Verge (XVG) Technical Director Opens up on Cryptocurrency’s Origin Story

Brandon Simons

Verge (XVG) Technical Director Brandon Simons has released a tell-all account about the origin of the cryptocurrency and his involvement with the early development and marketing efforts. In a post on his medium page, Simons who goes by the internet sobriquet CryptoRekt revealed that his interest in cryptocurrency first began in October 2009 when he discovered bitcoin, which he mined extensively for the next two years.

Following a hard disk crash in 2011 which saw him lose thousands of BTC, he became a regular on Reddit’s r/CryptoCurrency forum which served as something of a support group for people with similar stories. The loss he said, was where the nickname ‘CryptoRekt’ came from. It was in the course of this that he became involved with a privacy coin project known as DogeCoinDark (DOGED), which would later rebrand as Verge (XVG).

Starting from a small team with just over 120 active users in an Internet Relay Chat (IRC) room, DOGED slowly built out its vision of enabling private peer-to-peer transactions, eventually rebranding itself as Verge in an attempt to gain more widespread appeal. According to Simons, the marketing effort for Verge in the early days included social media ‘shilling’ and mentions on Radio Crypto, which was at the time one of the most important media channels in the crypto space.

From Obscurity to a Market Force and Back Again

For a while, Verge remained relatively obscure within the crypto space until the release of the project’s whitepaper tagged ‘BlackPaper’ in June 2017. Shortly after, Simons began putting together a distributed global team working to support Verge and promote it on a practically pro-bono basis, given the project’s relative lack of resources compared to other ICOs at the time. This group of people, now known as the Verge Core Marketing team has now grown to about 40 in total according to him.

Explaining the importance Verge has to him on a personal level Simons said:

Verge is truly something special, it is decentralized, it has a wonderful community around the world, and it has a team of passionate individuals who just want to see it succeed — all the required ingredients for a successful project. What does Verge mean to me? Freedom. Verge to me is the freedom to help create & shape something that can truly provide a means for people to be able to retain a bit of their personal lives and not have to worry about sacrificing a basic human right; privacy, any time they want to transact for goods & services.

The full blog post is available here.


Source
Author: David Hundeyin
Image Credit

On the Verge of failure: Can Verge pull back from declining volume?

We explore how Verge’s network has performed over the year and what the future might hold for the platform.

At the start of the year, Verge entered the cryptocurrency market as the 23rd most valuable cryptocurrency by market cap on January 7th, and traded at $0.183720 USD. At the time, the cryptocurrency bore a total market cap of $2,665,598,146 USD.

Cut quick to the present in September and it seems as though the year has not been kind to both the market and Verge. Now the token is sitting over ten positions lower at 36th most valuable cryptocurrency, and is trading for $0.019060 USD, and bears a total market cap of $289,185,765 USD.

In relative terms, Verge has lost a whopping near 90% of its trading value over the past nine months, while its market cap has similarly diminished by approximately 89%.

Transaction volume

At its height on 17th of April, the Verge network saw some 200,812,644 XVG transacted daily – down from a record of 270,418,665 XVG on 5th of January in 2018.

Excluding 11th of August 2018, which saw no VXG transacted, the network’s lowest point saw only 136,130 XVG transacted on 14th of July, while the network’s next high point of 115,625,396 XVG shifted hands on 3rd of April.

The Verge of attack

In April of this year, the cryptocurrency faced a massive attack which saw 250,000 XVG stolen from its network after 12,000 empty blocks were created.

After finding out about the attack, the lead developer posted an emergency commit to Verge’s codebase as a means to reduce the network’s maximum clock drift from two hours to just thirty seconds. The token’s Twitter account downplayed the incident, saying that it was a “small hack attack“.

In May, the network saw its second attack and lost up to $1.7 million USD in funds. The hacker was having a field day pilfering up to $1,000 USD per minute – a whopping amount of money for a startling amount of time.

Once again, the company played it off as a little-to-nothing affair which unsurprisingly annoyed Verge users who weren’t afraid to say so.

