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Verge (XVG) Latest Developments: New Wallet, New Codebase and possible Smart Contracts

Through his medium.com page, Marvin Piekarek, a software developer at Verge, updated the crypto-community on the recent developments in the Verge (XVG) project. The team at Verge has been constantly improving communication to its fans and the general crypto community.

In the update by Marvin, he announced the following:

  1. The team is designing and coding the newest version of the Verge Wallet to bring the latest and greatest release yet with the following features: decentralization and security, better user experience, reliability, open source and community driven.
  2. The team is upgrading the Verge Codebase to Bitcoin v.0.13. This is mostly because of updated security protocols and plans for further improvements in the future. The new Bitcoin codebase offers a solid foundation for the Verge project. They are also working on integrating RingCT (Ring Confidential Transactions) to increase privacy and data security.
  3. Exploring the potential of the RSK smart contract platform in the Verge project by possibly adding a sidechain

Other recent developments

The team at Verge (XVG) can be applauded for dealing with the hacking situations on the blockchain with an attitude that shows leadership as well as willingness to learn from mistakes. Right after the last hack, Twitter user @CryptoRekt, who is the Author of the XVG Black paper, had twitted his belief that for every challenge or problem, lies an opportunity to grow. Another core member of the XVG team, Cees Van Dam, had called on the entire crypto community to come together and unite during that time period of the hack.

Also to add is that the team at Verge has more or less been making more partnerships and pushing XVG adoption with the most notable outlined below:

  • Bamb-U Australia accepting XVG as payment for its products such as watches and sunglasses
  • Audio cable company, Panchanko, partnering with Verge and  accepting XVG as a form of payment
  • Royal Queen Seeds, a cannabis company in Europe, accepting XVG as a form of payment
  • An indirect partnership with Litecoin Foundation after it purchased a stake in WEB Bank through its TokenPay partner which is also a partner of Verge

The team at Verge is also continually thankful of the community that supports the project not only during the good times, but when things do not go as expected like during the hacks on its platform.

Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.

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Verge (XVG) Software Patch Uploaded On GitHub, Concerns Still Linger

A Software patch from the Verge (XVG) development team was uploaded on GitHub just yesterday, May 25th. The announcement was made via Twitter and by Kris Chase who is an adviser for the XVG project in terms of marketing and operations.

In the tweet, Kriss informed the Verge Family the following:

A patch has been deployed on Github (10 hours ago). Update has been successfully pushed to GitHub. Please keep in mind process to reactivating exchanges etc. may still take some time.

This was welcome news to the Verge family and project but there were still questions and concerns expressed by XVG HODLers and users. The concerns were aired in response to the tweet by Kriss. Most users were concerned that the patch might not work as planned and that the solution was not adequate.

One user known as @BrianPotter had this to say:

I see no communication to reassure me that this “patch” won’t result in another hack. What exactly was done to convince the community that this time warp exploit won’t happen again?

His sentiments were echoed by @Wax_B who tweeted the following:

changing the drift is not a proper fix to prevent these attacks. He spent 3 days on this simple fix to change the drift interval? This is laughable.

@LariNoar was not impressed with the patch also:

This “patch” doesn’t fix the exploit… this was already said beginning of april. You should stop risking your investors money… #vergecurrency #altcoins #xvg #cryptocurrency

The patch helps in that it gives a solution to the vulnerability that caused the previous hack. However, with the concerns highlighted above, one can only suggest that the XVG development team come up with a bug bounty program as hinted earlier by Ethereum World News. Such a program would involve the Verge fam and would be an avenue for all the amateur and professional developers out there, to try their luck at finding more vulnerabilities with the project’s code. Any such vulnerability found and reported would in turn be accompanied by a reward to the developer who found it.

One twitter users @delordsQuest made one such suggestion to improve the code:

Kindly talk to @jaredctate & team to help implement #digiShield. You & yours will have peace of mind from thereon. cc @DigiByteCoin

In conclusion, the crypto-verse will on occasion be plagued by hacks and vulnerabilities. This is normal for any code that is in use today. One way of solving this issue would be to have a bug bounty program and also to have the community alert the crypto-verse whenever there is a hack as was witnessed with the one just experienced by XVG.

