The amount of information in the digital space is growing rapidly every year. Because of this, privacy and protection of user data are the most important tasks in the modern world of IT technologies. One of the digital projects that improves the level of protection of user data is the Verge platform and the Verge cryptocurrency of the same name (XVG).
What is worth knowing about the presented cryptocurrency? How do the creators solve the project's problems? In this article, we will assess the prospects of the Verge coin (XVG), learn a brief history of its development, where it can be purchased, where to store it, and how the coin’s exchange rate has changed.
- What is Verge cryptocurrency
- Verge Price and Capitalization
- Where to buy Verge
- Where to store Verge
- The project team
- TOR technologies used in Verge
- I2P
- Wraith Protocol
- SPV
What is Verge cryptocurrency
What is Verge
Cryptocurrency
is a cryptocurrency whose main function is to provide individuals and businesses with the ability to make anonymous and fast direct transactions. Verge acts as a means of payment, and the project's technology is designed to improve user security.
To enhance customer protection, Verge uses the i2P network and TOR. Using these technologies, the maximum level of confidentiality and anonymity is achieved during any transactions. The main advantage of the Verge (XVG) cryptocurrency is absolute anonymity on the network. As a result, the Verge project protects all its users, their payments and makes sure that no one can use the information.
The Verge cryptocurrency is open source. It involves developers from all over the world.
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The project is not a private company funded through pre-vet or ICO. The marketing and development efforts were supported by over a thousand people from the volunteer community.
The cryptocurrency was founded in 2014 and was called DogeCoinDark. The original name was obtained by merging the names of the cryptocurrency Dogecoin and DASH. The creator of the cryptocurrency 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, one could conclude that it is safe to use cryptocurrency on the darknet to make anonymous transactions. Since the coin coped with the assigned tasks and offered reliable and fast anonymous transactions, the project began to develop. The decision to rebrand was made due to the fact that the project no longer resembled the original product.
The name Verge appeared in 2016. People started talking seriously about cryptocurrency at the beginning of 2018.
During this period, the developers began collaborating with a well-known site providing adult content - PornHub. As a result of the collaboration, a premium subscription appeared on the site, which can be purchased with XVG coins.
Official website of the Verge cryptocurrency
Why is privacy important?
Some people may associate coins that provide privacy protection with the dark web and other illegal activities, and while there is no doubt that this is the use of these types of currencies, there are other issues to consider.
Imagine, for example, you accept payment in Crypto currencies - your entire history of received payments is public for everyone to view - competitors can see your cash flow, payments and exits. If you are a supplier to this business, you can also see your balance, as well as what other suppliers you work with, this could be beneficial for them in price negotiations, etc.
For the same reason, if you personally transact with someone online, they can see your wallet balance and history. For good reason, people don't post their private bank balances publicly. If this person knows you personally or has your address (for delivery of goods, etc.). The criminal may try to steal money from you by forcing you to hand over the private keys to your wallet.
Privacy is something that will become more important as we move forward and is now starting to be taken more seriously with Ethereum looking to introduce ZK-SNARKS for transaction verification, protecting user privacy and Stratis introducing its Breeze wallet with Tumblebit features to ensure anonymity for Bitcoin users.
I truly believe that privacy is a fundamental human right, despite what some governments will try and you believe, and that the expectation of privacy does not mean you are a criminal or "have something to hide."
Verge Price and Capitalization
Price of the XVG cryptocurrency
The initial price that was set for XVG after its inception in 2016 was $0.000053. Over the course of the year, the rate changed downward and at the beginning of 2017 was $0.00002. However, 2017 was extremely successful for Verge. In just five months (by the end of May), the rate increased 50 times. The minimum exchange rate that was established during the existence of the coin is $0.0000022.
Verge growth chart
The maximum rate for XVG was recorded on December 23, 2017. Then the quotes per coin increased to $0.3. After this, the coin “showed no signs of life” for a long time.
A new peak of activity occurred in 2018, when it became known that XVG would interact with Brazzers, Nutaku studio and PornHub. Thanks to this news, the price of the coin rose to almost $0.12 (from $0.02). At the end of 2018, the exchange rate was $0.0058.
In 2022, against the background of the general bullaran of cryptocurrencies, Verge showed another powerful growth spurt, which almost reached the price set in 2018, but did not reach the historical maximum. On May 6, 2022, the instant price of XVG was $0.068.
At the time of publication (June 2021), the Verge cryptocurrency ranks 111th in the CoinMarketCap ranking, with a capitalization of $361 million and a coin price of $0.021.
