As Bitcoin has grown over the past few years, only the lazy have criticized it. And it must be said that in most cases this criticism is well deserved. Despite its high market capitalization and good technical equipment, the number one cryptocurrency cannot boast of high scalability, as a result of which its network does not have sufficient bandwidth. In addition, in the last few years, the issue of confidentiality of the Bitcoin network has become acute. Technically, Bitcoin is considered an anonymous cryptocurrency, but in practice, ways have long been found to bypass the protection of its blockchain network in search of the necessary information. In this regard, and in search of an opportunity to improve this situation, numerous forks began to appear on the number one cryptocurrency network, each of which offered its own vision and ways to solve the above problems. One of these forks in 2014 was the new Verge cryptocurrency, which we will talk about today.
At the very beginning of its existence, the cryptocurrency was called DogeCoinDark. For the most part, it was a joke project with an emphasis on “real” anonymity, which, however, few people counted on. However, as the cryptocurrency market grew and coins such as DASH and Monero became popular, the vision of the developers changed. So, in February 2016, it was decided to distance itself from the comic name and the reference to “dark no”. A rebranding was carried out, after which the Verge project was born. From now on, the main task of cryptocurrency is to ensure high speed of transactions and complete confidentiality of its clients. At the same time, the cryptocurrency had to remain as open as possible, unlike other anonymous currencies.
The community really liked the new Verge concept. However, gaining a foothold in the market turned out to be much more difficult than initially expected. The main problem with the coin was that it came into play quite late, as a result of which Verger became just another anonymous currency, of which there are many. In conditions of fierce competition, it was necessary to adapt and offer new unique solutions. On the topic of whether this cryptocurrency will ultimately be able to offer something unique to the market or whether it will remain just another fork in the background, we will discuss in our Verge review.
Content
- Types of wallets for Verge cryptocurrency
- How to create a Verge Septem cryptocurrency wallet on Windows
- Creating a MyVergies wallet for Windows, MacOS, Linux
- Crypto wallet Verge Tor wallet for Android
- Verge paper wallet
- Alternative crypto wallets
- Mining XVG
- What awaits the Verge cryptocurrency in 2022
- How the Verge cryptocurrency rate has changed since its creation
- What the Verge cryptocurrency will show in 2022 – forecast
- Halving
- Partnerships
- Verge Cryptocurrency Reviews
- Should you trust XVG?
Development roadmap
The Verge project roadmap provides for the following development stages until the end of 2022:
- Improvement of Core Wallet 4.0 by integrating Tor technology and optional hidden addressing (completed January 1).
- Creation of a new website (completed March 24).
- Holding the first global community meeting in the Netherlands (concluded June 9).
- The opening of the souvenir store is 90% complete.
- Updating the XVGui Miner mining program for Windows, creating an official mining pool and instructions for working with it - 75% complete.
- Update all code (90%).
- Integration of RingCT (advanced masking of the size of the transferred amount in transactions) – 25%.
- Implementation of RSK (Rootstock) technology for executing smart contracts and increasing network throughput by 25%.
- Creating a fully functional wallet for iOS – 20%.
- Adding the function of anonymous payments via the I2P network to the Android wallet.
Types of wallets for Verge cryptocurrency
All presented options can be downloaded from the official website or GitHub:
Choose the required Verge XVG wallet depending on your operating system:
- Windows;
- Linux;
- MacOS;
- Android;
- iOS.
There are also separate instructions on how to create a paper Verge wallet.
Next, we will separately consider 2 versions for Windows, Android and 1 paper version. We made this choice based on the fact that in the case of MacOS and Linux, the version for Windows is used, and Android is very similar to iOS.
Closest competitors
Verge focuses on user privacy and security; their closest competitors in this regard are Dash, Monero, ZCash and PIVX.
Also, in terms of profitability, you can compare Verge (XVG) with the cryptocurrency SpectreCoin (XSPEC), although the capitalization of the first is much more significant, but the second has quite impressive percentage increases, and Verge has every chance of overtaking it.
How to create a Verge Septem cryptocurrency wallet on Windows
The developer recommends using Septem to store your coin. The latest version at the time of writing is 7.0.0:
After downloading, you receive an archive that needs to be unpacked. Next, find the file “verge-qt.exe” and run it. A window will open warning that all blockchains from 2022 will be downloaded to your computer and will take up at least 2 GB:
Select the download folder and click “OK”. The Verge wallet menu will open directly.
The program is as simple as possible and allows you to perform only 3 operations:
- sending;
- receiving;
- view transactions.
To send Verge cryptocurrency, you need to go to the appropriate tab and fill out all the fields there:
The developer charges a transfer fee, which you can regulate yourself. This will directly affect the speed of the transaction - the higher the fee, the faster the sending will occur. Minimum size – 0.1 XVG.
To buy Verge cryptocurrency, you need to go to the next tab and indicate the amount there, then click “Request payment”:
A window will open with your Verge wallet number and QR code. They must be sent or shown to the person who will transfer the crypt.
Once it confirms the sending, the transaction will take place and you will receive your coins.
