Verge cryptocurrency (XVG) is back in the news. While some people on Reddit and Twitter are posting bad things about XVG, in reality, Verge will be releasing the wrath protocol soon, and even technical analysis is showing strong bullish movement after the current bear move that it’s going through. Some suspect it’s the whales that are spreading negative news about XVG in order to panic people into selling their stakes.
So, what exactly is Wraith protocol?
Basically, the Wraith protocol adds a layer of privacy on transactions. This is achieved via Tor, which is the same protocol used to access the dark webs. After Wraith protocol implementation, while performing a transaction, the user will get an option to turn wraith on/off. If the wraith switch is set to ON, then transactions are recorded on an encrypted ledger which can be accessed by no-one. When wraith switch is set to OFF, transactions occur over the public ledger and everybody is able to get the transaction details, just like bitcoin network.
What’s the point of having private ledger?
If somebody wants to keep their transactions private, like a vendor wanting to use XVG for internal transaction purposes, would keep the wraith switch ON in order to avoid unauthorized people from accessing internal business transactions.
When can Wraith be set to OFF?
When the same shop keeper is transacting with a customer, he may choose to display the transaction on public ledger in order to make it convenient for the customer to access the transaction details at a later date.
Once Wraith is released, XVG is predicted to hit 2000 satoshis. At the time of writing, it’s lingering under 950 sats.