Ever since the Verge (XVG) network was hacked back in May, and millions of dollars of the digital asset fraudulently minted, there has been an effort by the project’s core developers to change the codebase of the platform. In late June, the team at the Verge project had announced that they were upgrading Verge’s codebase to Bitcoin Core v.0.13. This was due to the fact that this codebase offered updated security protocols and a solid foundation for the project to continue on.
It is with this background, that the team at Verge have announced that they have finished rebasing Verge to Bitcoin Core version 0.13. The next move is now be to move it to Bitcoin version 0.17. This in turn will mean that the Verge network will be on the latest Bitcoin core base code complete with all the new features accompanying the code.
The team at Verge goes on further to explain this by saying:
Anyone can fork Bitcoin Core, change a few lines of code, and have a new coin. Since Verge has been around for a while, and we have our differences, the challenge has been to merge those differences onto the latest Bitcoin Core. Features like Tor, multi-algorithm, stealth addressing, are the things that make Verge different from Bitcoin Core.
Market Performance after the Sudden Market Decline
XVG has not been spared by the current sudden decline in the crypto markets. In a period of less than 2 hours, Bitcoin (BTC) dropped from comfortable levels of $7,300 to those of $6,990. As a result,the entire market was affected. XVG is down 14.8% in the last 24 hours and is currently trading at $0.0159.
The general feel in the crypto community is one of concern with September 30th being the deadline for the SEC to make a decision on the CBOE sponsored Bitcoin ETF. With only 25 days till then, it will be a tense three weeks in the crypto markets as many expect another postponement or a complete rejection of the ETF by the SEC.