Price Info - https://coinmarketcap.com/currencies/verge/
• Symbol (ticker): XVG
• PoW (Proof of Work)
• Algorithm: Scrypt, x17, groestl, blake2s, and lyra2rev2
• Block time: 30 seconds
• Transaction capacity: 100/s. 400/s with RSK implementation and projected2000/s
• RPC port: 20102
• P2P port: 21102
• Total Supply: 16.5 billion XVG
• Funding Mechanism: No ICO or pre-mining
• Transaction fee: 0.1 XVG
• Masternode: No
Verge markets itself as confidential and easy to use, with those two features being the core of its value proposition. Like many others, claims to fulfill the initial purpose of Bitcoin by giving a decentralized way of exchanging value through multiple anonymity networks that add privacy enhancing features like Tor and I2P natively without additional setup outside the wallet.
Lead Core Developer — Sunerok @justinvendetta - Founder; 20 years in network security and over 6 years in blockchain.
Chief Marketing Oficer — @CryptoRekt Author of the current Verge “BlackPaper” and original founder of the Core Management Team; Sr. System engineer at Cisco Enterprise, Over 9 years in cryptocurrency and 8 years in enterprise technologies and system engineering.
Vice President of Operations — Sasha Kolupaev @Sasha_XVG Masters of Science in Economics from Bocconi university and Bachelor Degree in Business Administration. Data scientist freelancer and professional experience includes IT, project management, investment banking and financial modelling.
Facebook Primary Manager and Volunteer Recruiter — Cees van Dam @xvgmarketingeu Multiple years of social media experience and provides community support to newcomers.
Promoter/Host/Founding Member — Frank Dashwood @DJ_Erock23 Owner/Operator of radiocrypto.com, original founding member of Verge with 8 years of experience in crypto.
Media Design and Implementation — CYANO Over 10 years in graphic design and animation with a passion for cryptocurrency. Resides in Europe and consult companies such as Allianz, Edeka, and Siemens on design and marketing.
Strategic Advisor — SpookyKid @Secret_0taKu Metrologist with 10 years of experience working internationally to promote standardization of traceable measurements. Highly experienced at managing multi-national coordination of defense contracts and has a deep background in RF waveform analysis, laboratory management, LEAN, and Six Sigma operations.
International Team Management and Talent Recruitment — Patrick Over 15 years of experience working for a hosting company and migrated to sales and marketing of Content Management Systems.
Marketing Advisor — Crypth Architectural Engineer with 6 years of experience in cryptocurrency. Strong understanding of the trading market and responsible for creating the marketing strategies for the Core Marketing Team.
Graphic Designer — Feyzi Ozsahin Bachelor’s degree in Business Administration and International relations. Cartoonist and comic artist living in Turkey. Helps the marketing team by designing graphic related materials.
Reddit Manager — Emanuel Subreddit manager and helps with business development and partner outreach. IT experience for a Fortune 500 company.
Foreign translator, Twitter Management and Social Strategy — Emanuel Full time worker at an Advertising Agency. 2 years of experience in advertising and started Web Development education to transfer his expertise to IT.
What is the aim of the project and what needs does it address?
The project initial focus is to bring a fast, reliable and decentralized way of doing transactions while maintaining your privacy. As explained in their mission statement, it is designed for everyday use so much of its usefulness is based on the ease of use for the everyday person. While most of the features are available or possible in other platforms, Verge tries to bring value to everyday life use by seamlessly adding them without the need of advanced knowledge on the topic. Of course, until Wraith Protocol is released, what we now have is a public blockchain in which you can see all transactions and wallets done with only the added bonus of IP obfuscation if you add Tor into it, which may be really misleading if you notice how it’s now marketed. While we realize it’s missing a lot of the promised features, we can’t now call it a privacy coin. Until more features release and a lot of testing and peer review happens we are assuming that the project could work. The needs discussed by this coin are:
1.1) Ease of use
Their main value proposition lies in the accessibility of use for a non-technical person. Of course, until now all the features of Verge are available in other coins with a little of technical work but the fact is clear that people want things that work out of the box, and nothing is easier that something marketed as a simple switch between public and private ledger. Additionally, not only do they care about making it as user friendly as possible, but they also give priority to development for every OS, both desktop and mobile. We see value in simple things. Technology adoption will always be one of the key points when developing this type of product. Even if there is still a lot to improve, if there is support from the community we can see that the project can grow.
