was achieved within a week, with over 1.8 million donated XVGs.

But the last crowdfunding of Verge in March did not go so well. The target set was 75,000,000 XVG or ~ $ 3,000,000. Valo also promised to announce an important partnership, but this announcement has been delayed repeatedly.

On the last day before the proposed deadline, one of Verge's existing partners, Tokenpay, donated 66.5 million XVG, or almost 90% of the target.

On April 17, Valo revealed that he could not access his funds on Coinbase. $ 1.5 million has vanished from the fund portfolio and has been transferred to the portfolios held by the Binance stock exchange.

Despite everything, the price of Verge increased from $ 0.04 to $ 0.10 in the days prior to the announcement. When the partnership was finally announced, the price of the coin skyrocketed.

The Pornhub partnership

On April 17, Verge announced that it has partnered with the adult entertainment company MindGeek, allowing its cryptocurrency to be used as a payment option on Pornhub for its adult content.

"Cryptocurrency Verge has signed a partnership with the Pornhub adult entertainment site, and customers will be able to pay for all purchases at Pornhub's request via the new method – something the site's fans wanted for a while. ; Pornhub said that a cryptographic payment method has passed a list of suggestions on the site feedback forum. "

This partnership is considered one of the largest cases of cryptocurrency adoption by a completely different industry so far.

The other MindGeek platform, Brazzers, has also started accepting XVG for payments.

For all the criticisms that Verge deserves, this case of use is both great and legitimate, which will probably have a great halo effect for the crypto community in general.

German banking partnership

Through its partnership with the TokenPay payment platform, Verge has closed an agreement on 27th in April with the German bank WEG Bank AG. This partnership led to a huge demand and consequently led to a surge in the value of XVG of 22%. The partnership will release a highly anticipated debit card that will allow XVG owners to use them as normal cards issued by banks.

Bitfinex List

On May 1st, the popular Bitfinex cryptocurrency platform has listed Verge's currency on its platform, allowing traders to trade it with BTC, ETH, USD, EUR, GBP and JPY. Once again, this gave the currency a significant increase in value, up to 20%, while most of the cryptocurrency market suffered a decline.

CoinPayments

On May 2, CoinPayments, a gateway for cryptocurrency payments for most e-commerce platforms, announced that it will support Verge.

Considering his past problems and the way he managed to resist when the market crashes occurred, we can certainly say that Verge is a very strong currency. This cryptocurrency will probably live more growth in the future thanks to its numerous developments and partnerships.

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