Good morning fellas! It’s been a long time since I did my last post on steemit. Today I want to talk about a cryptocurrency which you may or may not have heard about: VERGE. This post is aim to those people who want to invest in the currently popular cryptomarket but they don’t know in which or they don’t want to invest much money in it. Personally, I have always said that if you want to make an investment you shouldn’t gamble more than you can afford to lose. The cryptocurrency market is very speculative so in one day you can win or lose a lot. Some of you probably have gotten aboard recently, attracted by the nearly daily news about how bitcoin soars a new record, but nothing ensures that this is a tendency that it’ll keep going for the following years.
For that reason I strongly recommend you to invest in cryptocurrencies which either they’re not very well-known now or their prices are still low, but they have solid indication or programme which can make it very profitable. Right now one of them is verge. I’ll talk about some details about verge and the pros and cons of it, so it’s up to you in the end wether you want to invest in it or not. Let´s start!:
WHAT IS VERGE?
Privacy and anonymity in financial transaction are the premises which verge is based in. There are other coins on the market that offer the same as verge but the truth is that their privacy is not fulfilled as you might expect and verge solution is way better. It´s innovation and cutting edge technology pushes privacy to the next level.
The coin was created in 2014 as DodgeCoinDark. On 15th of February 2016 DodgeCoinDark rebranded to Verge. The main reason for rebranding was that community and new users would understand that it is a serious coin and it does not support any illegal activity. The only change that happened was just rebranding, technology and team is still the same.
When a cryptocurrency is lanched it must shows people what’s the difference between your coin and others, how you do it differently, what benefit the investors get from it and how to start using it. The fact is that maybe due to different priorities they haven’t send a proper message yet.
Verge specifications:
• Symbol (ticker): XVG
• Algorhytmus: Scrypt, x17, groestl, blake2s, and lyra2rev2
• Block time: 30 seconds
What you should know about Verge
As you may have seen or you will see in the coin market, verge is an open source project supported by its community with a public ledger allowing to see all transactions happening in verge.
The development of this company is funded by the time of its developers and by the donations of people. They might be opening a Merchandise store soon and Multi-Algorithm Pool Mining for boost the money flowing, if they haven’t done it yet. They don’t have a large team: The core team has 11 developers, the website team with 18 people and marketing team with couple of people. The development is dependant on contributor's work. The progress will be probably slow until they speed up with a new senior experienced developer or investor/partner up with a bigger company.
If you read about Verge for the first time and ask yourself: “How come I haven't heard about them sooner if they are so successful and revolutionary?”, I totally understand. The real issue is marketing strategy and we need to know that there will be always priority in development instead of marketing. And that is a good set up, in my opinion.
Most of the current cryptocurrency which claim themselves as completely anonymous and private they only mask or hide transaction on their network, but they don’t protect the IP address of users, which can be track down. Only Monero along with verge follow this rule. And How verge protects users identities and locations? Integrating both Tor and I2P:
“Tor (The Onion Router) is an IP service which enables anonymous communication across a network. What Tor does is direct traffic through a network consisting of more than 7000 relays. The goal is here to obfuscate anyone who wants analyze traffic information or work with surveillance tools. Tor is designed as a layered circuit based network, like onion. Data go through the layers and protect privacy of users as well as their freedom. In other words, Tor keep Internet activities from being monitored.
But even though Tor does all the good work, its servers are often centralized. That is why I2P comes into play.
Making it simple, I2P is an obfuscated tunnelling service using IPV6 that anonymizes all data being sent over the network. This provides a higher level of security, redundancy and reliability to the network”. If you are interested you can learn more from its white-paper, the link is at the end.
Verge coin — XVG mining and supply
Verge total supply is exactly 16,555 billion coins, 9 billion of them were realeased in 2014 and then 1 billion every year until the total volume is reached. They do this to avoid major ownership of one person or group of associates and price fluctuation.
They didn’t do any premine, which means that all verge developers bought the coins like everybody else, a fact uncommonly seen nowadays.
It was designed as a multi-algorithm cryptocurrency so people can mine Verge with different type of mining device. It is one of the only cryptocurrencies to support 5 hash functions (namely Scrypt, X17, Lyra2rev2, myr-groestl and blake2s) combined on one blockchain, which increases security and protection of the system. Wider range of people can mine Verge hence equal distribution of Verge is served.
Future development of Verge
Verge is not going to be just a cryptocurrency (XVG). Their team realized a potential of smart contract and they’re currently developing RSK Smart Contracts (Rootstock) that will go head-to-head with Ethereum's today offerings.
Talking about smart contract we need to seek the scaling up ability. There are 400 transactions per seconds avaliable in RSK so far. The development team said that they are working on Lumino Network project (second layer technology) that will allow 2000 transaction per second. The Lumino Transaction Compression Protocol (LTCP) can be compared to the Lightning Network.
Verge is one of the only cryptocurrencies offering to Twitter, Reddit, Internet relay Chat (IRC), Slack and Steam P2P solutions, which is a great idea as nowadays people tend to spend a lot of time on social medias, so…why don’t give them the chance to move their financial life in that way? Their goal is to allow users to send and receive funds regardless where they are and if they have an actual wallet or not. Achieving this with privacy and anonymity is not easy though.
On the official website you can see the roadmap that lists items Verge team is currently working on. The list is not too long because as they say in their white-paper: “things change too fast to anticipate that far ahead”. It really looks like to me as they’re trying to focus on developing the anonymous currency and exit asap to cooperate with a big company, which is not a bad idea indeed.
Conclusion — Will Verge (XVG) go to the Moon?
The public trend of coins focusing on privacy is really good, you just have to see the performance of Monero, Z-Cash, Dash or PIVX. The price of verge is still very low compared to these other currencies, which allows the coin to have a wide range to go up.
The development of verge is going slow and it is not seen a clear roadmap for the near future. The website or social media is not updated as top currencies usually do.
I would call it more as a speculation than smart rational value investing. We don't see any particular achievement or use case of Verge that change social or economical function in today's world so far.
On the other hand, Verge has a good start. It has been on market since 2014, rebranded, got a new visual as. The team is going in the right path due to technology development and social needs. Let's see how they keep going and if any of the big traditional companies or investors appear and change the game a little bit.
BIBLIOGRAPHY
https://medium.com/@MartinRosulek/how-cryptocurrency-verge-pushes-privacy-and-anonymity-to-the-next-level-4b367e16a8a4
https://www.thesun.co.uk/money/5180704/cryptocurrency-verge-xvg-price-buy-bitcoin/
https://vergecurrency.com/langs/es/
https://vergecurrency.com/assets/Verge-Anonymity-Centric-CryptoCurrency.pdf