Verge (XVG) Codebase Upgrade to Mimic Bitcoin Network is Near Completion
Verge’s Codebase Upgrade to that of Bitcoin Is Almost Complete
On 22nd July 2018, Marvin Piekarek, a software developer at Verge, updated the crypto-community that the team would be upgrading the Verge Codebase to Bitcoin v.0.13 and that they were also working on integrating RingCT (Ring Confidential Transactions) to increase privacy and data security. The Bitcoin codebase was chosen as it has updated security protocols.
This was as a result of the popular coin Verge (XVG) being hacked in May 2018 whereby 35 million XVG were stolen in just a few hours. In early April, it had also been hacked losing 250,000 XVG. Two hacks in two months was really devastating for the altcoin.
On September 1st, Verge announced that they have finished rebasing Verge to Bitcoin Core version 0.13. They are now making plans to move it to Bitcoin version 0.17, the latest Bitcoin core base code complete with all the new features.
The Verge team explains that 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.
Cryptocurrencies are currently suffering a blood bath. Bitcoin has fallen below $7000 and this is affecting all other altcoins. XVG has not been spared as it is down 12.33% in the last 24 hours and is currently trading at $0.014057 according to the CoinMarketCap. The Bitcoin drop followed the SEC’s announcement of delaying the verdict regarding the Bitcoin ETF backed by the Cboe, VanEck, and SolidX.
Eduardo Aleman, an assistant secretary at the SEC, wrote that the Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. It designates September 30, 2018, as the date by which the rule shall either approved or disapproved.
The following three weeks will be intense for the crypto markets as many expect another postponement or a complete rejection of the Bitcoin ETF.
Verge Currency was created in 2014 under the name DogeCoinDark. It was rebranded later in 2016. Verge is not a company but an open-source software in which all contributors who are from different parts of the globe, including the Core Team, are unpaid volunteers who donate their time and energy into the project. It aims at bringing Blockchain into everyday life and already more than 100 vendors accepts verge as a payment method for their goods and services.