The post Verge (XVG) Software Patch Uploaded On GitHub, Concerns Still Linger appeared first on Ethereum World News.

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Possible Verge (XVG) Hack Ongoing, Minting $1,000 Worth of XVG By The Minute

News reaching Ethereum World News indicate that popular privacy coin Verge (XVG), is currently the victim of an ongoing hack that is exploiting vulnerabilities to print out $1,000 worth of XVG by the minute. In the report, the bug in the software is similar to the on that was exploited only last month. The bug at the time was given the name ‘Time Malleability’ and was being exploited by hackers playing around with the timestamp during mining.

All the miner had to do (last month) was to provide a ‘spoofed’ timestamp on the block that was an hour earlier than the actual time. The XVG protocol would then think that the last block mined on that algo was one hour ago. In the subsequent block with the current time, the protocol would allow this ‘fake’ block to be added to the main chain as well.

It was in effect creating new coins out of thin air by playing around with the timestamp of the blocks. The XVG team rushed to fix this bug which has since been described as a ‘Band Aid’ by users on BitcoinTalk.org who had this to say about the past and now occurring hack still minting XVG out of thin air:

Since nothing really was done about the previous attacks (only a band-aid), the attackers now simply use two algos to fork the chain for their own use and are gaining millions.

Both algos, scrypt and lyra2re can be rented easily for a few bucks at nicehash, they simply send one block scrypt, after that a block lyra2re and so on and all with manipulated timestamps thus lowering diff to lowest possible mining several blocks per minute like this

Screenshot on BitcoinTalk.org highlighting the forking of the XVG chains to mint new coins

The worrying part of this news is that the activity is still ongoing at the moment of Ethereum World News receiving the news. Reddit user Flenst had this to say with respect to the amount of XVG being minted by the minute.

Earliest block I found as a starting point is 2,155,913. https://prohashing.com/explorer/Verge/ still shows the current growth of the blockchain at around 25 blocks per minute resulting in 18250XVG or 950$ per minute for the attacker.

Currently sitting at around 650.000$ worth of XVG.

The reddit post would later be updated as follows:

Oficial block explorer is back online, with a WAY higher blockheight, 2.205.900 is one of the last blocks from the attacker. Roughly 50.000 blocks were possibly mined from the attacker resulting in around 1.900.000$. Still not sure what to think of this sudden stop on the official explorer, will have an eye on it.

It seems the attack is over, 35.000.000 XVG were generated in a few hours. But this also means there is still no fix and this is possible at any time again. Meanwhile the only official info out there is “mining pools are DDoS’d”.

What now that worries a lot of crypto-enthusiasts, and in particular the XVG community, is the following:

  • Is XVG code really ‘solid’ and secure?
  • How will the possibly newly minted coins affect the value of XVG in the markets?
  • Will the hacker sell all to pump and dump?
  • Is the Verge Team aware or even working on the bug fix?

Current market analysis indicate that XVG is currently down 6.37% in 24 hours and currently trading at $0.0512. This is in tandem with the current market dip being experienced by the entire market.

The post Possible Verge (XVG) Hack Ongoing, Minting $1,000 Worth of XVG By The Minute appeared first on Ethereum World News.

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Verge (XVG), Spotify Partnership Idea Gathering Massive Support

It seems like the Verge (XVG) Project is not done with the crypto-verse in terms of announcements and partnerships. Only yesterday Ethereum World News reported of two new listings of the coin. XVG is now available on Gate.io and Bitbns.com for trading. Also to remember is the notable Pornhub partnership that shocked the crypto-verse back in April. This was later followed by TrafficJunky partnering with XVG on the 4th of May. XVG payments on the advertising platform will be operational from the 7th of May.

Currently, the campaign to have Spotify accept XVG as a means of payment for Spotify subscriptions, is gathering steam online and looks to have gathered over 3,000 votes on the Spotify community webpage.

On the webpage, and where the request was launched 2 weeks ago by XVG Volunteer wit_sec_birb, there are over 550 comments on the post and this number shows no signs of stopping. This has then bumped the Verge/Spotify idea to being a Hot Topic on the Spotify Community.

XVG Europe Marketing team member Cees van Dam is quoted as tweeting the following about the progress of the idea:

#vergefam, the #xvg partnership idea with Spotify is now marked as a hot idea. Keep voting and show them the power of this amazing community.

