The next big update to the Verge cryptocurrency, dubbed the “Wraith Protocol”, has been set for release before 2018 by Sunerok, the lead developer of the project. There has been conflicting information about what this update actually includes, and what it means for the future of Verge; I’m going to give you the facts, straight from Verge themselves. To put it simply, the main feature to be added with the Wraith Protocol is allowing users to choose whether their transactions are publicly viewable or not. Other cryptocurrencies either have completely public transactions, or completely private transactions; Verge will become a truly unique coin if this feature can be successfully implemented. If the Wraith Protocol update goes live in 2017, Verge will have proven its worth, and the price will no doubt go through the roof.
The most significant feature included with the Wraith Protocol is being able to choose whether your transaction is on a public ledger or a private ledger. A cryptocurrency ledger is a database of all the transactions that have occurred. So if you choose to use the private ledger, nobody will know that you sent money, or who you sent it to; only you and the recipient will have the details of the transaction. This is great because it allows Verge to be used publicly when transparency is needed, or privately when secrecy is valued. For example, someone who runs an online store can choose to always use the public ledger as proof that they are receiving payments. On the other hand, if a company needs to keep their clients confidential, such as a medical provider, they can use the private ledger so that nobody knows who is using the service. This means that Verge can be used in any application, not only public or only private like other cryptocurrencies.
To keep users anonymous when using the private ledger, a one time public address is generated which can not be linked to the sender, recipient, or any other one time addresses. The funds being sent are deposited in this address. Only the intended recipient will be able to generate the secret key required to access and spend the funds in this one time address. Therefore, the recipient can store and use the funds they have received without them ever being transferred to their public wallet. An example of this process is shown in the diagram below.
Along with the choice between ledger types, there are a few smaller additions to Verge also coming in the Wraith Protocol update. These include TOR integration and SSL encryption. With TOR integration, all transactions, even on the public ledger, will occur over the TOR network. This will allow users to remain anonymous by connecting them through a network of encrypted relays which will hide their IP addresses. These connections will also be SSL encrypted, which means that the data being sent can not be intercepted or modified.
With all of this, Verge is shaping up to become a game changing cryptocurrency. If you don’t have any yet, you should pick some up quickly before the Wraith Protocol is released (which could be any time within the next 3 days). The prices are low currently due to the recent Verge hoax, and fears that the update won’t be released at all. If you capitalize on this opportunity now and Wraith is released, you will see some great returns! If you are new to cryptocurrency, or don’t know how to buy Verge, follow this guide!