The downfall in the price of Verge (XVG) has touched up to 96% since its all-time high in the market. That was an epic time period for the cryptocurrencies when the bull run was on its peak. It’s been almost about more than year and XVG has dropped its value in the meanwhile.
The current condition in which the privacy coin is today was due to one bad decision that the Verge took back in early 2018. As the time moved on, Verge tried to recover from that vulnerable partnership with Porn Hub. But somehow Verge has not been able to stabilize itself in the market.
Moreover, Verge (XVG) is facing other problems that are attacks from hackers, which in the recent past has been a big issue for the XVG network. Being a privacy coin Verge ensures full proof security but it does not look to be a much safer asset, as XVG claims.
In the last year, Verge was hit by a massive 51% attack and almost $1 million USD worth of XVG were stolen. Later on, somehow, Verge development team recovered back, but there are issues in Verge mining codes and hackers can easily have access to it.
The OCMiner admin explained that how XVG’s security can be easily breached. He said that there are various buys in the XVG code and professional hackers can easily escapade this via mining blocks with a spoofed timestamp. As the users register a mined block, hackers can easily set a wrong timestamp to that block and Verge wouldn’t be able to catch up the right time period when the previous block was mined.
However, Verge (XVG) with the passage of time has updated the core version with bug fixes, but it would not be enough to survive in the cybercrime world. In a recent development update, Verge stated that all the dev team is approaching for a Proof-of-Stake based blockchain and if XVG moves to PoS, it would introduce RingCT.
Moving to Proof-of-Stake (PoS), Verge will make sure to remove the references to the PoS code, which will allow a clear platform for Proof-of-Work (PoW) based core to easily switch to another proving system. So, through adopting the PoS, it would end up the security issue which occurred through the timestamp issue.
Though it would not be easy for Verge (XVG) to switch to another proof network. As the proving network changes, the XVG blockchain halving schedule would also change, to ensure that the miners are not going in loss. This would probably also increase the inflation rate, which Verge could not afford at the moment, as it has already bearded so much loss. But, if Verge is to plan for long-term progress and get rid of these security issues, then they have to make some hard decisions.