Verge and its XVG coin: A starter’s guide
As a variety of cryptocurrencies continue to enter the market, it has become difficult to keep track of the multitude of new technologies and benefits being offered by various platforms. Verge entered the mainstream late in 2017 as a platform that aims to offer privacy as a choice. With a goal of mass adoption, privacy, and decentralization through a completely open-source and community-driven project, Verge looks to offer a hybrid combination of transparent public blockchains and optional network privacy.
What is Verge
Verge was initially created under the name DogeCoinDark in 2014 before it was later changed to its current name Verge in 2016. The project is a fork of the Bitcoin protocol and notably leverages established anonymity-centric networks Tor and I2P to provide IP addresses obfuscation and transaction untraceability for its users.
Verge Coin Price
Currently, the price of Verge (XVG) is $0.06. The circulating supply of the XVG coin is 14,919,555,313 with a total max supply cap of 16,555,000,000. You can find Verge available for trading on a variety of the most popular exchanges including Binance and Bittrex.
Verge XVG ICO
Notably, Verge never underwent an initial coin offering (ICO) and therefore there was no pre-mine either. The project is funded through community donations and fundraising that contributors promote over different social media platforms. The community is responsible for the development and marketing of the platform.
Verge: How it works and its key features
Verge implements a proof-of-work consensus mechanism that utilizes multi-algorithm mining support. This is intended to create a stronger decentralized mining environment by allowing users with various types of mining equipment to be able to mine Verge.
Proof-of-work as a consensus protocol has been proven as a secure and decentralized format for use in decentralized blockchain networks, and Verge specifically mentions that they use this model instead of proof-of-stake due to the lack of proven sustainability of the proof-of-stake model.
Verge employs the Elliptic-Curve Diffie Hellman (ECDH) algorithm as its key agreement protocol. This is a form of public key encryption using digital signatures that is critical to the functionality and trustless nature of cryptocurrency platforms.
The use of Stealth Addresses on the platform is also accomplished by leveraging this method. Stealth addresses allow users to create one-time destination addresses on behalf of the recipient without any interaction between the two parties, adding an additional layer of obfuscation at the transaction layer.
Verge: Platform and technology
When analyzing Verge, it is important to understand a few key components of the platform. Specifically, its integration with the Tor and I2P networks, Wraith protocol, and wallet compatibility aimed at mainstream adoption.
The primary feature of the Verge platform is its integration with the Tor and I2P anonymity-centric networks and their implications on other features of the platform. Tor is a layered circuit-based network that offers IP address obfuscation through an overlay network of more than 7,000 volunteer nodes across the world.
This encrypted network randomly selects node relays, thus making it very difficult for a third party to trace the origin or destination of a transaction.
Similarly, I2P provides network anonymity, but through a method of packet-based routing instead. This offers the benefit of the network being able to route around congestion and interruptions, providing a higher level of network reliability similar to IP routing, but also retaining a substantial level of privacy.
I2P’s employment of distributed hash tables provides a decentralized mechanism for connecting content to hash values while simultaneously providing a strong infrastructure for scalability.
The wraith protocol of Verge is the feature that offers the “privacy as a choice” advantage of the platform. Essentially, the Wraith protocol allows users to choose between a public and private ledger when transacting over the network. Users who are looking for the benefits of a public and transparent blockchain (like Bitcoin) can use the public blockchain, while users who prefer anonymity and a higher level of privacy can choose the private blockchain.
The protocol includes enhancements like using stealth addresses as well as leveraging the Tor network with an additional layer of SSL encryption to obfuscate transactions. This feature is available by simply turning a switch for the Wraith protocol on or off, however, it is only available for the Core QT wallet.
One of the main focuses of Verge is to provide a user-friendly platform aimed at mass adoption. An important factor contributing to this focus is its wallet compatibility. Verge offers seven wallet integrations.
- Android Tor Wallet
- OSX Tor QT Wallet
- OSX Tor Electrum Wallet
- Windows Tor QT Wallet
- Windows Tor Electrum Wallet
- Linux Tor Electrum Wallet
- Linux Tor QT Wallet
The Electrum wallet is focused on speed and low resource usage using a Simple Verification Payment (SPV) method that verifies transactions on the blockchain without having to download the entire blockchain itself. This is a lightweight wallet that allows for faster transaction times. On the other hand, the QT wallet is a cross-platform UI framework wallet that is more geared towards developers and is a core wallet that downloads and updates the entire Verge blockchain in real-time.
