Verge 101: The new anonymous coin that’s making people rich
Verge is a quickly-rising cryptocurrency, built with the focus on privacy, security, and anonymity. In just a single week of December, its value rose tremendously with a price hike of 800%. It is widespread for being untraceable, having instant and anonymous transactions and being completely open-sourced. The currency counts itself in Top 10 cryptocurrencies and is backed by Bitcoin.
According to the website, Verge “improves upon the original Bitcoin blockchain and aims to fulfill its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining personal privacy.”
The aim of verge is to bring blockchain transactions into daily lives. It gives people and businessmen a flexible option to send and receive payments. With an Android smartphone, coins can be sent and received instantly through the Verge wallet app. Both large-scale transactions between merchants and small-scale payments can be carried out in a quick and simple manner.
Unlike Bitcoin, which is capped at 21 million BTC; Verge is capped at 16.5 billion XVG. This extremely high amount is to “allow for convenient payment amounts for everyday use.”
Compared to other coins, the transaction speed on Verge is ultra-fast. This cryptocurrency is built with the aim to fill loopholes in Bitcoin. Transaction time on Bitcoin is high because of its limited block size, which prevents speed and efficiency on it. Verge uses Simple Payment Verification (SPV), which reduces average transaction confirmation time to less than 5 seconds.
Privacy and Anonymity
Verge uses Tor and I2P to provide anonymity, which hides users’ IP addresses, geolocation, and other personal data. So, transactions and IP addresses are virtually untraceable here.
The problem with other cryptocurrencies (except Monero) is that while they hide transactions on the network, the issue emerges due to the tracing of IP addresses. This reveals information and hinders true anonymity. Whereas oppositely, Verge has a transparent ledger. This means that all the transactions on Verge are visible. But the sender’s and receiver’s addresses are completely protected via Tor and I2P to not disclose IP addresses. Therefore, ‘true privacy’ is maintained.
Tor (The Onion Router) is an IP service on which anonymous communication is carried out on a network. It is layered like an onion in which the data goes. What these layers do is prevent anyone from analyzing the traffic information or work with surveillance tools. This prevents internet activities from being monitored. To enhance privacy, Tor is further complemented with I2P. I2P (Invisible Internet Project) “is an obfuscated tunneling service using IPV6 that anonymizes all data being sent over the network.” Together, these two provide a high level of security and privacy.
Verge is a fork of Dogecoin. In 2014, the coin was created with the name of DogeCoin Dark but was changed to Verge in 2016. The main reason was to rebrand the currency in the community as a serious coin that does not support illegal activities in the name of anonymity.
The much anticipated “Wraith Protocol” of Verge was launched January 1, 2018. The reason for its anticipation was because it allows the users to be both public and private at the same time.
On blockchain networks, the ledger is the record of transactions. there are two types of ledgers: Public and Private. If the user wants transparency for the public record while trading, he uses a public ledger. Whereas if he needs privacy and anonymity while trading, he uses a private ledger.
In blockchain networks, the information is not stored on a central system but distributed in computer nodes around the world. These are the public ledgers, such as the Bitcoin blockchain. Whereas, other blockchain networks such as Monero and Dash use private ledger for privacy. However, there had been no blockchain before that gave users the freedom to choose their own ledger.
But with the Wraith protocol, users can be both private and public, by having the option to switch between public/private ledgers for every transaction. “For the first time, users are now free to choose which ledger they want to utilize.” The function of this protocol is very easy. While making a transaction, if the button of core wallet is switched ON, the ledger is private. OFF button means the ledger is public.
Open source and Decentralised
Verge is also different from other cryptocurrencies in terms of ownership. It is 100% an open source project. There is no company behind it, and it is neither funded by ICOs. It is fuelled by the community and funded by developers and donations. All the members of its blockchain community participate in the input process and decision-making, without having any centralized authority.
Verge is also completely decentralized. Mining on Verge can be done via GPUs, and it does not support ASICs. In fact, when the blockchain came into the market, its developers bought Verge coins like other community members. They did not previously own some coins. This was to encourage equality and decentralization on the network.
Between December 12 and December 19, its price soared up by 800%. Its value is currently $0.14 in January 2018, increasing from $0.000019 from January 2017.
After the launch of Wraith Protocol this New Year’s Eve, the price of Verge coin went down a bit due to some rumors, but the currency recovered quickly. This currency is not only technologically innovative, but the rate at which it is rising makes it attractively profitable. It is expected that by the end of February or beginning of March, Verge coin might cross its $1 benchmark.