On The Verge of Private Debit Solutions.

in verge •  2 years ago  (edited)

Verge Fan: "Have you heard of Verge (XVG)? They're amazing!"

Friend: "No, I haven't... what makes them great?"

Verge Fan: "Oh MAN!! KING privacy token with IP Obfuscation, Wraith Protocol, Atomic Swaps, VISP secure messaging, I2P, TOR and that's only the beginning! They are about to implement RingCT, RSK, and a freakin DEBIT card being created specifically for Verge by TokenPay!!!"

Friend: Yeah so, what does all that mean exactly? How is it better than all the other touted privacy coins?? and who is TokenPay?

Verge Fan: Oh... err.. I... well I'm not really sure, I was just repeating everything I keep hearing from everyone else."

--
I can't tell you how many times I've seen a conversation go just like this and for the sake of those who love Verge as much as I do, I thought I'd put it all in one place for a quick reference guide and to create talking points and guided dialogue.

Q1. What is IP obfuscation (ob-few-scay-shun)?
A1. Let's start with the definition of obfuscation: the action of making something obscure, unclear, or unintelligible. So in the essence of IP addresses, it essentially hides/obscures/masks your IP address, thus making the sender's IP difficult to figure out.

Q2. What are all these new words and acronyms like TOR, Wraith Protocol, Stealth Addresses and Atomic Swaps?
A2. If I might quote an intelligent gentlemen by the name Eric Kryski by citing his very informative article Here: "...Wraith protocol is the obfuscation of IP addresses AND blockchain transactions. The technologies currently being used to achieve this are Tor AND stealth addresses..."

Q3. What is that I2P thing then?
A3. The Invisible Internet Project (I2P) is an anonymous network layer that allows for censorship-resistant, peer to peer communication.

Q4. What is TOR?
A4. TOR (The Onion Router) is a service that allows you to hide your identity by moving your traffic between many TOR servers and encrypting your data. It cannot be traced back to you as they would see the data originating from one of the TOR servers.

Q5. What is a stealth address?
A5. Wraith Protocol allows for fast, secure transactions by using technology called stealth addresses. This allows desired transactions to go to separate stealth addresses which sends the transaction to the recipient. This transaction is hidden on the ledger and impossible to trace. With Wraith Protocol, this functionality can be turned on and off for either private or transparent transactions.

Q6. What are Atomic Swaps?
A6. Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency to another cryptocurrency, without the need to trust a third-party. Atomic Swaps allow Verge to be used in DEXs (Decentralized Exchanges) which let you to trade between Verge, and other coins that have atomic swaps enabled, on a blockchain. This means that a company like Bittrex or CoinBase do not own your coins but are instead stored in a decentralized exchange like crypto-bridge.

Q7. I heard about a TOR being baked in to the Mobile wallet, what does that mean?
A7. Verge is the first and only cryptocurrency to have an Android wallet with TOR integrated. This allows for IP masking and anonymity on the move. It actually runs off of a mobile VPN. Pretty awesome. Also an I2P Android wallet is expected soon.

Q8. You mentioned RSK, but I am not familiar with that either... can you explain?
A8. Coding RSK onto the Verge blockchain allows allow Verge to utilize smart contracts on the blockchain. This also allows Verge to handle 2000 transactions per second which is 20 times faster than what it is now. Here's another exciting part, RSK will be able to utilize all the anonymity features we have already discussed.

Q9. Smart contract?
A9. A smart contract is just like any contract where you can specify that certain conditions have to be met in order for funds to be received. It's all verified on the blockchain.

Q10. Wow... a lot of anonymity tools being integrated and focused for one purpose... So what does RingCT accomplish?
A10. I'm glad you asked. RingCT stands for Ring Confidential Transation. This technology creates multiple decoy transactions with different amounts in order to obscure how much is being sent.