When it comes to mainstream adoption, the integration of the Verge Tor wallet with Android is an important step. Users are able to quickly send and receive transactions through Verge with a native Tor integration and intuitive and user-friendly interface. For average cryptocurrency users who are looking for a convenient way to use cryptocurrencies, mobile application development will be key to their adoption.
Verge Coin: Use and utilities
The option to choose whether or not to use the public or private blockchain in Verge offers a significant advantage over many other platforms in terms of flexibility. Businesses or individuals who need to utilize the functionality of both aspects have their solutions in one platform instead of having to use a separate public blockchain based cryptocurrency and another privacy-centric cryptocurrency.
For instance, companies that need to secure and protect the finances and identities of their clients can use the Wraith protocol to mitigate any attempt at identifying their client data.
On the contrary, businesses that need to remain financially accountable and transparent to their investors or for a situation such as an audit can use the public blockchain of the Verge platform. If they need to protect specific client identities or transactions, they can easily switch on the Wraith protocol in the QT wallet and use the private ledger.
Can you mine Verge?
Yes, Verge can be mined since it uses a 100 percent proof-of-work consensus protocol. It offers support for five different hashing algorithms and you can find extensive resources and downloads for mining, including the various mining pools for the different hashing algorithms on their website. The 5 supported hashing algorithms are:
Verge: Team & founders
Verge was created by Sunerok in 2014 and it is currently a community funded and developed an open-source project. Any community members have the ability to submit potential commits to their Github repository or contact the primary development team through their contact information on their website.
Other notable team members include CryptoRekt (CMO), Kieran Daniels (VP of Marketing) and Sasha (VP of Operations). The community consists of hundreds of passionate volunteers who regularly contribute to the platform as well.
Notable features to be added that are on the horizon include the integration of RSK smart contracts (which are currently on the Bitcoin testnet), as well as the integration of Ring Confidential Transactions (RingCTs). RingCTs are a more complex digital verification signature process employed by other privacy-centric cryptocurrencies such as Monero.
The community behind Verge consists of hundreds of volunteers who regularly contribute to the platform. You can either contribute ideas or improvement to the platform or simply donate to help fund the platform’s development.
Verge maintains a strong social media presence with the following platforms.
Twitter – @vergecurrency (297k followers)
Consistent news, marketing, development, and community updates posted.
Reddit – https://www.reddit.com/r/vergecurrency/
Managed by the community and contains in-depth information, links, and opinions regarding the platform.
Telegram – Verge Currency (37,975 members)
Regularly post news, updates, and answer community questions. Great way to engage with community members.
Medium – https://medium.com/verge-currency-xvg
Posts regarding development, team, community, and marketing updates.
How to buy Verge
You can purchase Verge (XVG) on a number of the most popular cryptocurrency exchanges today including Binance, Bittrex, and Changelly. Most of the exchanges that Verge is available on require you to have cryptocurrency to trade for XVG as fiat-to-crypto exchanges for the currency are currently not widely available.
Verge has a focus on maintaining the public blockchain transparency of cryptocurrencies like Bitcoin while simultaneously offering privacy through the Wraith protocol.
On the surface this sounds great and may attract many mainstream users, however, Verge has been highly polarizing since it entered the mainstream due to its lack of cryptographic methods employed at the transaction level as seen by other privacy-centric coins such as Monero and ZCoin.
With an intriguing roadmap and some crucial developments on the horizon, Verge is worth paying close attention to over the coming months.
Verge offers a unique hybrid platform for having the option to choose whether or not you want your transactions to existing on the public ledger or private ledger.
With a focus on mass adoption and extensive wallet support for both desktops and mobile platforms, Verge aims to become a mainstream and user-friendly cryptocurrency that provides a proven level of security and anonymity through leveraging established technologies such as the Tor and I2P networks.
Trending in the right direction as a completely open-source and community-driven project gives it substantial benefits over other platforms. This should allow Verge to develop significantly over time as it consistently receives contributions from a variety of people. As such, the cryptocurrency announced a partnership with the world’s leading porn site Pornhub, which now allows payments on its site using the cryptocurrency.
With promising solutions under development and planned for the future, Verge will be an interesting cryptocurrency to follow and Pornhub could only be the first partnership with more to follow.
Danny knew about Bitcoin when it was $4. Unfortunately, he didn’t buy enough. Ever since witnessing the $35 million Basic Attention Token ICO selling out in 30 seconds, Danny realized how serious crypto was and has been staying on top of all the latest blockchain and crypto developments and seeing what implications this could all have for our everyday lives.