1.2) Privacy as a choice
Given the nature of block chains, there are advantages and disadvantages to choosing a public or private ledger, if you could really have both at the same time without affecting the security and privacy of the users then it could be revolutionary. Until it can be demonstrated that having this type of system does not affect the fungibility, privacy, and untraceable then we cannot say for sure if this is a good idea or not.
Undoubtedly, it has attracted the attention of investors who see it as something innovative since they do not have to use other specific currencies for their transactions depending on the level of accountability and privacy they need, but only the release of this feature could say if it really adds value or if it is not even still private.
How will they address these needs?
2.1) Tor/I2P Integration
As the first measure to protect the personal privacy of Verge users, Tor and I2P are used on top of the blockchain technology to hide your personal data, such as IP addresses and geolocation. Tor is an IP obfuscation service that directs traffic through a volunteer overlay network to conceal user location and usage from standard surveillance and traffic analysis.
It encrypts the data (including the destination IP) multiple times and sends it through successive, randomly selected Tor relays. Each relay only decrypts enough to know which relay it came from and which to send it next. The final one decrypts the innermost layer and sends the original data to its destination without even knowing the source IP address. This eliminates any point in which the users can be determined under surveillance that relies on knowing the source and destination. I2P on the other hand, was built to allow people to host servers at unknown locations. I2P is like Tor as they both allow anonymous access to online content, make use of a P2P routing structure and both operate using single layered encryption. However, I2P was designed to be a network within the internet, normally providing the added benefit to dynamically route around interruptions and congestion of services.
I2P uses ipv6 to anonymize all Verge data sent over the network. Each user will have their own I2P “router” with their own inbound and outbound tunnels to pass data. For example, when a client wants to send Verge data to another client, a message is passed through one of the outbound tunnels into one of their inbound tunnels, reaching their target.
It relies on two distributed hash tables to coordinate the state of the network, which allows it to bring scalability to ensure that it can continue to grow as required. Also, I2P network routes are formed constantly and dynamically, which each router constantly evaluating the other.
However, we must consider that all cryptocurrencies can already receive the benefits of using Tor with a little tinkering. IP is never saved in the blockchain; it is only given as metadata in those nodes where you connected. If the only level of security you have is Tor then the currency cannot be considered private.
2.2) - RSK Technology
Smart contract functionality is one of the most awaited features of the Verge network. Utilizing an independent off-chain protocol named Roostock (RSK), an open source smart contract platform that allows you to use your deposit Verge in a reserve where its locked up and then backed by a RSK token of the same value that allow contract capabilities like those offered by Ethereum. Those tokens would allow Verge to easily scale. Currently RSK tokens achieve 400 transactions per second in comparison to the actual 100 transactions per second. The RSK is also currently working with a second layer of technology called Lumino, which can be compared to the lighting network currently being tested for bitcoin adoption.
2.3) - Multi algorithm support
Verge enables all kind of different mining devices to have equal access to earning coins. It supports 5 different hash functions combined on one blockchain, which are Scrypt, X17, Lyra2rev2, myr-groestl and blake2s. All of them have a 30 second block target time and the difficulty is influenced only by the algorithms hash rate.
2.4) - Atomic Swaps
With how security is growing to be one of the main concerns of users, Atomic Swap is another of the features Verge wants to implement for the future of exchanges. It allows interoperability between all other cryptocurrencies in circulation when enabled. It lets you exchange different cryptocurrencies without relying on centralized parties utilizing Hast Time-Locked Contract (HTLC), which needs the receiver of a payment to acknowledge receiving the payment prior a deadline by generating cryptographic proof of payment or to forget it the ability to claim it, returning the funds back to the sender.
This of course requires the implementation of the lighting network to work as the linking payment channel. In addition to that, the blockchains must share the same cryptographic function such as SHA-256 to allow the contract to function properly. This of course has a lot of work to be done but it certainly paves the way for future implementations of the technology.
