Verge

Verge is a digital currency operating on an open-source, decentralized network and prioritizes users’ anonymity and privacy by obfuscating their internet protocol (IP) address and location. It enables individuals and organizations to carry out transactions securely, efficiently, and directly. Moreover, this cryptocurrency is practical for daily use.

Originally founded as DogeCoinDark in 2014, the digital currency utilizes TOR to advocate for private and free access to the Internet and offers fast transaction processing speeds. It falls in the category of privacy coins like Zcash and Monero. That said, this cryptocurrency’s commitment to useability and transparency makes it special. Verge’s symbol is XVG.

• Verge refers to a cryptocurrency utilizing advanced technology to ensure a private and secure way of conducting transactions online. The digital currency uses different anonymity-centric networks like TOR and I2P to safeguard users’ identities.
• Some key features of Verge crypto are decentralization, multi-algorithm mining, privacy and atomic swaps.
• A noteworthy disadvantage of this cryptocurrency is its lack of adoption and awareness. In other words, it is less popular than some major cryptocurrencies like Bitcoin and Ethereum.
• A key difference between Bitcoin and XVG is that the latter is anonymity-focused, unlike the latter.

Verge refers to a digital currency designed to provide users with TOR-level security and privacy while ensuring that the cryptocurrency remains practical for daily use. With an emphasis on decentralization and privacy, this privacy coin offers people an attractive alternative to conventional payment methods. After introducing this cryptocurrency as DogeCoinDark, founder Justin Sunerok rebranded it to Verge in 2016 to differentiate it from ‘dark’ coins.

Digital currencies such as Verge have increased the demand for private ledgers that provide one-of-a-kind ways to obfuscate transaction participants’ identities. This cryptocurrency ensures users remain anonymous by utilizing various anonymity-centric networks like the Invisible Internet Project or I2P and TOR. TOR safeguards the identities of users by bouncing the communications taking place over a distributed computing network system comprising tunnels and relays.

Volunteers in different parts of the world and a small but dedicated team run the entire network. I2P encrypts the user data and transfers it via an anonymous, volunteer-run peer-to-peer or P2P globally distributed network.

Note that any person can view different transactions occurring on Verge’s public ledger. However, as noted above, the I2P and TOR layers hide the transacting participants’ IP addresses and locations.

Some key features of Verge crypto are as follows:

• Decentralization: Similar to the majority of cryptocurrencies, this digital currency is decentralized. In other words, a single entity does not control it.
• Privacy: It has strong privacy features, allowing users to perform transactions anonymously.
• Multi-Algorithm Mining: This digital currency utilizes the Proof-of-Work (PoW) mining principle. Moreover, it has multi-algorithm support, unlike most cryptocurrencies.
• Atomic Swap: It uses atomic swap technology, allowing direct P2P trading across multiple blockchains.
• Low Network Fee And Fast Transactions: This cryptocurrency’s average network fee is 0.01, which is minimal. Moreover, its average block time of 30 seconds only makes it faster than various popular digital currencies like Bitcoin.
• Dual-Key Stealth Address: This feature enables senders to create as many one-time addresses as they want on the recipient’s behalf without any interaction taking place between both parties.

Let us look at some steps one can follow to mine Verge.

• Acquire suitable hardware.
• Get a wallet address.
• Obtain mining software.
• Configure the mining software.

Once the equipment is ready, start mining.

People can mine this cryptocurrency utilizing a PoW protocol. Miners utilize computer hardware for solving complex mathematical problems, and whichever miner is able to solve the algorithm first gets the block reward. The mining mechanism utilized is identical to that of Bitcoin.

This digital currency uses multi-algorithm support, as noted above. It enables persons with different kinds of equipment or devices to mine the cryptocurrency. The system ensures that mining is more secure and decentralized. Ultimately, it ensures the token distribution is fair.  

Let us look at a few Verge examples to understand the concept better.

Example #1

Suppose Jack decided to send Jim 50 Verge (XVG) coins. The former’s address was V567, and the latter’s address was V789. After Jack confirmed the transaction, within 30 seconds, Bob received 50 XVG coins. The network could only see that 30 coins were sent. The transaction looked like XX sent 50 XVG coins to XX. So, the transaction participants’ identities were not known.

Example #2

Per data published by CoinGecko, Verge price surged more than 500% within a week. The significant rise indicated that a revival of the older cryptocurrencies or ‘dinosaur coins’ was possible in the cryptocurrency market. Moreover, one must note that the largest crypto exchange in the world, Binance, recently announced that it will not be delisting different privacy coins, including XVG. This news could have been a crucial reason behind the surge in XVG’s price, liquidating various short positions.

Let us look at the benefits and limitations of this cryptocurrency.

#1 - Advantages  

• It ensures confidentiality, safeguarding financial transactions and eliminating the possibility of identity theft and data breaches.
• This cryptocurrency provides low-cost and faster transactions compared to various popular cryptocurrencies.
• Since this is a decentralized digital currency, the involvement of conventional banking systems and intermediaries is not required.
• This cryptocurrency eliminates chargeback fraud as the transactions are immutable. Once a person makes a client using XVG, the funds are in the recipient’s wallet.

#2 - Disadvantages

• It is not as popular as other popular cryptocurrencies like Ethereum and Bitcoin.
• Similar to all cryptocurrencies, Verge price may increase or decrease rapidly.
• The high level of privacy offered by this digital currency makes it easier for individuals to carry out criminal activities.
• Limited integrations and partnerships with different platforms are a potential limitation of this cryptocurrency.

Understanding the meaning and purpose of Bitcoin, Zcash, and Verge can be challenging for people investing in cryptocurrencies for the first time. Knowing the key differences between each of the three digital currencies can help one understand what they offer and pick the right cryptocurrency to fulfill their requirement. So, let us find out what their distinct features are.

This has been a guide to what is Verge. We explain its features, how to mine it, examples, advantages, disadvantages, & compare it with Bitcoin & Zcash. You can learn more about it from the following articles –

• Icon Cryptocurrency
• Crypto Swap
• Crypto Lending