Source
Author REBECCA LEIGHTON
Image Credit

 

Pornhub Now Accepts a Cryptocurrency You’ve Never Heard Of

PornHub now accepts an open source blockchain-based payment solution called PumaPay.

TIP

Developed by Cyprus-based blockchain company Decentralized Vision, PumaPay offers a “PullPayment protocol,” which it says allows for transactions that have never been possible on the blockchain until now. That includes recurring payments and pay-per-use transactions.

“PumaPay’s technological solution, the PullPayment protocol, reverses the mechanics of a transaction, enabling merchants to ‘pull’ crypto funds from their customers’ account,” PumaPay CEO Yoav Dror explained in a statement. “With PumaPay, merchants avoid the drawbacks of the current banking systems, such as high transaction costs, the insecurity of chargebacks (reverse transactions) and associated fines, and the lack of customer anonymity.”

In other words, with PumaPay, you can set up a recurring Pornhub Premium payment to ensure you’ll never lose access to the HD, on-demand porn streaming service.

LIONBIT

Besides PumaPay, Pornhub’s list of accepted cryptocurrencies also includes Verge, Tron, and ZenCash.

“As one of the most viewed websites in the world with over 90 million daily visitors, it is our duty to stay at the forefront of innovation and ensure the privacy of our users,” Pornhub VP Corey Price said in a statement. “As decentralized payment systems continue to grow in popularity, cryptocurrencies are especially viable in the adult entertainment industry because they incorporate more anonymity tools than traditional tender.”

Meanwhile, Pornhub recently started offering a free VPN service so you can keep your porn-browsing activities private. The service, VPNhub, is available on iOS and Android. Last year, Pornhub officially switched to HTTPS, so you can access the site over an encrypted channel.


IZX

Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author:
Image Credit


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Verge Coin: Everything You need to Know as XVG Community Member

One of the reasons why the Verge Coin (XVG) community is so supportive is because they are kept on the loop on the project development. The constant communication has enabled the resilience that the XVG coin has shown across the crypto verse. With communications channels limited, the Verge Coin developers have developed a soft spot for the Medium blogging interface, Twitter and Telegram.

LIONBIT

As a follow up on their July development recap that included a new Verge wallet design and code, shifting to the Bitcoin v.0.13 from the old codebase and exploration of RSK smart contract possibilities, Verge Coin latest update covers three key areas:

  • Outcome of the recently conducted Twitter poll
  • Technical storage outlook of wallet keys
  • Further insights into the current development of the Verge project

Verge Twitter Poll Results Update

The Verge Coin (XVG) twitter poll intention was to involve the community in making decisions that are poised to drive the platform forward. With the ecosystem, community member involvement helps the team capture the general consumer expectations and implement what is popular among the user base. This is part of the outfits’ transparency move that seeks to popularize and grow its subscriber base.

The Twitter poll sought to know the community development priorities and the results yielded a positive milestone for the developer team. A new codebase came tops with 48% of the respondents fronting for it; this codebase comes with confidential transaction (RingCT) function. The second tier of respondents at 34% felt that iOS wallet should be given priority compared to 9% who wanted the desktop wallet version be given first priority with another 9% voting for an Android wallet.

The percentile prioritization gives the Verge Coin team to work on each individual feature and ensure the community suggestions are addressed. This will strength the community’s passion and entice additional onboarding as the native coin XVG struggles to gain more traction.

TIP

Addressing the Verge Issue Storage of Keys

Securing private keys on the Verge ecosystem has been in the offing and the latest update emphasizes its importance. The update posted on the Medium says in part:

“Due to the use of the insight API within our latest iOS wallet and in our desktop wallet, we must find a way to store our private keys securely. As such, many people have asked us on Twitter how we are going to solve this? Well we don’t know it, yet.”

With the introduction of the Desktop and iOS wallet versions, the team has embarked on ensuring private key storage is not compromised given the presence of an API in the wallets that seems to compromise on the secure private key storage. In the issue, the team has noted:

“Due to the use of the insight API within our latest iOS wallet and in our desktop wallet, we must find a way to store our private keys securely. We are going to establish the BIP39 Format, which allows you to recover your private keys using a personal word combination.”

