The 51% Verge Network attacks
Verge (XVG):The constant 51% attack on the Verge cryptocurrency is an issue that has persistently made potential investors shy away from investing in the currency. The last 51% attack on the network occurred barely a month ago bringing the total number of similar attacks to three on the blockchain. This poses a huge problem to the decentralized nature most blockchains employ. At time of obtaining control over the network, the system is compromised making the decentralized nature more centralized.
Verge on its part focuses on giving its users a chance to mine XVG through mining pools instead of the conventional industrial scale mining that locks out most small scale miners. However, mining in pools means that those with more computing power can easily take over their entire blockchain if only they can acquire enough hashing power or the ability to confirm transactions.
Verge official meet up
Verge held its first Verge meetup on June 9th in Amsterdam with over 500 people attending and the team of 10+ core developers in Verge. The meet up was a successful branding experience that gave its participants to interact and offer ideas for the future of Verge community. Some of the sponsors who were present at the event included Subway, TokenPay, Green Pearl, HeightCare and LiteBit.eu.
The whole purpose of Verge holding the meeting is to give a chance to the VergeFam to meet, socialize, exchange ideas and form long term connections. Verge needed to assure their community of their continued resilience in ties of adversity as we saw at the end of the first quarter and start of the second quarter of 2018.
Verge plans to integrate the ‘World’s safest smart contract’
Justin Vendetta, CEO and co-founder of Verge Foundation, announced on his Twitter page of the partnership between Verge Foundation and RootStock (RSK). He hailed the blockchain a world class system with the best security measures compared to its peers. “RSK is the most secure smart contract platform. We will be integrating them directly into Verge Currency,” Justin wrote on Twitter.
“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.”
This partnership will see the RSK development team work on a very secure platform incorporating it into the Verge private nature. The latter quality matches perfectly into the RSK smart contracts with the Test net already launched on Verge.
XVG: Numbers on the board
After the turmoil faced across the whole cryptocurrency market in the last 10 days compounded to the troubles faced by Verge (XVG) in the past month, XVG is performing rather well. The coin dropped sharply on Coinmarketcap rankings from the pride of being placed 20th to a current position 34. The $1.1 billion USD market cap witnessed in mid-April has continued to drop consistently to a 6-month low at $452 million USD worth of XVG. The coin is trading at $0.029953 USD, representing a 13.10% increase in the past 24 hours.