Justin Vela, the Founder of Verge had an exclusive talk with Ron NeuNer, the CNBC Cryptotrader host, wherein he answered a lot of questions related Verge and the future of the company.
A big announcement from Verge [XVG] and Pornhub recently said that Verge is now integrated into Pornhub. Why did Pornhub choose Verge of all the cryptocurrencies?
There are a lot of benefits of the Verge, it is a privacy-oriented coin and obviously, people who use online adult sites deserve privacy. Verge is also a very, very large community with hundreds and thousands of people. Integrating verge into a platform gives a lot more than just a blockchain based currency – a gigantic community that is going to be promoting and talking about it everywhere comes along. And, the main highlight being the additional privacy features.
How does the team actually achieve privacy when they talk about it?
They have Thor built into their applications. Most blockchain based projects will expose any user’s actual physical location across the network which makes it easier for people to find them. But, at Verge, they use user’s IP obfuscation, so the actual physical location of any customer is never exposed. Then they have other things like stealth addressing, where an address can be posted publicly and people would not be able to follow the transactions that are going to it.
Why did Justin Vela ever discover the Verge project? What was the reason that he said, “okay! I gotta start this token?”
In 2013-2014, a lot of coins were starting to come out that was exactly the same from one another. Somewhere, to the ERC20 token industry now, all of these coins are pretty much the same. Nobody was really doing anything but a lot of coins were coming out promising privacy but never delivering it. Justin had been running a mining pool and with the code base for a while and that is when he thought why not start my own?
“I am not going to do an ICO or a pre-mine, I am just going to get people from the community that I know together and we are all going to start trying to work on it.”
He started this coin, built a community and has now been doing a whole series of announcements all about vendors taking on or integrating Verge into their systems. It seems like its spreading like wildfire.
Vela agreed, it really is. Especially since they announced the partnership with Pornhub last week, they had a lot of industry giants and even small guys coming forward, both of whom they treat the same to help integrate with verge into their platforms. They have had VPN services, a bait and tackle shop on a jersey shore – any size, any industry or any type of industry that comes, they welcome with open arms.
Can the system handle if volume comes? How much volume can the Verge system handle?
“Right now, we have been handling everything great, we are not even probably using 10% of our capability and Pornhub has received over 1000 subscribers using Verge [XVG] and if we ever need to scale, that’s literally something that would only take us minutes,” explained the founder.
Right now, blockchain is nowhere near scaling or nowhere near mass adoption. Will Verge be, able to handle VISA type or MasterCard transactions?
Justin addressed this saying, Absolutely! If it gets to that point, it won’t happen overnight obviously, but we would like it to happen overnight. We do definitely work on that.
How many transactions per second can Verge handle?
Right now, 120 transactions/sec can be handled. Bitcoin can handle about 6-8 per second when compared to Verge.
What are the problems that Verge currency solves as some competitors may not?
According to the Founder’s statement, they are very welcoming to new people to their community and are always trying to help people with technical support, run down explanations of the various pieces of software and even things that are not necessarily verge like how an exchange works, how mining pools work etc.
“We are very user-friendly.”
Is Verge really decentralized?
Like Justin said, they had no ICO, no pre-mine, they are surely decentralized. “I created this coin but there are many people out there with lot more coins than I do,” noted Vela. All of their nodes are applications i.e. as soon as a client opens it, they are a part of the network. So even if Justin takes away his servers offline, Verge will still exist and nobody will even notice.
Ron mentioned that Pornhub partnership was interesting actually as they are owned by a much bigger company which actually holds a lot more prominent porn sites. I’ll be using this as a testing ground and to say that if Pornhub is successful then we will integrate it into our entire platform, he said.
Justin replied stating that, it is in their best interest to start with one and see how it works as a test and so far, it has been really successful – thousands of new subscribers for Pornhub as mentioned earlier. There was a huge amount of press for both Verge and mind geek Pornhub as well. There was really no downside to it, according to his statement.
Pornhub gets over a billion unique visitors in a year so a lot of those people who say they do not know Pornhub might be kidding or just pulling your leg stated Justin.
Pornhub is still about to support an infrastructure for Verge. Are there enough wallets? Is there an infrastructure big enough? Is it easy to integrate?
Yeah! That’s one of the things that a lot of companies when they first contact are almost timid or confused. They are like – how do I do this it sounds really complex.
Justin clarified this, it all really depends on what platform you run your service on. But it’s a lot simpler than many think it to be. In some instance, you can have verge integrated into your platform in 15 minutes.
What else can we expect from Verge after a good spam of announcements?
They expect going forward and to keep growing – their marketing team reaches out to new exchanges, new mining pools, and are constantly in talks with industry leaders. They have many people approaching saying, “Hey! this sounds really interesting and if this billion-dollar company is doing it, its probably a good idea.” Hence, they are in terms with a lot of people right now and everybody should definitely expect a lot more announcements soon.
Do Justin and his team look up to any other coin and go like – that coin worries me; those guys are right on our backside and are chasing us today?
The team tries not to look at other coins competition because really what is good for us and what is good for the other coins is good for crypto in general.
“I never talk about bitcoin, I love bitcoin. Things like this partnership shine a light on cryptocurrencies in general. It is really in everybody’s best interest to keep these things going and push the message of cryptocurrency more,” added the head.
Curious Ron questioned, let us look 10 years forward. Are we going to have 1 privacy coin or a whole host of privacy coins?
It’s a market and it needs multiple options like the metals the market has – silver, gold, titanium, etc. The use cases may be different, like gold for jewelry, silver for industry etc? But, there are metals that have no use. Like diamonds can now be synthesized but we still buy real ones, said Justin.
While he spoke to a few commoners, one of them stated:
“I definitely think the bull run that is currently happening is the actual one. The market is bearish and from what I have heard about Verge [XVG], it is the future currency.”
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