verge (XVG) is today the focus at watch my block. The alleged privacy coin is controversial in the crypto community. But before we turn to the FUD and drama, we watch us once the technology available on verge’s cover on.
according to the developers verge is one of the most innovative privacy-oriented Kryptowährungen. With the Wraith Protocol, which beginning 2018 was rolled out, users should have the opportunity to protect your transaction to third parties optional from the prying eyes. Ensure two mechanisms in verge: Stealth addresses and TOR routing.
who remembers: this technology is used also in locally (XMR) ( watch my block: locally ). A stealth address is a unique generated public key, which is used for a single transaction. Stealth addresses generate three components: spend the public view key, the public key, and random data. Only the receiver of a transaction can identify itself on the Blockchain and later.
the second feature by verge is the integration with TOR (the onion router). The TOR network to the IP addresses of the transmitter obfuskiert (so veiled) are. Since the update of the Wraith Protocol hosts all verge nodes via the TOR network. Thus, the origin of a transaction is unrecognisable.
stealth addresses weaken not enough
stealth addresses aren’t out alone rich, to anonymize transactions on the Blockchain. Protect the receiver, but not the sender. If the transaction is sent by a public address, this is available on the Blockchain. In the verge Blockchain Explorer you can you can find transactions of public addresses on stealth addresses. It can be observed the credit balance of the sender address, as well as incoming and outgoing transactions. It has not much to do with anonymity.
Always the amount is visible public transaction amounts
on a verge transaction. This allows an additional attack vector, if exceptionally specific amounts are sent.
a further weakness, which are unfortunately many privacy coins, and are interpreted by verge even as strength, is the -optional privacy . Want some transactions public make – for example, a donation organization that donors would like to assure that no funds be misappropriated. The benefit of stealth addresses in verge is opt-in, not opt-out. This means that anonymity is not standard. People will probably just use the anonymity when they actually need them. For a real anonymity in throughout the system, it would be better if all transactions with stealth addresses would be conducted. Someone wants to publish his wallet or a transaction, there is an explicit view key.
With the help of the Blockchain analysis software, it is possible to draw far-reaching conclusions about connections between wallets. The know-your-customer policy on exchanges in turn provide a connection between real identities and the pseudonyms of Blockchain.
Current state of the art (development)
the long awaited Wraith Protocol was published late beginning of 2018. It allows for stealth addresses and makes the goal integration standard. However, the technology of verge is nothing new. From the GitHub you can read that it is project the stealth addresses code of ShadowCoin by 2014 . If this is positive, because the technology in some ways has been tested, or has a funny connotation, every man for himself must decide.
Stealth addresses are also not unique innovation. Beginning of 2014 Developer suggested Peter Todd stealth addresses for Bitcoin which was however rejected due to the larger transactions first. Locally uses stealth addresses also for 2014, but in combination with other mechanisms, to also, the transmitters and the amount.
The completeness that is supposed to ‘Pump and Dump’ here briefly-mentioned drama. End of 2017 tweeted about the importance of anonymous Kryptowährungen John McAfee. While he called locally, Zcash and just verge, where he noted that verge due to the relatively low market capitalisation is particularly interesting. The price increased to this. The conflict escalated, when McAfee allegedly tried to blackmail the verge project. Verge was by many personalities on Twitter as ‘ scam coin’ means and has to recover until today not by the reputation damage. Here you will find more about the story…
Look into the future
on the verge of -are Roadmap for the first quarter of 2018 both technical and organizational innovations. On the technical side, an I2P Android wallet should as well as integrating smart contracts are published with rootstock (RSK). On the organizational side is a mining update planned (that is 2% block rewards the developers as the budget available), an online merchandise store and a newly designed Web site.
Whether the tech by verge can satisfy the needs of users in the future, we will see.
Summary spits out big sounds
verge when it comes to their technology and their possibilities. However, the code from another project is copied and also nothing that would have never seen the Kryptowelt. The privacy is not automatically protected. Users must make sure, for example, to work exclusively with stealth addresses. Parts of the Blockchain are public and so conclusions on money flows through Blockchain can draw analysis. Who would like to keep private his account balance and cash flows, should look more likely for something else.