In the communication on the Spotify Webpage by XVG Volunteer wit_sec_birb, also known as Dan, he says:

“We are extremely excited to announce that we have recently partnered with Mindgeek, a privately held company that owns and operates over 85% of all the adult entertainment industries websites and applications. As we have seen with past events in history, what the adult entertainment industry adopts – The world adopts. The adult entertainment industry has paved the way for many huge innovations such as the popularizing of VHS tapes, the internet as we know it today, Virtual reality and now cryptocurrency…With all that being said – Establishing this partnership will inevitably ensure a massive increase in demand for a direct way for consumers to be able to purchase VERGE/XVG direct with their Credit, Debit and Bank accounts.”

In conclusion, a Spotify/Verge partnership will enhance the public visibility of not only XVG, but the entire industry of Crytpocurrency. As of January 2018, Spotify had  a massive 70 Million paying subscribers world wide. The Crypto-Verse need only 1% of this number to pay for their subscriptions in XVG and crypto mass adoption would have been catalyzed.

[Photo source, theverge.com]

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Delayed Pornhub Effect? Verge (XVG) Surging By 24%

Social media is abuzz with the current 24% surge of Verge (XVG) in the cryptocurrency markets. The small coin that packs a punch in terms of privacy is currently trading at $0.0836 and looks like following in the footsteps of Tron (TRX) yesterday when the token hit the 10 Cent value after a similar rally as the one Verge is doing.

However, this would not be the first time Verge is going past the 10 cent marker. On April 17th, as the crypto-verse awaited the announcement of a new partnership, XVG had reached levels of $0.114. As soon as Pornhub was announced as the new partner, the value plummeted to around $0.062: a drop of 45% in less than 12 hours.

As much as this news was shocking, it was a perfect fit for the two organizations. Now, Pornhub users can pay for subscriptions using the anonymous coin known as XVG. No more worries of having a credit card statement with a charge to the popular porn site. Also, the user now feels at ease whenever he pays for subscriptions for he is amped by the fact that it is all anonymous. All he needs is a username, password and email address.

So what is causing XVG to surge?

One possible explanation could be the recently created Verge Channel dubbed Verge Tweet Repro. The sole purpose of this channel is for the followers to read and retweet every tweet posted on the channel by the Verge Team. This means the current 3,632 followers serve as potential Retweeters for the Verge Currency project. They provide the much needed P.R mechanism needed for the project. The initiator of the channel is a genius in my opinion.

Such a feat would be the reason the currency is surging today amidst the rest of the market glowing red save for Bitcoin Private that is also in the double digit arena and doing 32.76% in gains. Bitcoin Private is currently valued at $42.34.

In conclusion, the current rally proves that Verge is really making major moves in terms of marketing and public relations as earlier promised by Justin Vendetta and the Verge team when they were planning the crowd funding efforts earlier in March. The crowd funding resulted in the community donating 76,281,217 XVG at the moment of writing this. This is an amazing achievement in a period of time that is little over a month.

The future looks bright for Verge!

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More Verge (XVG) Porn Industry Adoption Might Follow After Pornhub

On April 17th and less than two weeks ago, Verge (XVG) and popular pornsite, Pornhub, announced a partnership that was at first initially shocking. As soon as the shock subsided, it then dawned on many crypto-enthusiasts that such a partnership was a match made in heaven. This is because XVG focuses primarily on privacy and no one wants to have a credit card statement with a charge to a porn website. So it is only natural and automatic that new subscriptions be anonymous on the blockchain.

The news of the partnership was well timed in a period where the FBI has been cracking down on sex marketplace websites such as backdoor.com. The FBI claim that the website was a bit too relaxed in clamping down on sex trafficking and has been indicted for facilitating prostitution, conspiracy and money laundering-related charges.

Although pornsites have not reached the levels of backdoor.com, it is only natural that other sites in the industry will follow suite with finding a privacy cryptocurrency to partner with such as Verge. In the announcement on their website, Pornhub was stated as saying:

“The future has come. In our efforts to keep current with our community’s privacy and payment preferences, Pornhub will now be accepting Verge as a means of payment for services like Pornhub Premium and more, on our platforms. Building on Verge’s core values of security, anonymity and practicality, the introduction of this cryptocurrency as a means of payment Pornhub signifies an important foray into the future from the industry that is always on the cutting edge of technology.”

