Verge Cryptocurrency Review
Verge is a privacy focused cryptocurrency aiming at providing complete anonymity when making transactions. Lots of people are talking about Verge right now as the coin which could take over as the Dark Web currency of choice. If so, expect the value of Verge to shoot through the roof. Lets take a deeper look at it.
What is Verge?
Verge is a cryptocurrency that is specially tailored to help its users carry out their regular transactions while protecting their privacy. Its primary goal is to provide a safe platform for individuals and groups to transact fast and efficiently. Even though Verge may be a new term in the market, it is quite old in the industry. It has been in existence since 2014, but it was operating under the name DogeCoinDark until the rebrand to Verge in 2016.
History of Verge
Verge (trading name XVG) began trading officially in the last quarter of 2014 and is among the oldest privacy coins on the market. Riding behind the name DogeCoinDark, it had advanced various privacy features no other coin had, including the use of I2P, which protects your network communications from interception.
Verge is managed by an open source community, meaning that there is no major brand or company behind it. The team that signed its "blackpaper" just used their usernames rather than their real identities. This community is still committed to preserving the anonymity of its users.
Technologies Used By Verge
Verge uses various technologies to enhance the privacy and anonymity of transactions for its users. The community behind its creation recognises the fact that using IDs to identify users on the blockchain does not provide adequate security. Verge also sets out to conceal your identity from your Internet Service Provider (ISP) and anyone else who might be trying to listen in on your network connection. If your IP can be tracked by your ISP then, effectively, your transactions can be traced to you and you have lost your privacy.
I2P and Tor are the two major technologies used by Verge to protect your Internet anonymity. Here is a breakdown of the two:
I2P - I2P provides dynamic routing for each data packet sent or received in the network. I2p routing is divided into two tunnels - incoming and outgoing tunnels. Data that is directed from your computer takes a different tunnel from the one that is coming. This means that anyone trying to monitor your network activity will only be able to track half of the information.
TOR. The Onion Router (TOR) technology is quite a popular method of hiding an IP address. It wraps every data packet and provides an effective security layer that is protected from the ISP. Your IP address becomes anonymous and can’t be tracked by the ISP.
The Wraith Protocol
In addition to the above technologies, Verge also uses the Wraith protocol. This enables users to choose between private and public blockchain transactions. Public ledger or transactions provide high levels of transparency and are fast. Private transactions on the other hand, are shielded from the public.
Verge uses the Electrum wallet because it is compatible with both I2P and Tor. It is also critical to note that Electrum was originally meant to be used for Bitcoin. This wallet can be used to store tokens even when in the offline mode (for cold storage). This means that your ISP won’t be able to track any of your data through the wallet. Before sending Verge currency, you will be required to sign the transaction using your private key. This can still be done offline.
After that, you will need to use an Internet-connected machine to broadcast the transaction to the Verge network. Even though this computer is connected to the internet, if you have created the transaction offline, it won’t store any information regarding your private keys (reducing the risk of hackers stealing your keys).
Verge Android Wallets
Verge supports two wallets for Android devices. One of them is designed for Tor while the other one is for the I2P technology. These two wallets have helped Verge gain impressive traction in terms of portability. The mobile wallets also have high levels of security features, which include biometric identification and PIN verification.
Mining Verge Currency
Verge is a mined cryptocurrency and uses a proof-of-work protocol for verifying transactions. Verge believes that proof-of-stake systems are unfairly biased towards the rich currency stakeholders.
Verge is among the few digital coins that are supported by the multi-algorithmic system. Miners can use the following five hashing algorithms to mine XVG:
With all these algorithms, it means that miners can use different mining rigs to mine this digital currency. This enhances decentralization and boosts the security of the whole system.
Messaging on Verge
Some of the platforms that you can use to message your Verge transactions include Discord, Telegram, IRC, and Twitter. You only require a recipient’s username to send the message. Once a deal is complete, a Verge bot will send a message containing instructions on how to claim the ownership of the coins. The messaging feature improves the Verge’s user experience.
Verge vs. Others
When it comes to a comparison, Verge performs fairly well against its closest competitors such as Monero, Dash, and Zcash. However, there are several similarities between Verge and Monero only that the latter lacks a public blockchain. With Monero, you can't confirm a transaction using an address.
Just by looking at the performance of some of the other privacy coins over the past year, one can see that their future looks bright. For instance, Dash. Apart from Bitcoin, Dash is the only other crypto whose price hit the $1000 mark. Another privacy coin, Monero (XMR), has stayed above $300. If you are concerned about privacy, security and Internet anonymity then Verge could be an interesting coin for you. There is a large stable community behind Verge who have laid a solid roadmap to determine its future.
i create in verge xvg <3
Has anyone tried storing Verge in Electrum wallet?
Am I the only one having issues with the wallet being Offline most of the time and having problems with connection?