2.5) - Wraith Protocol
Wraith protocol has been one of the most awaited added features of Verge. There has been a lot of discussion and controversy of the real use cases it could have, one could say it is the first step into turning Verge into a true privacy coin. Until the actual release and peer reviewing is done we can’t give a correct assessment of the actual implications of this duality of ledgers, but it should be simple to understand considering similar features already exist.
In this phase 2 of the project, Wraith Protocol allows you to effortlessly change between a private and a public ledger with the press of a button and everything will run exclusively on the latest Tor network instead of Clearnet. Furthermore, stealth address integration will allow a sender to create a random address for every transaction on behalf of the recipient. The recipient can publish one address where all the incoming payments will go and it cannot be linked back to the recipient published address, only the sender and receiver can find where the payment was sent. This works by utilizing a shared secret derived using the Elliptic-curve Difle-Hellman (ECDH), an anonymous key agreement protocol which allows a shared data over insecure or public channels.
To put it simpler, when you normally publish a key in a public ledger, anyone can see payments done from that key. That could be good or bad depending on the type of business you’re doing. When you need transparency it could be good, but most people would not want anyone to be able to see every deposit you do if they gave you a bank account, that would be bad in all kind of work. Ignoring IP snooping which should be solver with Tor and I2P technology, Verge still need to solve how to hide the input and outputs of it, hence stealth addresses + IP obfuscation does not provide true anonymity by themselves, but they do provide a decent layout for future implementation.
For a coin to be considered private there are a few attributes that must be measured. Your finances should not be public or traced through blockchain analysis and monitoring, all transactions must be securely encrypted, and they must be fungible and decentralized. There are many options the most known competitors for Verge are the following:
Monero is one of the only altcoins that could be considered entirely private. Not only do they already have stealth address, they also have an answer to the obfuscation of the inputs and outputs of a transaction through ring signatures and ringCT. While it does not have Tor and I2P integrated, they are working to provide native routing automatically though Kovri. Monero also address the problem of fungibility of the coin, which means that there are no differences between them and there would be no blacklisting which could easily happen with both ledgers going at the same time. As a direct competitor Verge does have an advantage at being more accessible to normal users, while Monero is often linked to illegal activities.
Like Verge, Zcash transactions are visible on the blockchain. While they do enable hidden transactions, only 10% of those are hidden due to the efforts and time needed to produce such operations. They do give you an option to do it and it’s rarely used as such so the transactions stand out on their own blockchain. Zcash blockchain only shows that a transaction took place and not those involved or the amount. They use the zk-SNARKS algorithm in which one could prove possession of certain information without having to interact between a prover and a verifier. For example, given the hash of a random number, the prover could verify that indeed exist said hash without revealing what it is.
Like Verge coin, Dash has a rich list and not private the details of the coin addresses are visible to anyone examining the blockchain. Transactions are routed through a series of masternodes which are vulnerable to multiple kinds of attacks, and not all dash nodes are equal making it more of a semi-centralized unlike Verge and are not fungible since the potential exist for an entity to block some coins.
1. The Team
One of the main concerns with the currency is the team behind Verge. A look at the overview shows us that most of the team that is accountable has nothing to do with project outside of marketing. With a development going for so long they were expected to have more developers and experts in cryptography but it seems to be mostly personal work by the main developer Sunerok.
2. Wraith Protocol Lack of professionalism and really bad communication with the investors are some red flags of the project. Properly done, this could have assured investors regarding most of the “FUD” on which persons were actually part of the team . If it was known that Kieran Daniels is no longer part of the team, then such a loss of trust in the development of Wraith Protocol would not have occurred, just a simple update on the team core would have sufficed.
3. Code commits
In addition, the work released in GitHub shows little promise of actual releases in the short term. The fact that the team has missed many key releases in 2017 makes investors’ confidence in their ability to deliver on promises. Lackluster and hard to determine the actual progress, almost no original code, mostly implementation of open source libraries and extensions, failed CI runs not fixed during long periods of gave bad feelings about development progress.
You can buy XVG in the following exchanges with Bitcoin. It is usually delimited in the XVG/BTC pairs.
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CryptoCue In-Depth Overview Verge https://drive.google.com/open?id=1xi_yX1d3fXpgd0fbWuRydTsZVRRg8ijm
BLOCKCHAIN INFO: https://verge-blockchain.info/