What has been noted with the porn industry over the years, is that once one website does something revolutionary, the rest follow suite. Remember that back in the day, pornsites were available exclusively through subscriptions. But through some magic by a relatively unknown guy called Fabian Thylmann, porn became free. He brought in an era where anyone with a video camera, would be a porn director and upload his or her own clips online. This guy was also the founder of a company known as Manwin which is now currently known as MindGeek.

The latter company is the owner of Pornhub, Brazzers and over 160 other pornsites.

This means that the rest of the porn industry will most likely follow suite and start accepting Verge as a form of payment for subscriptions.

Using the above premise, XVG is not a bad coin to buy and HODL for some time.

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World Famous Pornhub Now Accepts Verge (XVG) For Subscriptions

Just a few minutes from the much anticipated Verge (XVG) announcement, it was revealed via Reddit that Pornhub was the new partner that Verge had managed to acquire. Further investigation of the claim shows that Pornhub.com does indeed accept Verge as form of payments for its subscriptions that range from $9.99 per month for a one time payment, or at a discounted rate per year of $95.88. The latter tabulates to $7.99 per year: $2 cheaper per month than the one time monthly fee.

In the pornhub subscription page, the site describes the news as follows.

The future has come. In our efforts to keep current with our community’s privacy and payment preferences, Pornhub will now be accepting Verge as a means of payment for services like Pornhub Premium and more, on our platforms. Building on Verge’s core values of security, anonymity and practicality, the introduction of this cryptocurrency as a means of payment Pornhub signifies an important foray into the future from the industry that is always on the cutting edge of technology.

With this statement, Pornhub is in line with protecting the privacy of its users in an age where there is a crackdown by the FBI on sex marketplace websites such as backdoor.com. The site was seized by the said FBI less than two weeks ago. This is in a bid to end forced prostitution and child exploitation from continuing in the web under the disguise of regular escort services. Pornhub is keeping pace with changing technology and offering satisfactory customer service with the added benefit of privacy.

Verge’s Wraith Protocol allows the user to switch between the public and private ledgers of the network. This means that the financial privacy of the user is guaranteed. What the user needs to provide on pornhub.com is a username, password and an email address.

However, several Verge community members believe that this is not the true new partnership. They believe the partnership will be announced in the next few minutes and will be greater than the world famous pornhub.com.

[Photo source, pornhub.com]

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Verge (XVG) Launches New Website And Donation Drive

It is safe to say that the team at Verge (XVG) is firing on all cylinders and has made up for the debacle of December 31st. For those who are not aware of this event, Wraith protocol was slated for release on New Years. The buzz and excitement in the Crypto-verse was evident as everyone was hyped for the New Year and the New possibilities of the privacy promised by the Wraith.

What then happened was a case of confusion due to time zones and which would be used as a reference for an exact release time. It was determined it would be Florida time (UTC – 5) and everyone was excited to the point of XVG reaching record levels of $0.23 that night. But Wraith was not released until the 8th of January. But the damage had been done and XVG fell to $0.061 by January 17th: a drop of 73.4%.

However, as mentioned, the XVG team has learnt from its mistakes and has been delivering promise after promise.

One exciting promise that was kept was the release of a new and improved Verge (XVG) website. Just by looking at the color scheme alone and the layout of the new site, one can tell that they mean business in terms of private transactions on the blockchain.

vergecurency.com screenshot

Also to note, is a fund drive initiated by the team to further development of the project in different aspects. You can donate to their efforts as the project is not for profit to the point of the team coming out of pocket for some Verge project activities. They more or less work pro bono but are emphatic about the Verge community helping to raise funds. You can donate to the following XVG address: DLv25ww5CipJngsKMYemBTBWH14CUpucxX

The donations will help cater for marketing, Ledger Nano S integration, enabling the Wraith Protocol on iOS wallets, partnerships with large scale companies and adoption of the currency and protocol in real world applications.

In conclusion, the Verge (XVG) project is really gathering some considerable steam in terms of developments and increasing communication to the Verge Community. They should be hailed as an example of how a team can learn from its mistakes and come out looking better and stronger.