Verge Moves Towards Decentralized Future

Atomic Swaps Capability

Recently we have witnessed an increasing number of problems related to centralised crypto-exchanges. In August, Bitfinex barred US customers from trading on its exchange. Next month of September has been dominated by the news about Chinese exchanges shutting down entirely following the ban introduced by the Chinese government. Finally, this week Bittrex began suspending user accounts without prior notifications, creating panic on the market.

In light of these developments and growing vulnerabilities associated with the exchanges, the Verge Development Team has decided to take a step towards greater decentralisation. To do this we will be implementing BIP65 in the upcoming Core Release, which allows for Atomic Swaps.

What are Atomic Swaps and why is it important?

Atomic Swaps, or atomic cross-chain trading, is a technology that enables direct peer-to-peer trading across separate blockchains with BIP65 support, thereby eliminating a third trusted party. Traditional centralised exchanges in this case are replaced by decentralised exchanges, which means you always keep your funds in your wallet and do not rely on an intermediary that represents a single point of failure in the current world, filled with governments trying to shut down exchanges, frequent security breaches and diminishing privacy.

Here is how it works in plain English:

Alice has some traceable coins, e.g., Bitcoin or Ronemo. But she cares about her privacy and would like to exchange them for Verge. Bob is less concerned about privacy, so he is willing to buy the coins from Alice. With Atomic Swaps they can trade directly with each other, bypassing the centralised exchange that is scheduled to shut down any minute now by some government hostile to crypto.

Author: CYANO

By enabling Atomic Swaps capability, Verge takes a proactive step towards a decentralised future. In that respect, we at Verge believe that decentralised exchanges will be an important part of it. Therefore in the coming weeks we will start collaborating with pioneers in this field, such as SuperNET.

Community Message

As covered in our blog post, The Verge Team has been exceptionally active on all fronts recently. Our presence in the media has greatly increased, our development never stops and we continue to improve technology and bring innovation. With this being said, we believe it is time to take Verge to the next level and we need your help to do this.

Our plan is to double down on the marketing effort and let the world know about Verge and its amazing technology. To do this effectively, funding is needed and thus we appeal to you, the Verge Community, to help us by donating XVG.

The collected funds will be utilised to run mass marketing campaigns, increase exposure and create momentum in the media. We have seasoned veterans waiting to take action and a plan is in place. It includes the use of PPC Adwords, Facebook PPC advertisements, publishing press releases and featured review.

Our crowdfunding campaign goal consists of 4 milestones, 250 000 XVG each, totalling 1 million XVG. Each milestone represents a budget with a specific purpose.

Milestone 1: Exchange Listings Budget

Verge has been focusing heavily on user expansion and volume growth. We have recently completed listing integrations with multiple high volume exchanges including Binance and HitBTC. Many high level exchanges require a listing fee to cover promotion, cold wallet storage and development costs. This listing fee pool will cover the needed costs when Verge lists on exchanges such as Bitfinex, Bithumb, BuyUcoin, Kraken and SuperNET.

Milestone 2: Advertisement Budget for Wraith Protocol

The Verge Marketing Team has prepared a social media advertisement campaign with the ultimate goal of making people aware of what Wraith Protocol is and how it brings Verge to the frontier of competition.

Milestone 3: Advertisement Budget for Atomic Swaps

As Verge moves forward towards the decentralised future, we are planning to spread the word about Atomic Swaps and decentralised exchanges more broadly.

Milestone 4: Operating budget for hosting services

The Verge Team requires a minimum amount of financing to pay for operating costs, such as web-hosting services, collaborative tools and shared drives.

Please note that the Verge Team works on a volunteer basis, every day.

No one has taken any payments for services in XVG or any other currency and will not be paid. So far the costs related to development and promotion have been covered by the team members out of their own pockets.

Please remember to double check the address above before you send any amount of XVG.

Donation address (XVG):

DDd1pVWr8PPAw1z7DRwoUW6maWh5SsnCcp

Thank you for your continual support and trust. Please do not hesitate to directly contact the team with any further questions.

The crowdfunding campaign will end on the 14th of October at 18:00 PT, followed by another stealthy announcement.

Atomicly Yours,

The Verge Team