Currently, Verge is trading around $0.04, still far away from its heights in 2018 when the price rallied to $0.28 for a short time. But price performance is only one metric of how a cryptocurrency is performing.
Verge was originally launched in 2014 under the moniker Dogecoin Dark. Apart from the name, the young currency didn’t have much in common with Dogecoin as it isn’t a fork of Litecoin, nor is its supply infinite as with the non-dark brother. The addition of the word “dark” was added to emphasize the privacy aspect that Dogecoin Dark brought to the crypto world. In 2016 the team decided to rebrand to the verge and has since been offering its token under the ticker XVG.
The misconception that all cryptocurrencies are equally anonymous still runs rampant, as it did in 2014. Nevertheless, whenever a trader transfers Bitcoin, a record of the transaction will always be stored on a public ledger. While the connection between an individual and a public wallet address isn’t always obvious, chain-analysis companies leveraging Big Data have made quite some advances in being able to circle in on who might be behind a public address.
Verge was created in an attempt to create a completely private cryptocurrency. In line with the blockchain’s ethos, we still don’t know who the founder behind Verge is; the only thing we know is that they’ve been operating under the username Sunerok. Verge is an open-source protocol where anyone who shares the belief that transacting money privately is a human right can contribute.
The maximum supply of Verge has been set to 16.5 billion coins, and transactions are processed within 30 seconds in contrast to the 10 minutes it takes on average for one bitcoin transaction to be verified. What differentiates Verge from many other currencies is that miners can decide which mining algorithm they want to run to verify blocks.
Verge offers the choice between Scrypt, x17, Lyra2rev2, Myr-groestl, and Blake2s, which describe different implementations of the same Proof-of-Work consensus algorithm. In the case of most Proof-of-Work networks, miners have to run specialized hardware for a chance to receive rewards. Verge wants to give anyone a real chance to participate and contribute to the network by supporting different algorithms.
Instead of running ASICs mining machines, individual miners can use a consumer-grade CPU, GPU or Asics to mine Verge, potentially increasing the number of nodes that secure the network.
The team of volunteers running Verge is also implementing the Wraith protocol. Whenever sending crypto over traditional blockchain networks, all details are stored publicly on the blockchain. Verge is different in that addresses on the chain are anonymized, so transactions typically follow the pattern: XXX sent 1000 Verge to XXX, whereas Bitcoin transactions read: Public Wallet address 1 sent 1000 BTC to public wallet address 2, removing a layer of anonymity.
In contrast to Bitcoin, Verge works together with TOR to enable encryption of data, including the information on the destination nodes. Using TOR, all data sent is encrypted and run through a network of nodes provided by thousands of volunteers worldwide to hide where the information came from. The Verge wallet integrates with Tor to reduce the probability of transaction tracking and ensures that neither hackers nor governments and other organizations gain insights.
In addition to TOR integration, Verge also provides traders with stealth addresses. These addresses grant additional security. When sending money, it’s obligatory to create a random single-use address (Stealth address) rather than sending it to the same address every time. The recipient will be able to claim the funds on the stealth address by using a key.
The team has also implemented another cryptographic tool to make it possible for sender and recipient to exchange mutually agreed upon key and transaction signatures: Elliptic Curve Diffie Hellmann.
To make it easier to use Verge, it’s also implemented messaging payments. This way, users can make transactions in Verge via telegram, discord, or Twitter. To send funds, users just need the username of the recipient. The transaction is then facilitated by a bot that holds the funds and sends the recipient instructions on claiming the funds.
In 2018 Verge made headlines by partnering with a Canadian IT company named MindGeek which also runs the famous adult video site PornHub. Later that year, PornHub even started taking payouts in Verge.
Though the Verge team has been tightlipped about their future plans, the team is integrating with RSK (rootstock) to enable smart contracts. As the team inches closer to creating a private smart-contract platform, we’re excited to welcome Verge to Bitcoin.com Exchange.
Verge is trading on Bitcoin.com Exchange with BTC, ETH, and USDT pairs.