In the third tab, you can view all operations that have been performed on the blockchain since its launch.
Creating a MyVergies wallet for Windows, MacOS, Linux
After downloading, you will receive a file “MyVergies-Setup-0.6.1” that you need to run. Depending on the version, the numbers at the end of the name will change. Installation is simple, you only need to specify the location on your computer. When you first open it, you will be prompted to create a 4-digit PIN to log in:
On the main window, click “Add new wallet” to create a crypto wallet. Here you can not only open a new one, but also load an existing one if you already own it on another operating system or smartphone:
Follow the installer's instructions. The first step is to give a name and choose a color scheme:
Step 2 – 12 word mnemonic phrase. It must be written down in several places, since it will be impossible to restore access without it later.
The third step is to confirm that you have memorized the mnemonic phrase. To do this, you need to click on each word one by one in the order in which they were shown earlier.
Step 4 – password. Here it is called a “passphrase,” but the meaning is the same as when creating a regular password. There are 3 rules to follow:
- minimum 8 characters;
- upper and lower case;
- special characters or numbers.
Re-enter your password to ensure it is correct.
Confirm your agreement with the terms of use of the crypto wallet and click “Create wallet”.
That's it, the wallet for the Verge cryptocurrency has been created, and you can do the same operations as in the case of the previous one. In the settings you can change the language to Russian, but this function does not work yet.
Crypto is sent through the “Send” tab. Specify the recipient's address and the number of coins:
Next, you need to confirm your agreement with the parcel and wait a while. The commission is also at least 0.1 XVG, and then you regulate it yourself, depending on the desired speed of the transaction.
We will not dwell for long on how to withdraw Verge cryptocurrency from MyVergies, since to do this you simply also need to transfer your address or QR code to the sender.
This crypto wallet uses the TOR anonymization algorithm. This means that it is impossible to track who sends coins and where. Although this function can be disabled in the interface itself and use your real IP address:
Technologies used
As already indicated, the Bitcoin blockchain was taken as the basis of the cryptosystem. Despite the principles of decentralization that were used in its creation, Bitcoin has a certain disadvantage. It is due to the fact that most of the ecosystem consists of companies and Internet services that use vulnerable computer networks. As a result, personal data can become available to anyone.
To ensure personal confidentiality and anonymity of money transfers, TOR and i2P tools were integrated into the Bitcoin blockchain. Thanks to this multi-layer design, it becomes impossible to track the user’s IP address and location.
For high speed of money transfers, the Verge blockchain uses SPV (“simple payment verification”) technology. Due to this, money transfer within the system can be made in 5 seconds.
Crypto wallet Verge Tor wallet for Android
Smartphones use a separate wallet for cryptocurrency. You can download it from the official website itself, from where it will automatically redirect to Google Play, or type the name in the store.
Here you can also create a new one or restore an existing crypto wallet.
When creating a new one, you are immediately prompted to write down a restorative phrase, but here it already consists of 18 words.
On the next screen, enter it again to be 100% sure that you remembered or wrote it down.
Now you need to come up with a password of at least 10 characters.
The Verge wallet app allows you to choose a security method - PIN code or fingerprint.
Select the required coin, although now only the official one is available directly.
On the next screen you can read the terms of use, but only in English. The program will automatically offer to download and install Orbit, since without using this anonymizer it will not be possible to work with a cryptocurrency wallet.
Launch Orbit and there you give permission to the Verge crypto wallet to use the VPN.
Be sure to turn on the VPN switch in Orbit.
Now you can return to the vault with the coin.
As in other cases, there are not many opportunities here. Can be sent or received.
In the settings there is a Verge cryptocurrency rate that is updated in real time, which is convenient.
Here you can see the commission, which is no different from other options – 0.1 XVG
Project history
The first mention of cryptocurrency appeared in 2014. Then the project was called DogeCoinDark. The digital asset received its current name in 2016. This happened immediately after the authors of the project decided to change the concept. Initially, the developers pursued the goal of creating a comic crypto coin, which differs from similar projects in confidentiality. As a result, the XVG project became promising, which contributed to investor interest.
Verge paper wallet
This option is the safest for those who do not transact too often. The paper crypto wallet is stored only by you, and there is no mention of it on the network. At the same time, when you need to use it, it is quite easy to do.
The official website of vergecurrency has detailed instructions for creating it in English with images for convenience. Here we will tell you briefly:
- Go to the website.
- Create a random address for a coin by moving your mouse across the screen.
- Calibrate the printer so that both sides match.
- Print the front side.
- Flip the card over and print the second side.
- Carefully cut out and fold according to the pictures.
Everything is ready, now you can use it. You can deposit cryptocurrency here using the address or QR code indicated on the back. To withdraw, you will need to enter the address into any of the wallets presented above.
For greater security, it is recommended to use a paper version as secure storage. When you need to withdraw money, you should immediately indicate the entire amount and then delete all traces of the existence of this crypto wallet. Next, create a new one according to the instructions and start accumulating again.
