Verge is an open-source digital currency that emphasizes privacy for its users. Verge is decentralized and uses peer-to-peer blockchain technology to initiate transactions without the help from third-party banks. It is designed for sending and receiving secure and anonymous amounts of money that are completely untraceable. By obfuscating geolocation and IP addresses, the Verge project performs as one of the only private cryptocurrencies as of 2018.
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 took lead on the development team. Many also think that Verge had a team working on the project at a certain point. As of October of 2017, blog sources rumored 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 and mass adoption from the community. 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 put out press releases and retracted their statements. They claimed that their Twitter accounts had become compromised. Additionally, online cryptocurrency wallet, CoinPouch, was hacked by an unconfirmed source. This created unrest in the Verge community over the fear of personal information being compromised, 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.
During the summer of 2018, Verge began discussing the possibility of releasing their own crypto debit card. In this time, they also announced that their block reward for miners would be halved, which affected the numbers of available coins long-term. They had also announced their collaborations with RSKsmart to build the “safest” smart contracts.
A blockchain based cryptocurrency, Verge is built for everyday transactions to be as simple as a bank transfer. To increase privacy and security, Verge cryptocurrency and blockchain uses an integration of Tor and I2P to keep user IP addresses hidden (stealth addresses). Numerous blockchain companies 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 key ledger. These functions, however, were not able to be implemented.
Verge is a mineable cryptocurrency. It can be mined by blockchain developers using mining pools (here is a calculator for mining costs and profits using hash rate, block reward, and power).
Another notable feature of user-friendly 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.
At the end of 2017, Verge currency hit an all-time high with a price surge at $.30 and reached their greatest market cap. For reference, Bitcoin price peaked at As of September 2018, Verge sat at a mere $.015.
There are a few different methods to purchase Verge coin. Users can buy Verge through approved online cryptocurrency exchanges, some of which are Binance, Bittrex, Cryptopia, and CoinSpot. Similar to other cryptocurrencies like Tron (trx), Verge has an official desktop wallet app that enables users to buy and sell on the go with Android. Their official iOS wallet platform was pending for completion as of October 2018. The QT wallet is their software wallet and is the recommended method for storing their currency, but it will only store XVG. It is compatible with Linux, Windows, and OSX. However, there are many Verge wallets that can suffice, including some hardware wallets. Investors might want to look into other wallets if they are seeking one place consolidate their investments. For example, the Coinomi wallet is a multi-coin and mobile wallet that supports hundreds of different cryptocurrencies.
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