Verge (XVG) is an open-source, decentralized cryptocurrency. Verge claims to provide anonymous transactions by masking the transacting parties’ location and Internet Protocol (IP) address. The sign XVG is used for trading Verge on significant cryptocurrency exchanges.
Verge was founded in 2014 under the name DogeCoinDark, but in 2016 it was renamed, Verge. DogeCoinDark was created as a fork of Dogecoin to provide an anonymous alternative to Dogecoin. Verge belongs to the “privacy coin” category, including Monero, Pivx, and Zcash.
What is Verge?
Verge is a cryptocurrency and blockchain, focusing on privacy and providing a fast, efficient, decentralized payments network that outperforms Bitcoin (BTCoriginal )’s blockchain. It also has extra privacy capabilities, such as integrating the Tor anonymity network with its wallet, vergePay, and allowing transactions to be sent to stealth addresses.
The project prides itself on being community-driven, relying on volunteers, and being open source.
Verge began as DogeCoinDark, a fork of Peercoin, in October 2014. (PPC). It was renamed Verge in February 2016 to make it easier for mainstream adoption and differentiate it from Dogecoin (DOGE), with which it has no direct link. The Bitcoin source code is now the foundation of the project.
Verge: roots and history
Justin Valo, also known as “Justin Vendetta” or “Sunerok,” an expert developer in blockchain technology, founded Verge in 2016.
He created the cryptocurrency as a fun side project to provide people all around the globe with a greater feeling of anonymity.
Valo has indicated that he has been programming since the age of eight. After high school, he worked for a Fortune 500 corporation in network management. He decided to create his network security firm after a few years.
Valo originally became interested in Bitcoin in 2011 and then in Dogecoin following its inception in late 2013. He started working on Verge as he considered that none of the altcoins created at the time were suitable for use as digital currencies and that the only other substantial privacy coin projects, Bytecoin (BCN) and Monero (XMR), were insufficient.
Valo was selected as a member of the TokenPay (TPAY) advisory board, a cryptocurrency that focuses on privacy, in 2017.
How does Verge work?
Verge prioritizes privacy by masking users’ IP addresses. An IP address is a number that identifies a particular machine or computer network. It is feasible to trace the user and the online activity on the linked device using an IP address; obfuscating IP addresses makes transactions untraceable.
Many significant cryptocurrencies (including Bitcoin) suffer difficulties in ensuring total anonymity for participants. Cryptocurrencies like Verge have increased private ledgers, which provide innovative ways to conceal users’ identities.
Verge provides anonymity by utilizing numerous anonymity-centric networks, including The Onion Router (TOR) and The Invisible Internet Project (I2P). TOR safeguards users’ identities by routing their communications through a dispersed network of relays and tunnels. Volunteers from all across the world manage this network. I2P encrypts user data and delivers it across an anonymous peer-to-peer internationally dispersed network managed by volunteers.
While everyone can see the different transactions taking place on the Verge public ledger, using the TOR and I2P network layers conceals the location and IP addresses of the participants.
While several other cryptocurrencies, such as Monero and Dash, promise to provide more privacy and anonymity, they rely on cryptographic techniques and implementation. Though such cryptocurrencies have had different degrees of success in ensuring user anonymity, their implementation has resulted in secure but less visible public ledgers. This tradeoff sometimes makes it difficult to verify transactions publicly, which is a crucial requirement of decentralized cryptocurrencies.
Why choose XVG?
Verge was designed, according to its “black-paper,” to achieve Bitcoin inventor Satoshi Nakamoto’s goal of a decentralized, trustless electronic payment system while simultaneously giving more anonymity than Bitcoin.
Verge relies on some crucial privacy features to achieve this aim. It automatically directs all traffic to and from the vergePay wallet over the Tor network, disguising IP addresses and anonymizing the traffic. It also supports dual-key stealth addressing, which allows senders to construct one-time wallet addresses on behalf of receivers to safeguard their anonymity, and trustless peer-to-peer cross-blockchain transactions powered by atomic swaps.
Verge desires mainstream acceptance; hence the Verge Core team seeks strategic collaborations to enhance awareness and utilization. It supports professional athletes and has collaborated with platforms such as MobiePay, a payments and incentives ecosystem, MeconCash, a crypto payments platform and ATM provider, and Crazy8Token, a blockchain-based online gambling platform, among others.
The Verge Core team frequently relies on crowdfunding and community help to expand, promote, and explore collaborations. The initiative collected 75 million XVG (about $7 million at the time) in April 2018 to fund the expenses of connecting with a large payment processor.