On November 19th, Team Atomic had an AMA session with Verge Currency, a secure and anonymous cryptocurrency, built for everyday use, in our Telegram Chat. The team members present on the discussion with our community were Manuel Cabras (Software Engineer) and Lloyd Woods (Senior Content Manager).
Here are the essential points of the AMA session:
Please welcome Manuel Cabras (M), Lloyd Woods (Ll) and the questions from our Telegram chat members (Q).
Q: Security and privacy features should be the top priorities for any organization. How does Verge implement various methodologies to validate the participants and to protect the user’s data privacy?
Ll: We usually just roundtable potential new partnerships and we do in fact turn down people who do not take privacy seriously way more often than you would think.
Q: How do you apply XVG in real life?
Ll: I use it to purchase things, a lot actually. I’ve used Verge to purchase things from whaleapparel.com and ganja.com. I’ve also donated to the Manny Pacquaio Foundation using it.
Q: XVG tends to provide end-user identity obfuscation suited for everyday use but what are the everyday usage of XVG? What are the utilities of XVG tokens?
Ll: Since we’ve been around so long compared to a lot of other projects, we are on a ton of exchanges, lots of businesses accept us and now any PornHub content creator/model can get their payouts from Mindgeek in Verge, which has been getting a lot of attention since PayPal cut them off so we are seeing a major influx of new users or at least curiosity right now.
Q: I found out that XVG is associated with many porn, CBD and marijuana sites to accept payments but in many countries the regulators have still opposed these systems. How the Verge outwards their thoughts?
Ll: Well, we see CBD and even full-on Pot being legalized in many states in the US but banks tend to not want to work with them for some reason or if they do, they charge them very high rates for processing CC transactions. Same for adult entertainers, we fit into that spot nicely where things are completely legal but banks make it hard on the industry.
Q: The partnership with Pornhub really brought XVG on the radar for a lot of people. Can we look forward to other partnerships of this magnitude in the future?
Ll: We hope. Things come and they go from a team perspective. Sometimes we get a bit from an interested party and can spend months working out the details. Sometimes they work, sometimes they don’t. Sometimes they crap all over customers’ data privacy and we walk away but we certainly have some buzz around us right now, which has prompted a lot of people to reach out to us who are interested in working with us. Anything else that big? Not right now, but you never know.
Q: Verge partnered with many DeFi platforms. I can understand that Verge is trying to implement a decentralized economy but do you think it is possible because crypto has set back when it comes to daily usage? What’s your plan to make it adopted everywhere and in every circle?
Ll: It’s hard as hell getting anything done with no funds and everyone working on the project volunteering. But it also means that everyone who volunteers with us is passionate and isn’t just doing it for the paycheck. We just keep pushing forward. That’s all we can do.
Q: What makes XVG stand out from other blockchain projects?
Ll: As volunteers, we are doing our best to make it very easy for new users who may not even be into crypto to use Verge. That goes for the partners we choose to work with like Atomic, to the exchanges we are trying to get listed on, to the exchanges we are already listed on, to the payment processors we partner with and encourage businesses to start using. On top of all that, we are always trying to build and write better documentation. It’s a process for sure but one day we’ll get there.
Q: What are the differences between the Electrum wallet and the newly-designed MyVergies wallet? What were the main problems you saw in the Electrum wallet?
M: Electrum wallet is a python application that connects to electrum servers while MyVergies is a web application wrapped as a desktop application. MyVergies could technically also connect to Electrum servers but we chose to switch to a different wrapping service called Bitcore.
Q: I run dropshipping business and I tried to adopt many crypto payment methods for my store but I still feel unsafe. How can XVG help me out? Can I integrate XVG in my dropship store? What’s the fee?
Ll: Well, it depends on how you integrate. The fee to transfer XVG on the chain (wallet-to-wallet) is 0.1 XVG per KB but if you use a payment processor like CoinPayments or NetCents, they charge a fee on top of that for having an easy to integrate the system.
Q: Can we create private smart contracts on Verge mainnet? If yes, then which programming languages are supported as well as which types of dApps can we create on Verge mainnet?
Ll: We plan to integrate RSK eventually and at that time, yes, you would be able to implement smart contracts on the Verge mainnet.
Q: As per your website, Verge uses anonymity-centric network like TOR and I2P. What’s the meaning of TOR and I2P? How does TOR improve Verge’s privacy?
Ll: Some other privacy coins have opaque chains, meaning you can’t really trace transactions on a block explorer, which makes those coins not very suitable for day-to-day transactions, especially for e-commerce/retail as you can’t go back to confirm if a payment was made. Verge doesn’t do things that way. We use TOR and I2P for anonymity, which basically allows you to operate like bitcoin but hides your IP address and location, which are the things that can be used to track you down if someone is trying to find who’s using a specific wallet.
Q: The Verge TOR wallet says it uses IP obfuscation while transaction to secure but do you think it is secured enough? Because recently, many fraudulent activities have been reported by many. What’s your technology to make the transactions really fast?
Ll: We also have stealth addressing which obfuscates the recipient’s address but not the sender. We are evaluating several additional optional privacy measures but recently RingCT and even Mimble Wimble have been compromised/traced so that’s still an open book. TOR is very good at hiding where you are/who you are, in general. We don’t want to be overly private as that could also bring down a lot of scrutiny from regulators, so we’ll change/design our coin around the ever-changing regulatory environment as we go. As for speed, with 30 second block times, we are already pretty dang fast.
Q: How’s the development progress of your desktop wallet MyVergies? When are you planning to launch it live?
Ll: We are already done with UI design. Next will be the backend to let it interface into the chain. I don’t know for sure as the development team just works on it when they can but they also usually work pretty quickly.
We were glad to host Verge Currency on our Telegram. Thanks to the team and all the members of the session!