Verge (XVG) is one of the most popular alternative cryptocurrencies on the market. It’s 2,198% growth last month probably has something to do with that. But this crypto-coin’s price surge has tapered off over the past week, during which it’s gained just 41%.
In the past day, XVG’s price has only risen 25% higher. For early Verge investors, that kind of growth is glacially slow.
And the past few days’ growth is surprisingly low considering what just happened. Verge just launched its highly-anticipated update for its Wraith Protocol. The launch was supposed to happen on January 1st – but there were some hiccups.
The market certainly hasn’t responded with too much enthusiasm. XVG’s sluggish growth makes that very clear. Other altcoins, like TRON (TRX) are making much more impressive gains.
But what is the Wraith Protocol anyway? Is this something that will actually end up boosting Verge’s coin price in the long run?
All About Verge (XVG) and its Wraith Protocol
You’ve got to give it to this team – they certainly like theatrics when it comes to teasing software updates. This, from a couple weeks ago, for example:
— vergecurrency (@vergecurrency) December 20, 2017
If you didn’t listen to the video, the end goal of the Wraith Protocol project will be all about stealth addresses. Verge’s decentralized ledger technology is already really strong. That’s part of why it has grown in value so rapidly.
The technology works by using a variety of security measures to make transactions completely untraceable. But that is already incorporated into XVG transactions.
Wraith Protocol will make having a stealth address optional for each transaction. Every time you send or receive Verge coins, you can decide whether you want it to be on the public or private ledger.
No current ledger technology really offers that – so it is a super innovative idea.
So why isn’t this excitement about Wraith reflected in the price of Verge (XVG)?
But the Wraith Protocol isn’t fully launched yet. There are four total stages, and New Year’s Day was just Phase 2.
And that Phase 2 rollout was delayed on some operating systems. That phase involved implementing protocols that make physical IP addresses untraceable. Linux and OS X had delays, while the Windows Qt wallet was up-and-running on time.
Someone who is working on the development of the Wraith Protocol, Eric Kryski, put a very informative and easy-to-read breakdown of the product rollout here.
It looks like it’ll be a while until we see Phase 3 and 4 completed. That means that optional stealth addresses aren’t a reality as of yet. But the technology is exciting, so we are betting that once the crypto-public digests the new protocol – there may be a boon to the price of XVG.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.