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What is Verge? (XVG)

09 January 2018 | 0 comments | Posted by Che Kohler in Money Talks

What is Verge Coin?

Verge Currency is a cryptocurrency designed for everyday use and aims to go after the mass adoption market with a few unique selling points. XVG aims to become a mainstream retail and trade cryptocurrency of choice by improving upon the original Bitcoin blockchain and aims to fulfil its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining personal privacy.

XVG is built with a fork of Bitcoin but with an emphasis on privacy which utilizes anonymity-centric networks such as TOR and i2P to make sure the IP addresses of its users are obfuscated and the transactions are completely untraceable.

Pressed for time? Then listen to the audio version of this post can be found below

What is Verge (XVG)?

Verge is a fast-rising cryptocurrency which aims to make transactions completely anonymous. Created in 2014 under the name DogeCoinDark, it was rebranded to Verge Currency last year.

The currency is virtually untraceable, and the users of Verge can make instant, anonymous transactions. This is achieved by using highly advanced blockchain technology built on top of services such as Tor and I2P that hides your personal data, such as IP-addresses and geolocation.

The currency also differs to other cryptocurrencies through being a 100 percent open source project, with all members of the community able to give full input into any decisions made about future changes.

It’s also meant to be very fast, and by using ‘Simple Payment Verification’ (SPV) technology confirmation times are kept to around five seconds on average.

Why should you pay attention to Verge?

Completely anonymous and privacy-focused

Verge implements highly advanced blockchain technology built on top of services such as Tor and I2P that hides your personal data, such as IP-addresses and geolocation. With the future implementation of RSK technology, Verge will offer smart contracts functionality, while maintaining the total confidentiality of the users, thus being the only cryptocurrency on the market combining such features.

Community-driven

Verge is not a private company funded by pre-mined coins or ICO's. All of the development and marketing is supported by the thousands of members of the community. The development team is active and always in close contact with the community. You can easily reach the main developers for support or new ideas about Verge.

Ultra-fast transactions

Transaction speeds are ultra-fast compared to other coins. Simple Payment Verification (SPV) technology allows average transaction confirmation times to drop to ~5 seconds.

Ready for mass adoption

Verge offers a wide array of secure wallets for multiple operating systems. The revolutionary Tor Android Wallet offers mobile anonymity, which is a unique feature among privacy-oriented coins.

Decentralized and open-source

Verge is a decentralized currency based on an open-source platform. There is no central control over the coin. Verge has a public blockchain, which allows anyone to see coin distribution, number of users and other statistics, while keeping meta transaction data anonymous. Verge employs multi-algorithm on its blockchain, making it possible to mine Verge with different types of mining devices.

Smart contract support

With the future implementation of RSK technology, Verge will be the first privacy-focused cryptocurrency with integrated smart contracts functionality.

Privacy choice

Wraith Protocol makes it possible to easily hide transactions in the private ledger, if necessary while leaving an option of transacting across publicly accessible ledger for those who value transparency and keeping records.

What is Verge being used for?

Anonymous donations

Whistleblower websites like Wikileaks need funds to continuously set the internet straight and dispell rumours and fake news published via mainstream media and questionable sources.

Sites like these do not rely on content syndication or advertiser revenue in order to run. Their main aim is to remain impartial and rely mainly on donations. While many people may feel they want to contribute to the cause but want to have any ties to it due to political risk, Verge makes it easier for sites like these to receive donations without risk to either party.

Products and services

Many merchants providing their products and services online are already accepting bitcoin and they often also take Verge, if not you can use services like shapeshift to convert your Verge into BTC or ETH which are more widely accepted.

Can you mine Verge?

Yes, Verge can be mined and uses Proof of Work consensus to secure the network, and you are able to mine using 5 different algorithms : Scrypt, X17, Lyra2rev2, myr-groestl and blake2s which was by design to enable as many people as possible with different mining setups to have equal access to earning the coins. This multi-algorithm approach helps distributes the coins evenly among the miners and increase block speeds. Miners are also able to work via platforms such as CCMiner. org, prohashing. com or the Verge Blockchain Explorer.

Can you earn Verge?

Trading

Verge users can earn digital currency via exchanges, Users can earn tokens through trading on different fiat and cryptocurrencies and take advantage of market fluctuations.

Mining

As mentioned earlier Verge can be mined, this can be done by setting up a pc with the software or a fully customised rig and start mining solo or in pools.

Where you can buy Verge?

Verge is listed on a few international cryptocurrency exchanges and is actively traded on websites like:

  • Binance
  • Bittrex
  • Coindirect
  • Coinhouse
  • CryptoBridge
  • Cryptopia
  • HitBTC
  • LiteBit.eu
  • SouthXchange
  • Trade Satoshi
  • TradeOgre
  • Upbit
  • YoBit

Should you invest in Verge?

In its current state, Verge isn’t as private as Monero or ZCash, which already obscures transactions automatically. However, the Wraith Protocol would bring Verge up to par, and it’s slated for release within the next month, and Verge promises faster and has much lower transaction fees than Monero.

Verge also has support for future additions of Smart Contract, something no other privacy-focused coin is working on; Verge is poised to move to the head of the pack. Verge is an interesting project, and I think it adds good value to the competition for privacy coins. They have also been around for a while already, since 2014 and have been slowly refining their product with a solid roadmap for future improvements. For more on Verge check out their official website

Contact us

If you want to know more about cryptocurrency, don’t be shy we’re happy to assist. Simply contact us

Not keen on reading?

The guys over at King Massive were nice enough to create an audio version of this post which you can listen to here:

Recorded for nichemarket by King Passive

Disclaimer: This article should not be taken as, and is not intended to provide any investment advice and is for educational purposes only. As of the time posting the writers may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency as all investments contain risk.

Tags: Cryptocurrency, blockchain

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