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You can track the Verge price in real time on the CoinMarketCap website
Where to buy Verge
Buying Verge Verge
cryptocurrency can be obtained in two ways: by mining or by purchasing it on one of the exchanges. It is worth mining a coin only if you have sufficient power.
Transactions with the Verge cryptocurrency take place on many exchanges. For example, on one of the largest and most rated exchanges, Binance, transactions with XVG/BTC account for almost 22% of the total trading volume.
On other exchanges, XVG trading volume is less than 5%, as most traders prefer Binance at the moment.
The CoinMarketCap website provides a comprehensive list of platforms where you can buy Verge.
Verge trades against many cryptocurrencies as well as fiat money. Most often, XVG is involved in transactions 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).
In addition, after passing verification, you can buy Verge for fiat on the Binance exchange.
Results for 2022
Last July, the project team presented its roadmap to the crypto community. It outlined plans for the next six months.
Figure 4. Blackpaper Verge for 2022
Over the past time, users have been offered a variety of Verge wallets for various operating systems and devices. See below for more details.
It was previously noted that one of the stated goals of the project is to make cryptocurrency transfers accessible for everyday use. In this regard, tools for making P2P transfers within social networks such as Twitter, Reddit, Discord, IRC, Slack, Steam, as well as for the Telegram messenger, were brought to the market. Any user of these resources can easily transfer funds to another person’s account safely for their personal data.
At the end of the year, the launch of the Verge Core 4.0 wallet with support for the Wraith protocol was announced. This tool will make payments within the blockchain system even more secure. The implementation of this mechanism in the Verge system is at the final testing stage.
Online stores and specialized resources are connected to the Verge system to receive payment. In particular, on December 24 it became known that the oVPN anonymizer accepts payment for its services in XVG. You can also pay with this coin on the resource for selling mining equipment Ethereum Miners, on the website for hosting services Snel, and on the educational resource Advisor Prep. A complete list of stores and services that accept payment in XVG coins can be found here.
Where to store Verge
Wallets for storing XVG
On the official project portal in the Wallets section you can find a complete list of wallets for different devices and operating systems. There is a hint in the name of each wallet. Thanks to it, you can understand what a particular wallet is intended for.
For example, you can choose an XVG wallet with a hard class. With its help, you can download the entire blockchain to your computer. You can also 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.
Integration with i2P
The bottleneck of Tor as an anonymity tool is that it uses a centralized set of directory services. To solve this problem, integration with the i2P service was carried out. It also has a tunnel structure. The anonymity of all data in the Verge blockchain is ensured by the ipv6 tool.
Each user has his own IP2 router. It consists of a system of incoming and outgoing tunnels. Information is transferred only in one direction (to or from the user). In the Verge blockchain, data is transmitted by message through one of the outgoing tunnels.
To maintain network operation, i2P uses 2 distributed hash tables DHTs. Through them, hash values are linked to the content. The advantage of DHTs is the ability to scale, which ensures high-quality operation of the decentralized P2P network, increasing traffic and the number of transactions.
Network paths in i2P are created and updated dynamically. Each router compares information with other nodes. Unlike Tor, which uses a single duplex circuit to transmit traffic, i2P uses 2 independent simplex tunnels for traffic. A hop between i2P nodes occurs every 14 seconds.
Figure 3. i2P transaction sequence
The project team
Initially, representatives of the crypto community were involved in the development of the project. They wanted to improve the existing BTC blockchain. Verge did not have a centralized team. Anyone could contribute their ideas. It is reported that the main actors were users under the nicknames CryptoRekt, Sunerok and Gfranko. It was not possible to find more detailed information about these people.
Developer interaction took place on the public GitHub repository. As previously reported, Verge did not engage in ICOs. The system was developed using the resources of the project specialists themselves.
Facts about currency
- This is not an inflationary coin since the general circulation is limited
- The transaction rate is 100 transactions per second with an expected speed of 2000 transactions per second with the implementation of RSK technology.
- Maximum supply is expected to be reached in approximately 8-10 years from 2022
- Users can easily support the project by donating funds that will be used for development.
- Being a blockchain, Verge has a public ledger where users can see the distribution of coins and the number of people using the currency.
- Privacy is provided to token holders using the Wrath protocol.
- Verge does not use Masternodes because they believe in a decentralized network that is not susceptible to hacking.