Verge (XVG) iOS and Desktop Wallets Update

Addressing the issue the iOS and Desktop wallets is a timely move given the increasing preference of the two gateways in access crypto funds. Developing these two wallets means additional stability and a better transaction environment. This has seen the upgrade of the Electron wallet from beta-5 to 3.0.0 version. The interface has been tweaked on the “send” and “receive” functionalities and more continues to be undertaken.

The ongoing development and communication to the community means Verge Coin is focused on the future while heavily banking on the user input. However, the update has not affected the XVG coin performance in the market. XVG is still trading in the read after shedding 6.78% to the green buck to trade at $0.013356 at press time.



Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Albert Kim
Image Credit


Don’t forget to join our Facebook channel for Crypto, Business & Technology news delivered to you daily.

 

How Verge (XVG) can emulate the redemption success story of XRP

After the recent rumors of addition of the XRP to the Coinbase list of digital assets to be monitored, other cryptocurrencies need to follow the story of success of XRP. One of the tokens is Verge (XVG) which has also had its fair share of problems at the start of 2018.

LIONBIT

In the world of cryptocurrencies, not every action taken by a blockchain development team or management team affects the overall value of the coin/token. This has been highlighted by the continuing decrease in value of Verge (XVG) while Ripple (XRP) has shaken off the burgeoning negativity surrounding it.

Since the Pornhub partnership, things have been going south for XVG in the wake of a market selloff since the all-time highs experienced in early January. As much as both of these coins started off negatively at the start of the market downfall, XVG has failed to recover its reputation while XRP continues to rebuild its tarnished image. Will XVG rise once again amidst all the negative comments? Does XRP’s story of redemption offer a hope to the privacy coin?

How can XVG succeed by learning from XRP?

1. ‘Une nouvelle’ Verge Foundation
Back in 2016, the privacy coin, XVG changed its name from “Dogecoin Dark” to “Verge Currency” as they focused and emphasized on going to the mass market. This saw the coins popularity rise considerably and in effect the value of the coin. This baptism rebrand is viewed as a turning point to the coin as it climbed to the top 20 cryptocurrencies ranked by market capitalization.

TIP

Ripple Inc. owns over 60% of XRP, and has been strongly associated with holding the face of XRP. This strong relationship between Ripple Inc. and XRP was key in seeing the digital asset topping the total return on investment (ROI) charts. Ripple Inc. is known for its high profile connections in the financial institutions and corporations partnering with over 100 banks in partnership to adopt the xCurrent and xVia features.

The current brand of Verge lies in connecting with the social media side of cryptocurrency. The current Verge Currency team insists on using their social pages handle names. This may have worked in the past but after the partnership with Mindgeek not going as to plan, rebranding the boardroom may well work for the privacy coin.

Verge Currency currently offers one of the best technologies in privacy and anonymity blockchains. This is one of the major selling points of Verge with the built in Wraith Protocol.

2. Verge should focus on corporate partnerships?
Internal rebranding of Verge currency offers an opportunity to the foundation to make new friends in the corporate world that want to adopt private payments. The public nature of blockchains such as Bitcoin makes it unfavorable for big businesses that need to keep their transactions private. A growth in the partnerships made with corporations offers a greater chance for adoption for the Wraith Protocol which leads to massive adoption of XVG.


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Lujan Odera
Image Credit


Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Verge XVG To The Moon As Tomorrow’s Big Exchange Listing Is Unveiled

Huobi have announced the listing of Verge XVG as a trading pair against both Bitcoin and Ethereum. As it stands, deposits are now available with trading set to go live on the 1st of August 2018. The news has had a positive impact on XVG, which at the time of writing is up 5.45%. This might not seem to be a significant climb given the scale of the listing, but, as it stands the markets are experiencing very heavy correction, therefore XVG is doing well to move away from this in making some slight positive movements.

