Cryptocurrencies did not entirely solve privacy concerns, especially with public blockchains that allowed anyone to view our balances and transactions. Naturally then, many privacy focused cryptocurrencies sprang up, a popular one among them being Verge.
Focused on privacy, the Verge cryptocurrency aims at making transactions untraceable and anonymous. It also hopes to deliver large amounts of data transfer and fast confirmation rates compared to other cryptocurrencies, which have typically lagged behind in those parameters. Its token is known as the XVG coin. Originally, the cryptocurrency was known as DogeCoinDark. The DogeCoinDarks were launched without any Initial Public Offering (ICO).
Verge takes care of user privacy by changing the way a user is connected to the network. In order to make transactions untraceable, it makes use of the technologies called Enter Tor and I2P. The Waith protocol is also used in Verge.
Enter Tor: Tor is an IP address anonymization scheme that helps users use the internet anonymously. This sort of network transmits your communication data over multiple nodes. In order to make the transactions untraceable, the connection bounces between many relay computers on the network. Bouncing between relay computers changes IP addresses several times, making it impossible to trace back the path and determine where data is being transmitted from.
I2P: Also known as the next generation solution for anonymization, I2P provides dynamic routing of various information packets. In I2P protocol, there are two separate tunnels – one outgoing and one incoming. Therefore, only one-half of the transaction histories are available at a single node which makes very little sense to anyone intercepting data!
Waith Protocol: This protocol offers the users an option of choosing between public or private transactions. While public transactions will offer them speed and transparency, private ones will not be seen by anyone on the network. This work is accomplished by making use of stealth addresses on the Tor network.
Currently, Verge (XVG) is traded on 16 exchanges - the popular ones being Bittrex, Binance, Cryptopia and more. Apart from USD pairings, XVG tokens can also be bought using BTC (Bitcoin Cash), ETH (Ethereum), and USDT.
There are multiple ways to store XVG tokens. The Android wallet for Verge is the latest one. A result of a fork in Coinomi wallet, this wallet has Verge as the only cryptocurrency on it. It comes with a 4-digit PIN code for security purposes.
Another popular online wallet used for storing XVG tokens is Electrum, which was initially used for Bitcoin and Litecoin. It uses protocols like I2P and Tor in order to protect the identity of its users.
The Verge-QT Wallet is also used for storing the XVG. A wallet.dat file is generated once you open the wallet. It offers users the ability to encrypt the wallet using the passphrase.
Also Read: Complete Analysis of Verge | Live Verge (XVG) Price Charts & Predictions
Date |
Open |
High |
Low |
Close |
Volume |
Market Cap |
Jun 01, 2018 |
0.03909 |
0.039612 |
0.037939 |
0.038598 |
8,226,310 |
588,479,000 |
May 01, 2018 |
0.076659 |
0.083676 |
0.070816 |
0.079578 |
341,939,000 |
1,145,390,000 |
Apr 01, 2018 |
0.038902 |
0.046525 |
0.038005 |
0.043729 |
71,479,300 |
574,927,000 |
Mar 01, 2018 |
0.053702 |
0.065946 |
0.052975 |
0.058374 |
72,097,200 |
786,877,000 |
Feb 1, 2018 |
0.069766 |
0.075208 |
0.053619 |
0.058035 |
39,407,700 |
1,014,360,000 |
Jan 01, 2018 |
0.221716 |
0.223719 |
0.140798 |
0.156131 |
816,280,000 |
3,195,980,000 |
Dec 01, 2017 |
0.005513 |
0.006246 |
0.005363 |
0.006196 |
1,803,340 |
79,002,500 |
Cource: CoinMarketCap
Privacy is an increasingly important parameter for users globally - regardless of their usage of cryptocurrencies. If all these changes are implemented in a proper manner, Verge will be known for complete privacy worldwide!
With major updates coming in the near future - such as atomic swaps, sidechains, and support from institutions, the future does look bright. Of course, this is the cryptocurrency market we’re talking about, so investors are advised to do their own research before they take the plunge. But if privacy is where you’d rather be, the Verge should certainly figure in your shortlist.