Mining XVG
The POW scenario is used here, meaning miners are rewarded for solved blocks. A distinctive feature of XVG is its support for 5 hash algorithms:
- Scrypt;
- Myriad-Groest;
- x17;
- Lyra2rev2;
- Blake2s.
The most popular pools for XVG mining are:
- miningpoolhub;
- mining-dutch;
- f2pool;
- supernova;
- zergpool;
- com.
Mining XVG on video cards and rigs in 2022 is not very profitable, since the income will be minimal. The best option would be ASICs, like:
- FusionSilicon X1;
- Dayun Zig Z1 Pro;
- Antminer L3++.
Due to the constantly fluctuating prices, it is not possible to determine what kind of profitability video cards for mining or ASIC will bring. On the other hand, these movements open up great scope for trading, since changes in the exchange rate can increase your savings by 2-3 times.
Development team
Initially, the new blockchain was created by crypto community enthusiasts who wanted to improve the Bitcoin blockchain. Verd did not have a centralized team gathering, and the unification of people to create a new system took place on Internet resources.
The main developers of Verda, as indicated in the Blackpaper, are users under the logins Sunerok, Gfranko, CryptoRekt. There is no detailed information about these people on the Internet. In addition to them, another 25 people who took part in the development of the project are indicated. Developer interaction takes place in the GitHub repository. Project participants invite all talented people who want to contribute to the development of the cryptosystem to this resource.
Figure 1. Project team
Verge did not have an ICO. The development of the cryptosystem occurs at the expense of the developers themselves. Unlike most new startups, the project team did not initially receive a certain amount of coins. Its members, on a common basis, together with other users, purchase XVG coins on exchanges or receive them as a result of mining.
As a source of financing, it is proposed to create special projects like mining multipools, so that part of the funds received can be directed to developers for further development.
How the Verge cryptocurrency rate has changed since its creation
At the time of creation, its cost was only $0.000002. Moreover, at the end of 2015 it increased 13 times – to $0.000027. The first noticeable jumps on the Verge cryptocurrency chart occurred in March and April 2016, after leaving the old name DogeCoinDark – $0.000228. The fourth quarter of 2016 ended poorly with a result of $0.000019.
Until the end of 2022, the coin was practically dead, but in December there was a sharp surge - $0.261874. It appeared on the Binance crypto exchange and became available to traders.
But the happiness did not last long and at the end of 2022 the price was $0.006534 due to market adjustments.
In 2022, the game with value continued and at its peak it reached $0.011363.
In 2022 there was growth and decline, the maximum reached $0.009193, and the minimum reached $0.001829.
Verge Cryptocurrency Reviews
If you read Twitter, many traders, miners and analysts are positive about this coin. They believe that in the near future its price may increase by 200%, although they do not give any explanation for this.
Looking at the graph of price changes in 2022, it is difficult to draw a definite conclusion, since it contains ups and downs.
Previously, traders also spoke positively about XVG, and this sometimes led to an increase in the price, as happened in June 2022. Then the jump coincided with a tweet from a person well-known in the trading community.
You can look at the opinions of larger analysts. Thus, WalletInvestor specialists give a negative forecast for the Verge cryptocurrency in 2022, believing that its price will continue to fall over the next 12 months.
In contrast to them are Trading Beasts, who give a neutral or positive forecast for the Verge cryptocurrency.
Course and prospects
At the beginning of this year, XVG skyrocketed in value. The rise in price of the coin was more than tenfold, and from a point close to zero, it was able to grow to 0.25 USD per coin. Unfortunately, such excitement did not last long, and very soon the coin was expected to have a hard pullback downwards. This is due to the fact that the excitement around the token was caused not so much by the success of the cryptocurrency itself, but by the general public interest in cryptocurrencies during this period.
Today the XVG exchange rate to the US dollar is 0.07 USD per coin. At the same time, the Verge exchange rate to the ruble is 4.5 RUB per XVG. Judging by the stock charts, the currency has quite firmly established itself at this level, and volatility indicators fluctuate within 10-15% of this value.
Based on the rather moderate public interest in the currency, Verge’s forecasts cannot be called optimistic. It is assumed that since all the most high-profile events regarding XVG are either behind us or are expected only in the distant future, the currency has already found its true value. In the long term, XVG will either hold on to it, or it will slowly and deliberately fall in price, continuing the long-term downward trend until the project leaders present new improvements to the public. However, Verge’s prospects also largely depend on the progress of Bitcoin and the situation with other cryptocurrencies. So, as the number one cryptocurrency trembles, altcoins will most likely actively catch up. However, if other anonymous cryptocurrencies continue to succeed against the background of Verger, then there may well be an even greater outflow of users in their direction, which means that, no matter how promising the cryptocurrency is, the fall in value will continue.
Many authors try not to make predictions about cryptocurrency, since this market is too unstable and unpredictable. However, some things can be assumed now. As we already mentioned in the article, some countries have already begun the process of legalizing cryptocurrencies. In this case, Verger’s openness policy can be a plus, and the position of the coin will be greatly strengthened against the background of other anonymous tokens. However, this, friends, is far from happening in the near future, so don’t expect a strong push to the top from Verge just yet.