At the time of writing, XVG’s neighbours DigiByte, Dogecoin, Siacoin and Bytom are down 2.28%, 5.14%, 6.82% and 9.60% respectively.

According to Huobi:

“Verge (XVG) will be launched on Huobi Pro on July 31, 2018 (GMT+8). Deposits will be available from 14:30, July 31, 2018 (GMT+8). XVG/BTC and XVG/ETH trading will be available at New Zone from 15:00, August 1, 2018 (GMT+8). Withdrawals will be available from 14:30, August 3, 2018 (GMT+8).”

But, importantly…

“Users are advised to carefully read the tips in the deposit/withdrawal page for this token before effecting any balance transfers. Users who fail to adhere to the warnings specified within may lose the transfer amount, especially if it does not meet the minimum quantity. In doubt, please reach out to Customer Support. Investing in digital assets comes with high risks due to huge price fluctuations. Before investing, please have a full understanding of all the risks of investing in digital assets and be prudent of your own investment decisions.”

AVINOC

Verge have been very quiet of late, therefore this new listing might help inject some life and some funds back into the project. After the flunked PornHub announcement of April, Verge has received bad press after bad press, mainly as a result of its vulnerability to double spend attacks which seemed to cripple Verge over a number of months.

Moreover, PornHub recently announced the acceptance of other crypto payment options, such as TRONs TRX, calling into question the legitimacy of Verge’s crowdfunding campaign that was allegedly set up to help fund ‘the biggest cryptocurrency partnership announcement the world has ever seen’.

Since then, Verge have been pretty quiet. Perhaps this is the announcement they need to get the ball rolling once again?


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: Robert Johnson
Image Credit

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily.

Europe’s Cannabis Company, Royal Queen, Adopts Verge (XVG)

The rate at which Verge (XVG) is winning this time when other cryptocurrencies are staggering precariously is surprising. The Verge team seems not to be relenting at all especially this period that the crypto space has witnessed massive downturn.

One may think it is over, but in its latest partnership, the Verge team proves the pessimists wrong. Today, the Verge community woke up to another euphoric move by the team, when it announced a world renowned cannabis company, Royal Queen, is now accepting Verge.



Verge tweeted: “A world known cannabis seeds producer @royalqueenseeds is now accepting @vergecurrency payments via @CoinPaymentsNET. $XVG is the future and we are happy to have you by our side. Thank you for the support and welcome to #VergeFam! https://www.royalqueenseeds.com #XVG #Verge”

The company, which is situated in Europe is amongst the fastest growing cannabis seed companies in Europe, it has built years of experience growing cannabis seeds in the Netherlands. Royal Queen recently decided to launch its own line of cannabis seeds with quality feminized, autoflowering and medical seeds at a very cheap price.

Not long, Verge partnered with Panchanko, a company that designs and produces high-end audio cables. The company is known in the music industry for its efforts in producing well-refined audio cables.

In the same line, Bamb-U has indicated that it is now accepting Verge, favouring TokenPay as well. To add to the news, the company made known that it has put a 50% discount on every transaction made with Verge and TokenPay.

On the side of Verge, even though it is faced with different attacks, at the same time it is trying to proffer lasting solution to it. The Cryptocurrency sees partnership as one major way to shred off the bad talks it has been labelled with. If noticed, after every hack, the altcoin comes up with a partnership, appealing to its lovers and users in the crypto sphere and surely, the partnership may likely spring it up in the community.

Even though this huge development is not coming after an attack, there has been cases where Verge’s collaboration is succeeded with a spell.

After hackers took over the secured Cryptocurrency twitter account asking for fund, Verge requested for crowd fund worth 75,000,000 XVG from lovers to initiate a mystery partnership with traffic giant website, Pornhub.

Not the end, after Pornhub-Verge partnership, collaboration with other companies like Brazzers, TrafficJunky and a listing from Abra exchange surfaced.

