The amount of information in the digital space is rapidly increasing annually. Because of this, confidentiality and protection of user data are the most important tasks in the modern world of IT-technologies. One of the digital projects aimed at improving the level of user data protection is the Verge platform and the Verge cryptocurrency of the same name (XVG).
What is worth knowing about the presented cryptocurrency? How do creators solve project tasks? In this article, we will evaluate the prospects of the Verge coin (XVG), find out a brief history of development, where it can be purchased, where to store and how the coin rate has changed.
The main function of Verge cryptocurrency is to provide individuals and enterprises with the opportunity to make anonymous and fast direct transactions. Cryptocurrency acts as a means of payment, and the technology of the project is designed to improve the security of users.
Verge leverages i2P and TOR to enhance client protection. Using these technologies, the maximum level of confidentiality and anonymity is achieved during any transaction. The main advantage of the Verge cryptocurrency (XVG) is the absolute anonymity of the network. As a result, the Verge project protects all its users, their payments and makes sure that no one can use the information.
History of Verge
Cryptocurrency Verge is open source. It involves developers from around the world. The project is not a private company funded through pre-screening or ICO. Marketing and development efforts have supported more than a thousand people from the volunteer community.
The cryptocurrency was founded in the 2014th year and had the name DogeCoinDark. The original name came from the merger of the Dogecoin and DASH cryptocurrency names. A cryptocurrency creator is considered to be a programmer named Justin Saneroc. He believed that BTC could not cope with the mission of a digital asset and become a full-fledged means of payment. However, after the launch, even the developers did not take the project seriously enough.
Thanks to the word Dark in the name, it could be concluded that it is safe to use cryptocurrency on the darknet for anonymous transactions. Since the coin coped with its tasks, offered reliable and fast anonymous transactions, the project began to develop. The decision to rebrand was made due to the fact that the project ceased to resemble the original product.
The name Verge appeared in the 2016th year. They started talking seriously about cryptocurrency at the beginning of 2018. During this period, the developers began to collaborate with the famous adult content site, PornHub. As a result of cooperation, a premium subscription appeared on the site, which can be purchased with XVG coins.
Where to buy Verge
Verge cryptocurrency can be obtained in two ways: using mining or buy on one of the exchanges. To mine a coin is only subject to the availability of sufficient power. If the hash of the equipment is 250 Mh / s, the profitable part per day will be approximately $ 10.
Verge cryptocurrency transactions occur on many exchanges. For example, at one of the largest and most rated Binance exchanges, transactions with XVG / BTC account for almost 20% of the total trading volume.
On the BiteBTC exchange, the trading volume of XVG / ETH is about 15%.
CoinMarketCap provides an exhaustive list of venues where you can buy Verge.
On the trading floors there are many different pairs for exchange. Most often, XVG is involved in operations with ETH, BTC, EUR, USDT.
In addition, you can buy Verge cryptocurrency for:
- American dollar (SouthXchange, Bitfinex, SistemCoin);
- Euro (LiteBit, Bitfinex, SistemCoin);
- Turkish Lira (SistemCoin);
- South Korean Won (BitHumb);
- Ukrainian hryvnia (CryptoBuy).
The most popular exchanges for buying Verge for fiat are Bitbns, Bithumb, LiteBit.eu and SouthXchange.
Where to store Verge
On the official project portal in the Wallets section (Wallets) you can find a complete list of wallets for different devices and operating systems. The name of each wallet has a hint. Thanks to her, you can understand what this or that wallet is for.
For example, you can choose an XVG wallet with a hard class. With its help, it will be possible to download the entire blockchain to a computer. Also, you can install the light version of the wallet on your phone. All types of wallets listed on the site effectively hide transactions. This means that regardless of the choice, all actions will be anonymous.
The project team
Initially, the development of the project was carried out by representatives of the crypto community. They wanted to upgrade the existing BTC blockchain. Verge did not have a centralized team. Everyone could bring their ideas. It is reported that the main characters were users under the nicknames CryptoRekt, Sunerok and Gfranko. More detailed information about these people could not be found.
The interaction of developers took place on the public repository of GitHub. As previously reported, Verge was not involved in ICOs. The system developed at the expense of the resources of the project specialists themselves.
Verge Technologies Used
The basis of the Verge cryptocurrency was the Bitcoin blockchain. In order to improve the shortcomings of the presented system, the developers introduced TOR, i2P, Wraith Protocol and SPV technologies.
The TOR network is an IP anonymization scheme and provides several layers of encryption for a user message. In other words, this is a multi-level system of channels, with the help of which user traces are tangled, their IP addresses are hidden. TOR throws a user’s message into a peer-to-peer network composed of many relay computers. Due to this, the IP address of the message is changed several times, and the process of tracking the sender becomes impossible.
Verge has implemented Tor technology as a standard for transactions. The disadvantage of this technology is the centralization of servers. With the introduction of the Invisible Internet Project (I2P), the impact of this drawback is minimized.
The technology introduced adds another level of anonymity thanks to the tunnel address hiding system. Using I2P, you can hide any information about users. I2P is a reliable technology that creates a confidential network inside the Internet.
Wraith Protocol technology allows the user to quickly switch between private and public registers on the Verge block chain. Due to this, transaction data is invisible on the blockchain.
SPV (Simple Payment Verification) technology is used to improve the speed of any payments.
Verge cryptocurrency ideally combines the functionality of Bitcoin, the main features of Dogecoin and the anonymity of DASH.
Verge cryptocurrency mining
Verge cryptocurrency mining is carried out using the Proof-of-Work (POW) algorithm, which is responsible for consensus and security for users. It is worth noting that five algorithms for mining are immediately available to users: myr-groestl, blakes2, X17, Lyra2rev2 and Scrypt. Coin Verge is one of the few cryptosystems supporting such a number of encryption algorithms in one blockchain.
The total emission of the cryptosystem is about 16.5 billion coins. Currently, about 15 billion tokens have been extracted. It is important to note that using any of the algorithms to create a new block takes approximately 30 seconds. The reward for finding the block is 12.5 thousand coins. The success of mining is affected solely by the hash of a particular pool.
The unique advantages of the presented cryptocurrency can be considered:
- Ensuring absolute anonymity of translations and concern for the confidentiality of all project participants through the use of anonymous networks (TOR and i2P);
- Greater popularization of the project among the masses at the international level and openness of developers to the ideas of users from the World Wide Web;
- Providing high scalability during the execution of any kind of transaction.
The main drawback of cryptocurrency is that it does not offer anything innovative. The Verge project may simply not stand the competition. For instance:
- Cryptocurrencies Zilliqa (ZIL) and Ethereum (ETH) are already ahead of Verge in terms of processing speed;
- Anonymous transfer service is offered by a number of more popular coins, among which there are cryptocurrencies Monero and Zcash.
The coin has no pronounced flaws. But due to Verge’s “neutrality,” promoting the project will be quite difficult.
Various sources agree that the value of the coin will steadily increase. Nevertheless, experts advise to be more careful with forecasts.
The popular Wall Street resource predicts that Verge will become $ 0.0837 in the next five years. According to another source, the rate of the presented coin for the same period will increase to $ 0.2069. Fans of the theory of cycles claim that the coin will grow by a maximum of $ 0.4500 before 2020, and after that it will decline.
It is reported that project specialists want to integrate the ability to create anonymous smart contracts into the system. If this happens, the coin will be the first cryptocurrency with such technology. The introduction of such an innovation will provide the potential for the rapid development of Verge and distinguish it from competitors. This means that the coin will remain in demand for a long time.