Q11. So now we're obscuring our IP addresses, we're obscuring the transaction, and we're not repeating any wallet addresses. This sounds GREAT!! Are you telling me, I could send 10,000 XVG to my dad across the country, and nobody would know where it came from or where it went (except the two of us of course) or how much was actually sent?
A11. Yes... well almost, RingCT isn't added yet but it is in the works. Remember all of this is new technology so it will take time to code and develop to ensure it's done right and working flawlessly.

Incredible, what a restoration in personal finances. The truth is, there really is no freedom without privacy. Oh wait, I have a few more questions...

Q12. Who is TokenPay?
A12. TokenPay is a decentralized and self-verifying payment platform project and I invite you to review their whitepaper HERE

Q13. What is TokenPay's connection to Verge currency then?
A13. Consider that TokenPay is a decentralized payment platform. Verge is a currency that they are supporting to run on said platform. Also, the lead developer for Verge (XVG) is acting as a blockchain auditor for TokenPay.

Q14. Can you tell me more about this debit card option?
A14. Well there are actually two options being discussed. TokenPay has achieved domicile in Switzerland and has indicated that they are in the advance negotiations of a partnership and hopeful eventual acquisition of a German bank. So... they will basically be a decentralized secure payment platform, with their own bank. The details are still being fine tuned but essentially there will exist one of two options or both (again still being developed).

  1. You open a bank account where when you send your crypto to it, it will be changed into fiat at point of transaction, and the balance will be insured because it's a legitimate bank.
  2. They offer a sort of pre-paid debit card option whereby your XVG will be loaded onto a debit card and changed into whatever local FIAT currency is accepted at the point of sale.

Imagine then, that you send money using all the aforementioned privacy features provided by XVG, to a TOR enabled payment platform provided by TokenPay, loadable onto a Verge supported debit card. You are free to make purchases, vendors are none the wiser, and nobody (mainly oppressive money hungry tax-laden, corrupt government entities, or intrusive banking protocols) is flagging large sums of money leaving your bank account.

The details and construction are still being ironed out and fine-tuned... but all of this is on the horizon for one of the most amazing crypto-currencies available to date. Verge.

Q15. So how does Verge (XVG) stack up against the major privacy coin competitors then?
A15. I'll leave you with an infographic to describe succinctly the differences:


Infographic courtesy of SharpyChester (Twitter) Website: http://www.vergeinfo.net/

Departing remarks: This article is in no way intended to insult other crypto projects but simply to inform. The information gathered is true and accurate to the best of my knowledge and not intentionally purposed to mislead or misinform. The dynamic nature of this market means that anything is subject to change without notice. We can all cohabitate in this space and still vie for the success of crypto-currencies as a whole. Our future success relies heavily on our ability to maintain professionalism and civility towards each other.

Be sure to visit the Verge website: https://www.vergecurrency.com

Disclaimer: This is not financial advice. This is just my opinion based on what I've researched and experienced. Always Always Always do your own research. Never invest more than you can afford to set on fire. Never leave your coins on any exchange; use a trusted wallet.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

Welcome to Steemit, I'm here to give you a vote on your very first post!

Good Read. Thanks for the great overview .

I came here from Tokenpay's Twitter account retweeting this post.

Verry well written an informative.
Verge is the top crypto for me.

Great man. I follow you and check it constantly.

Great article!

As a verge holder.
I love this post.
Let's keep it up and cheer up :)

Welcome to steemit Im a xvg holder
Im glad too read you blogs here

Keep on steeming
More power

Hey welcome brother...i'm a long-time holder #xvg for life ;)

"Unofficial" TokenPay page supports XVG too. Just launched. Come join. http://TokenPayMarket.com

saw you in tokenpay telegram posting these so i followed and gave you a like. :)

  ·  2 years ago Reveal Comment

Instantly starts mining verge

You recieved a 50.0% upvote from @sisygoboom - your post is on fire!

Consider delegating to us and recieve 100% of the earnings! (We're happy just recieving curation)