From the Bitcoin’s Dandelion proposal to Z-Cash’s ZK-Snarks protocols (coming soon to Ethereum), it transaction anonymization is the next big step for the crypto industry (next to scaling and interoperability of course).
However, while blockchain developers are clicking away at their computers building up new and elaborate protocols to achieve that end, Verge simply piggybacks on the existing Tor and i2p networks to execute transactions.
Set up for transaction confirmation times as low as 5 seconds, and unique social media functionality which could potentially open up new ways for internet celebrities to make get paid.
We caught up with the team behind Verge and had a chat about some of the technical aspects of verge:
(BicoinHub): What inspired the decision to use the Tor, and l2p networks to anonymize Verge transactions instead of building a shiny new protocol like other stealth-centric currencies?
(Verge Dev): Building a new protocol like other coins do, would be a horrible decision, as privacy protocols require users for obfuscation. Using tor/i2p means we have -all- i2p/tor users helping obfuscate our transactions, not just verge users. NAV did this, and people are already complaining, because they’re realizing tor would have been much better.
(BH): Why not just one of the two networks? Why both?
(VD): We chose both, because the more options, the better. thats like when you go to a restaraunt and they only carry coke or pepsi, but not both. no one likes saying “can i have a coke?” and they say “we have pepsi, is that fine?” plus, by adding verge on i2p, we are helping the i2p network get stronger also.
(BH): The Verge Tor android wallet, required an Orbot download in order to work. How come? Why not just build the functionality into the wallet?
(VD): We didn’t bake-in Tor into the android app, because then we would have a problem that many shitcoins have, like deeponion, or spectre, where we would be using a 5 year old version of tor (heavily outdated/full of vulnerabilities). Spectre recently added one small update from 2 years ago, but they are still lacking alot of Tor updates,we dont want to offer outdated software.
(BH): Verge allows for multiple hash functions on a single blockchain, what are the ways one can mine Verge?
(VD): Verge mining can be done using any of 5 algorithms, x17, blake2s, lyra2re2, scrypt, and myr-groestl.
(BH): Tell us about the RSK sidechain project, what’s the ETA on it?
(VD): RSK has recently announced they are haulting operations until the Bitcoin fork, so once they get back to work, so will we.
(BH): Enabling the p2p transfer of Verge on social networking platforms is likely to speed up Cryptocurrency adoption dramatically, was that the aim?
(VD): Enabling transfers over p2p and social networks is ideal for private transactions between users, and doesnt require a third party, so that is exactly why we did it, to help adoption.
For more info on Verge, check out their Blackpaper, and if you’re interested in the Verge Tor and Android wallet you can get it here. You can pick up some Verge for about 0.9c (yes 9 Zar cents) on Bittrex exchange, a market cap of over R1.1billion it might be worth a look