Up till this end, Verge has been able to coast several sector of the world industries with its real world use cases. Verge is seen as a viable tool for payment in areas like health and construction sector as the altcoin partnered with DIOXYME and Heightcare.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author: 
Image Credit

 

Technical Analysis Report for Tron (TRX), Verge (XVG), IOTA (MIOTA)

The continuing price declines across the market have left all coins trading in red over the last 24 hours. As the trend flips recent gains upside down, a few coins are having the worst of it. Here is a brief technical analysis of Tron (TRX), Verge (XVG), and IOTA (MIOTA).

Join In The Fun And Play On The World’s First Hybrid On-Line Casino With BTC And Fiat Currency Payments. Check On-Line For The Latest Promotions.

TRON (TRX) Technical Analysis

Verge (XVG) had looked to hold out above $0.05 before Sunday’s bloodbath swept it to sea despite the 61.8 Fib. However, it dipped to break below $0.040 to trigger fears of a sell-off.

By Tuesday, the coin showed signs of a brief upturn following the 78.6 Fibonacci retracement level. It briefly rose to $0.045, but declines in BTC prices have pushed it back below that price to the current $0.041.

XVG/USD will look to find support at $0.040 while trading stays in the range between the two support lines at that price and $0.044. The bulls must stay alert at these areas to avoid breaking below $0.039, a very critical trendline.

At the moment, XVG/USD pairs are teetering on the edge of a volatile line. The technical indicators all show that the coin is firmly in the bearish zone. The bulls have no recourse at the moment.

The coin’s Relative Strength Index 25.18 and Stochastic Oscillator 18.67 indicate that the XVG market is trading in oversold territory.  Moving averages 55 and 89 also indicate selling.

RSI (14) 25.18- oversold

Stoch%D 18.67- oversold

The coin’s 7-day Exponential Moving Average has also crossed below its 100SMA. This scenario is indicative of a downtrend in both medium-term and long-term.

Verge (XVG) Technical Analysis

Verge (XVG) has come fallen way off its April highs of $0.145 in the run-up to its announcement about a partnership with Pornhub. To get there, it had rallied from $0.030. Things have gone south ever since, culminating in the current $0.02688 price.

Attempts to recover from a series of lower lows have been rebuffed twice; first by the hack that compromised its network and last weekend’s bloodbath. As a result, XVG remains in a gripping downtrend.

Previous attempts to get support at the $0.030 and $0.028 areas have failed. Since pockets of a bounce back have vanished, the very least is to have strong support at $0.26 and look to exploit any positivity by pushing for the 300 Satoshis level.

From this point, XVG/USD would target $0.0350 then $0.0400 as it breaks above last week’s high of $0.057. This is all possible with recent pullbacks before the current decline and the fact that the coin is virtually on its bottom. A bigger pullback could see it bounce up above the immediate key resistance line at $0.035. Any other outcome and the coin can test early December 2017 prices.

RSI (14) 29.19 – strong sell

Stoch%D 6.67 – oversold

Both the 100MA and 200MA are indicating selling positions. It would pay to hold and only move to sell on highs during shorter time-frames.

IOTA (MIOTA) Technical Analysis

IOTA’s recent surge in value could be easily relegated to the background if current price declines continue. The bears have taken control and the coin is 12% lower as a series of lower lows continues since Sunday’s blockbuster dips.

Just a week ago, IOTA/USD was trading at $1.75, on the back of a run that seemed only temporary. At the moment, the coin is trading at $1.19. It has broken below consecutive support lines of $1.55, $1.40 and $1.30.

It’s hard to tell where IOTA will get a support line, as it appears to be in free fall over the last 24 hours. The coin is experiencing flash dips and it could break below $1.10 before long. The bulls must find strong support at $1.15 and see a bounce back above $1.20.

If the bears take full control and the IOTA/USD breaks below $1.10, then it could head towards its early April lows or late November 2017 prices.

At the moment, it appears the bears are stacked against IOTA. The RSI (14) value is 33.19 indicating strong sell as is the Stochastic Oscillator that shows its trading in oversold conditions. The 200MA and 100MA on the daily charts also show that the best short-term strategy is to sell.


