Verge 101 – Privacy as a choice

May 10, 2018 by

Cryptocurrencies gained popularity because they offered a transparent platform which people could use to conduct business without having to worry about fraud. But this transparency soon came to bite cryptocurrencies when people complained of blockchains being vulnerable to hacking. As a solution came, Verge and many other privacy-based cryptocurrencies offering users an option to keep their transaction details private.

Verge is one such privacy-based cryptocurrency which appears to be the most popular. It is still decentralized; is open-source software; is funded by an ICO. The only difference is that unlike typical cryptocurrencies, They offers users a choice to keep their transaction ledgers private.

How does Verge work?

The team aims at protecting the users’ privacy while maintaining the open blockchain concept. Most privacy coins address the privacy-related issues through cryptographic techniques. However, Verge addresses this concern when users connect to its network.

Confidentiality

That is to say that Verge is not cryptographically private. But by integrating the TOR software and I2P routing, it can conceal a user’s ID while the transaction is taking place. This combination allows the cloaking of a user’s IP address and the geolocation thereby rendering completely confidential and untraceable transactions.

Wraith Protocol

The most prominent feature about Verge is that it gives it users a choice to be anonymous. The platform employs a Wraith Protocol to allow users to make a choice between keeping their ledgers private or public for every single transaction.

Time and Cost Efficiency

Verge offers up to 100 transactions per second with a 30-second block time. Moreover, the fee is 0.1 XVG per transaction.

The Verge Team

This currency was founded by Sunerok in 2014 who is also the current developer of the project. The original team was a group of over 200 passionate community volunteers which was refined as the project grew.

The team has a strong group of crypto experts with multiple years of Social Media experience. The details and roles of every team member can be found on their website.

Milestones

Verge was released its blackpaper (which is functionally equivalent to the whitepaper, just more cool-sounding) in June 2017. By the end of September 2017, it made quite some remarkable progress.

In areas of development, the Telegram Bot, Twitter Bot, Discord Bot all went live. And the Tor Android Wallet was updated.

Their social media outreach increased tremendously with multiple regional Twitter channels emerging in Russia, Japan, Germany, Korea etc.

Verge made the most progress with exchange listings.  It won an epic Twitter poll battle to be listed on the HitBTC exchange. On October 2nd, it was also listed on the Binance exchange following which it partnered with the Nexchange. And on top of that, it won another Twitter poll to be listed on Changelly.

The 2018 Roadmap

On the roadmap front, Verge is showing great potential. In 2018, it is all set to increase its operations to the mass market.

Wallets

The TOR Androis Wallet and the I2P Android Wallet will be launched enabling anonymous transactions over the android phone without having to broadcast them to their service providers.

Mining Update

In the latter part of Q1 of 2018, Verge is intending to introduce an official mining guide which will make it even easier to mine the coin.

The RSK Contracts

For the second quarter of 2018, Verge plans to introduce the RSK contracts which will allow developers to come up with all forms of decentralized applications that overlie the platform. This is perhaps the biggest news relating to the Verge coin.

The Bottom Line

Verge is backed by a great development team and still in the infant developmental stages. There is room for the potential growth of the coin. It offers fast and cheap transactions and solves the privacy concerns to some extent.

However, the optional privacy can be a potential matter of concern as it separates the public ledgers from the private ones making the former vulnerable to hacking and giving hackers an opportunity to enter the database. Also, Verge falls short on fungibility making it easier for the private ledgers to be blacklisted in case of foul play. Yet, the project roadmap shows that the team will soon implement RSK which can be a tremendous breakthrough for the platform.

In the race of privacy, Verge is a strong contender and the only thing to do is to keep a close eye on it.

Token Value Information

Total Supply: 16.5 billion XVG

Circulating Supply: 14,928,001,208 XVG

Market Cap: $1,067,256,547 USD (1582081.77x against ETH)

ICO price: $0.000010 (1.48x against ETH)

Currently Trading at: $0.071325 (0.000105x against ETH)

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