Since the inception of the king of cryptocurrencies – Bitcoin – and with the recent rise of the cryptocurrency market, the market has become highly competitive. The market is in a perpetual race with no finish line and whichever cryptocurrency identified a major flaw of Bitcoin and tackles the issue, gains lead in the market.
A major flaw that has been under a lot of debate is the privacy – or the lack thereof – of Bitcoin. As the world moves towards digitization, the right to privacy becomes more important. This has led to the rise of private coins. Verge, being a private coin, offers complete anonymity of transactions.
Verge (XVG) has shown phenomenal growth during the new year. The cryptocurrency started off the new year with a price level of around $0.008 and established an all-time high at $0.033 during February. Although XVG could not sustain the all-time high price level, it did stabilize around $0.02. The market sentiment for the cryptocurrency is bullish with the technical indicators standing at a position of strong buy.
The three crucial pieces of information of a transaction – sender’s address, receiver’s address and transaction amount – are kept private and any transaction performed on the block chain cannot be traced back to the sender. Private coins are getting under the spotlight and this can be accredited to the privacy feature.
Major cryptocurrencies like Bitcoin and Ethereum suffer from the problem of scalability. As the network grows, the overload leads to decreased speed of transactions. Verge has been successful in tackling the issue with its Simple Payment Verification (SPV) technology which allows the cryptocurrency to process transactions in a matter of seconds.
The Verge developers are known for being actively rolling out upgrades to improve the system. After the recent re-organization attempt, a new version – Version 7.0.0 – has been launched which has targeted the security of the network. Apart from that, improvements to the graphics were also made.
Partnership with Voice Life
A strategic partnership between the two organization has been announced which can possibly alter the course of the digital payment sphere. Verge together with Voice Life has set out to create a novel payment system combining the Far Field Wireless Power Charging System (FFWPCS) of Voice Life with VergePAY which would utilize the Verge cryptocurrency.
Governments are already not too keen on cryptocurrencies and regulatory authorities often associate them with illegal activities. Bringing private coins into the mix makes matters worse as there cannot be any kind of checks and balances. Hence, Verge and the likes are more susceptible to strict regulation from governments all over the world which would lead to the cryptocurrency’s performance going downhill.
Not all concerns regarding private coins are baseless. Private coins like Verge can become a hotspot for criminal and illegal activities as the privacy option is ideal for such under-the-rug transactions.
The cryptocurrency suffered from a recent re-organization attempt, also called the 51% attempt. Although unsuccessful, the attempt shows future susceptibility to such attacks. During a 51% attack, hackers gain control of the blockchain and replace legitimate chains with their fake ones in order to double spend. The attempt has affected the reputation of the cryptocurrency as investors grow wary.