Technologies used in Verge
Anonymity in cryptocurrencies
The Verge cryptocurrency was based on the Bitcoin blockchain. In order to improve the shortcomings of the presented system, the developers introduced TOR, i2P, Wraith Protocol and SPV technologies.
TOR
The TOR network is an IP address anonymization scheme and provides multiple layers of encryption for user communications. In other words, this is a multi-level system of channels, with the help of which the traces of users are confused and their IP addresses are hidden. TOR throws the user's message into a peer-to-peer network made up of many relay computers. Due to this, the IP address of the message changes several times, making it impossible to trace the sender.
The Verge project implements Tor technology as a standard for transactions. The disadvantage of the technology is the centralization of servers. With the introduction of the Invisible Internet Project (I2P), the impact of this shortcoming is minimized.
I2P
The presented technology adds another level of anonymity thanks to the tunnel system for hiding addresses. Using I2P, you can hide any information about users. I2P is a secure technology that creates a confidential network within the Internet.
Wraith Protocol
Wraith Protocol technology allows the user to quickly switch between private and public ledgers on the Verge blockchain. This makes transaction data invisible on the blockchain.
SPV
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.
Tor integration
Tor is a network of proxy servers that ensures the anonymity of a network connection. Tor forwards traffic encrypted through a group of virtual tunnels. It includes over 7 thousand nodes. At the same time, the user’s location is hidden and the security of his personal data and anonymity of communication are ensured.
Tor routing is supported by application-level encryption in the communications protocol stack. Data encoding, including IP addresses of subsequent network nodes, occurs several times. Next, the resulting code is transmitted through a virtual network of so-called mirror nodes, determined randomly. In each of these nodes, only the data that makes it clear where and where to send the code next is decrypted. Then the data is encrypted again and sent over the network. The last node decrypts the inner layer and sends the original data to the recipient without revealing the sender's address.
Figure 2. Tor transaction sequence
This sequence of hops between Tor network nodes (occurs every 10 minutes), which uses information encryption, allows you to hide the connection between the sender and the recipient. To establish such a connection, it is necessary to know the source and destination points of data delivery.
Verge cryptocurrency mining
How to mine Verge
Mining of the Verge cryptocurrency 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 mining algorithms are available to users at once: myr-groestl, blakes2, X17, Lyra2rev2 and Scrypt. Verge coin is one of the few cryptosystems that supports so many encryption algorithms on a single blockchain.
The total emission of the cryptosystem is about 16.5 billion coins. It is important to note that using either algorithm to create a new block takes approximately 34 seconds. The reward for finding a block is 100 coins. The success of mining is influenced solely by the hashrate of a particular pool.
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In August-September 2022, the Verge network will host a halving, which will reduce the reward to 50 XVG. You can track it here.
Release schedule
The release schedule is usually updated every quarter. Verge v3.0 black paper released in the fourth quarter. A Stage 1 core currency wallet 3.0 with atomic swap capabilities and bloom filters is also planned for release. Phase 2 of the Core Wallet 3.0 release will include Tor integration, as well as additional stealth addressing.
Verge also plans to release an I2P wallet for Android users that allows anonymous mobile transactions on the I2P network. In terms of mining, the XVGui miner and mining guide will be updated in the last quarter of 2017. Border also has branded clothing that can be purchased using XVG tokens and Bitcoin.
Advantages and disadvantages
Advantages of Verge
The unique advantages of the presented cryptocurrency can be considered:
Ensuring absolute anonymity of transfers and taking care of the confidentiality of all project participants through the use of anonymous networks (TOR and i2P).
Greater popularization of the project among the general public at the international level and openness of developers to the ideas of users from the World Wide Web.
Ensuring high scalability during all types of transactions.
The main disadvantage of cryptocurrency is that it does not offer anything innovative. The Verge project may simply not withstand the competition. Eg:
- The cryptocurrencies Zilliqa (ZIL) and Ethereum (ETH) are already ahead of Verge in terms of transaction processing speed;
- The anonymous transfer service is offered by a number of more popular coins, including the cryptocurrencies Monero and Zcash.
The coin has no obvious flaws. But due to the “neutrality” of Verge, it will be quite difficult to promote the project.
Also watch the video, which will give you even more information about investing in this cryptocurrency:
Verge Cryptocurrency Review
P2P solutions
As Verge works toward mass adoption, it realizes that a social media platform is a great vehicle to achieve this. The user can send or receive XVG coins through social media platforms such as Twitter and Telegram. There are plans to include more platforms such as Slack and Reddit. Users can also use XVG coins to survey developers, pay freelancers, or even approve posts you like.
