Verge XVG

What is Verge?

Verge is an open-source cryptocurrency that emphasizes privacy for its users. Verge is decentralized and uses a peer-to-peer model to initiate transactions without the help from third-party banks. It enables users to send anonymous amounts of money that are completely untraceable. By obfuscating geolocation and IP addresses, Verge performs as one of the only private cryptocurrencies as of 2018.

Verge History

In 2014, the cryptocurrency community founded Verge under the name DogeCoinDark. Shortly before this, a different currency based on the Bitcoin protocol was also established with the same name. While naming this cryptocurrency DogeCoinDark might lead some to believe that Verge had initially been a fork from DogeCoin, they are not related. It was rebranded as Verge in 2016. Verge is one of the few coins that are not backed by a company or financial institution. No one can confirm any single mind behind the project. However, many speculate that Justin Erik Valo was the lead developer. Many also think that Verge had a team working on the project at a certain point. As of October of 2017, blog sources rumoured that Valo had let members of the Verge team go.

In September of 2017, Verge announced their Wraith Protocol. The protocol was aimed to increase their level of privacy and give users the option to use it for each transaction. Toward the end of 2017, Verge started experiencing a rapid influx of contributors via GitHub. However, this was also a period of controversial social media attention brought upon by cryptocurrency influencers. These influencers managed to sway Verge prices by exciting its potential. They then retracted their statements and claimed their Twitter accounts had become compromised. Additionally, online cryptocurrency wallet, CoinPouch, was hacked by an unconfirmed source. This created unrest in the Verge community, since the wallet was approved by Verge and caused over $100 million in losses.

Through the first months of 2018, Verge’s security issues persisted. Many users felt frustrated with Verge’s lack of transparency after an accidental hard fork left thousands of users vulnerable to attacks.

In April of 2018, Verge engaged in a crowdfunding initiative to raise $75 million. The crux of this campaign revolved around a Verge partnership that would only be revealed if the goals were met. TokenPay, a previous partner of Verge, was responsible for contributing almost 90 percent of the total crowdfunding goal. After surpassing $75 million, they announced that Verge would be partnering up with a well known online pornography site. Verge’s reasoning behind this was to give users the opportunity to privately pay for adult film subscriptions without having to worry about their purchases being tracked.

Features

To increase privacy and security, Verge uses an integration of Tor and I2P to keep user IP addresses hidden. Many cryptocurrencies that pride themselves on having supreme anonymity often use cryptography as a primary system. Instead, Tor encrypts user traffic by sending the IP address internationally and bouncing it off multiple computers. However, the effects of I2P on securing the Verge blockchain remain controversial.

Verge’s Wraith Protocol gives users the option to choose between operating on a public ledger or private ledger. These functions, however, were not able to be implemented.

Another notable feature of Verge is its competitive speed. Depending on current network load, transaction times vary between five and ten seconds. Transaction speed is seen as a crucial element for Verge to become a practical cryptocurrency for everyday use.

XVG Price

At the end of 2017, Verge hit an all-time high at $.30. As of September 2018, Verge sat at a mere $.015. The cryptocurrency market has its ebbs and flows, so making an XVG price prediction is a shot in the dark. However, market experts predict a bright future for Verge, despite dark moments in its overall history.

XVG Wallet, How to buy XVG

There are a few different methods to purchase Verge coin. Users can buy Verge through approved online exchanges, some of which are Binance, Bittrex, Cryptopia, and CoinSpot. Also, the mobile Verge wallet app enables users to buy and sell Verge on the go with Android.