The original intention of Satoshi Nakamoto was to create a decentralised, anonymous and secure currency that is not controlled by any government and allows users to transfer value peer to peer over the internet. Bitcoin is transparent, which is achieved by having a public ledger where all the transactions are recorded and can be observed by anyone. Over time another alternative has emerged focusing on the opposite end of the spectrum – invisibility of transactions. Technically it is made possible with a private ledger, in which peer to peer transactions cannot be found using a typical blockchain explorer.
Both types of ledgers have their relevant use cases. When transparency is essential, a public ledger offers a solution. These cases include merchants who charge customers or use crypto for business purchases and prefer to have an observable ledger for accounting purposes. In some cases proof of payment is also legally required.
On the other hand, a private ledger also has its purpose. First of all, privacy is a basic human right and carries intrinsic value in itself. Secondly, a private ledger can be used for commercial purposes, such as conducting business transactions and handling of sensitive information. Think of a business owner who wishes to keep some of his activity unseen by competitors to stay ahead of the curve. Say, he or she wants to anonymously invest a large sum of money into a stealth startup.
What is Wraith Protocol?
Up until now, public and private ledgers are mutually exclusive alternatives, meaning they cannot coexist on the same blockchain. Fortunately, there is now a solution that takes the best of both worlds and combines them into the most valuable asset: choice. This solution is called Wraith Protocol™, which is a part of the upcoming Core Wallet 4.0 release by Verge. With Wraith Protocol™, users are free to choose which ledger they want to transact across (private or public) making it as easy as pressing a switch button.
With the Wraith Protocol™ switched on, transactions cannot be publicly linked to either the sender or receiver addresses from which they were derived. This is achieved through a system of cryptography known as Elliptic Curve. When Wraith Protocol™ is off, the transaction is recorded in the public ledger and can be found with a blockchain explorer, similarly to Bitcoin’s blockchain.
In addition, Verge provides total obfuscation of IP addresses thanks to the most advanced version of TOR integrated in its wallets. In combination, Wraith Protocol™ makes Verge the only truly untraceable cryptocurrency. You can even purchase it through an Atomic Swap enabled by the implementation of BIP65 on the Verge blockchain, thereby optionally eliminating trusted third parties. This effectively allows for the conversion of any traceable currency into untraceable Verge.
Other features of the Verge Core Wallet 4.0 include:
- TOR Baked-in: TOR-integration by default and with no additional setup. The IP-addresses of the users are totally concealed.
- Faster Sync: The block syncronization speed is faster thanks to 100+ additional seeds on the network.
- Bloom Filters: Faster transaction times for full nodes with Bloom Filters (BIP37).
- New UI: Smooth looking interface and an updated colour scheme.
- Visp: P2P (peer-to-Peer) Instant messaging system utilizing state-of-the-art encryption technology to keep your communications private. All messages are encrypted by the proven AES-256-CBC algorithm.
Looking past this amazing accomplishment and into future of the coin, the following passage from the Official Verge Blog sums it up nicely:
“Simply put, Verge Currency is what we believe Satoshi Nakamoto originally intended Bitcoin to be. Global utility and large scale user adoption have been major limiting factors for all cryptocurrencies; even Bitcoin. These fundamental issues are directly related to the increased rate of crypto flops we continue to see each year. Whether it’s fraudulent ICOs, governmental regulations (or lack thereof), or simply unpractical use cases for blockchain technology — the need for change is apparent.
To create a solution to these issues, Verge Currency was designed around the following principles:
- Ample Coin Volume
- Ultra-fast -5 Second Transaction Speeds
- Industry Low Fees
- True 100% Anonymity and Identity Obfuscation (provided as an optional toggle/choice)
- Open-Source and 100% Community Funded (no pre-mine, no-ICO)
These ingredients achieve the perfect alchemy for Verge to mature into a globally adopted currency, free of corruption and forever an open-source and decentralized project. With RSK Smart Contracts on the horizon and future plans for a decentralized Point of Sale integration, Verge Currency is poised for greatness.”