Verge is a decentralised, open-source cryptocurrency, which offers anonymous transactions by obscuring the IP address and geolocation of its users.
Designed for everyday use, Verge (XVG) claims to have improved upon the original Bitcoin blockchain by providing both individuals and businesses with a fast and efficient way of making direct transactions while maintaining privacy.
It has a transparency ledger that allows anyone to view all of its transactions, but protects user identities and locations by integrating technology including Tor and I2P.
It was originally called DogeCoinDark upon creation in 2014, but was late re-branded Verge Currency in 2016.
Verge strengths and attributes
Unlike competitors, Verge doesn’t use cryptography to achieve privacy and anonymity. It believes that users should have access to an open ledger, which is only possible with certain technologies.
Verge’s distinct features also include:
- Optional transparency – When and where desired, users can use the ‘Wraith Protocol’ option. This keeps transactions entirely invisible or will record them to the publicly visible blockchain.
- Stealth addressing – This lets senders create an unlimited number of one-time addresses for recipients, which can only be accessed by the recipient but cannot be linked to either the sender or receiver. Stealth addressing affords more security and privacy.
- Multi-algorithm mining – It is one of the first cryptocurrencies to support multi-algorithm mining. This means a wider variety of people and devices can profitably mine it.
- Atomic swap inter-chain operability – Users will be able to seamlessly convert and transact currencies across multiple other blockchains that offer Atomic Swap functionality. This should be implemented and operational with the Lightning Network upgrade.
- Rootstock smart contracts – It is planning to offer integrated smart contracts with the Rootstock project in the future.
Verge promises to provide users with:
- Excellent support – All of the development and marketing of Verge is supported by a community of thousands. You can also easily reach its main developers for support or new ideas.
- Ultra-fast transactions – Simple Payment Verification (SPV) technology allows average transaction confirmation times of less than 5 seconds.
- Mass adoption ready – It has a wide array of secure wallets for multiple operating systems already available.
Price and volatility
Verge experienced its first real increase in growth in December when its value rose by 800 per cent to over US$0.32. Since then, its value has dropped in line with the rest of the cryptocurrency market.
However, analysts predict that its value may soon reach higher than its resistance line and witness a growth boom. Comparable currencies like Ripple and Ethereum also went through similar periods.
Because supply is capped at a high of 16.5 billion XVG, Verge probably isn’t designed to hit the astronomical prices of other coins. A relatively fast half-minute block time combined with a lack of information on existing owners could work against Verge too.
Even so, Verge remains a forward-looking cryptocurrency, is still under development, and has yet to perfect certain privacy issues.
As of 6th February 2018, Verge was the world’s 29th largest cryptocurrency with a market capitalisation of $600 million.