Here at Dollar Destruction, we endeavor to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
Source
Author: Abby Carey
Image Credit

Verge XVG To Integrate With New Smart Contract System

Verge have announced in this recent tweet that they are to start working on a new smart contract integration for Verge XVG, the currency native to the Verge network. This integration will come in the form of a partnership between Verge and smart contract specialists, RSK. Based in Buenos Aries, RSK claim to be the safest smart contract platform in the world.


Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions


According to RSK:

“RSK is the first open-source smart contract platform with a 2-way peg to Bitcoin that also rewards the Bitcoin miners via merge-mining, allowing them to actively participate in the Smart Contract revolution. RSK goal is to add value and functionality to the Bitcoin ecosystem by enabling smart-contracts, near instant payments and higher-scalability.”

See more from the RSK website, here- https://www.rsk.co/

RSK are of course ultra-security conscious, which is no doubt a motivating factor for their willingness to work alongside Verge, who’s currency XVG aims to be the ultimate privacy coin. Within this integration then, we may very well see XVG working under new smart contract parameters, further enhancing the integrity and security of XVG and the Verge network. This is quite important, when you consider how many times Verge have been hit with double spend and 51% attacks over the past few months.

Don’t forget to join our Telegram channel for Crypto, Business & Technology news delivered to you daily

The tweet highlights that a TestNet is now in production and has been for around a week. Therefore, it does seem as if both Verge and RSK are injecting some urgency into this, once again, I suspect that this is down to Verge wanting to clean up their act in light of all the recent hacks.

What this does mean is that we will no doubt see a TestNet released for public testing soon enough before we potentially see Verge move over to a new MainNet, should the TestNet prove to be worthwhile.

This at best is a little bit of positive news for Verge and XVG, a team and a currency that only ever seem to hit the headlines for all the wrong reasons. As RSK integration develops, we expect to see Verge back in the limelight once more. Who knows, an improved back-end reinforce by smart contract protocols may even have a positive impact on the value of XVG, assuming the team can keep attacks at bay.

vergecurrency

@vergecurrency

We have engaged with @RSKsmart and started a dialogue and begun testnet a week ago.

“RSK is the most secure smart contract platform. We will be integrating them directly into Verge Currency” -@justinvendetta

4:26 PM – Jun 9, 2018


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Thomas Ramsay 
Image Credit 

Verge (XVG) Getting Back on its Feet: $11 mil Trading Volume

The ups and downs for the XVG/USD pair for the last couple of days were speedy and very dramatic. Since Jun 4th, Verge token price was taking hits heavily from the sellers and so on the 8th XVG was trading at $0.0372.


Join in the fun and play on the world’s First Hybrid on-line Casino with BTC and Fiat currency payments. Check on-line for latest promotions


However, per time of writing – Verge is one of the only coins trading in the green as it broke above the declining daily trend line. The 24-hourly gain as reached 3.65% hoisting the token to the mark of $0.09322.

Verge XVG

Verge Network Attacks

The past-days violent sell-off could have been caused by the not-so loved hacking events that the Verge network experienced. Verge was hacked through its hashrate, and 51% of the altcoin’s network was under the control of hackers, leaving people with the fear that the cryptocurrency seems not to be up to its task.

The exploit – whereby a single miner (or group of miners) takes control of over half of the network’s total computing power and can then bend the protocol’s rules in their favor – has been seen twice. And on the same blockchain.

Don’t forget to join our Telegram channel for Crypto, Business & Technolgy news delivered to you daily

Not so long after the first attack, the crypto-community started to shake as another attack was announced of the same nature as explained.

According to researchers, the exploits are a product of simple changes to the underlying code which cryptocurrency protocols are typically built on and the challenges of being able to predict what unintended consequences will arise from those changes.

“Things obviously don’t look good,” said Daniel Goldman, the CTO of cryptocurrency analysis site The Abacus who’s been tracking the attacks. “The issues that initially slipped into the codebase were a result of pure carelessness — incorporating code from other open-source software without understanding its implications.”


Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Source
Author Alex Tomzack 
Image Credit