What Is Verge Coin (XVG Cryptocurrency) | A Beginner's Guide
XVG Coin Price
Verge Coin Summary
Verge cryptocurrency is a coin built for security and anonymity with a focus on privacy.
XVG coin moves through the TOR network allowing users to shield their transactions and improve security via a private network.
The History of XVG Coin
According to XVG cryptocurrency on Coinmarketcap.com Verge was released as a concept in October of 2014.
In 2014, Mkinney on Github started working on Vergecurrency whereas he later forked it to create a project named Verge.
Although, in September of 2017, the Vergecurrency team released an article titled “What is Vergecurrency?”
In the article they detailed their plans for Verge, the amount released and then released their blackpaper (instead of a whitepaper).
Then they proposed a Wraith Protocol to help direct Verge through the TOR network and give the option of hiding transactions.
Their founder, Sasha Kolupaev, actively writes on the medium blog.
What is The Purpose of Verge Cryptocurrency?
Verge was created to help with the ever looming problem of security in the modern age.
On their site they say(1):
“Our mission is to empower people around the world by bringing blockchain transactions into everyday life. Verge currency makes it possible to engage in direct transactions quickly, efficiently and privately. With Verge currency, businesses and individuals have flexible options for sending and receiving payments. With the flip of a switch, we offer helpful integrations and tools that enable them to handle large-scale transactions between merchants and small-scale private payments.”
Therefore what Vergecurrency is aiming to do is create a free market, while sheathing the identity of those using it.
Only if they want to keep it private, but we will get to that.
The Special Features of XVG Cryptocurrency:
Anonymity and Privacy Focus
Verge uses multiple anonymity-centric networks to help with security.
Mainly Tor and I2P.
User's IP addresses are obfuscated, and the transactions are completely untraceable.
What is TOR?
Tor is “The Onion Router” which directs Internet traffic through a free worldwide volunteer overlay network. TOR has more than a thousand Internet relays to hide anyone's location and usage.
This helps to protect the data and freedom of the person using the web - making it secure and private.
What is I2P
I2P is similar to TOR.
They both allow for anonymous access to Internet content, make use of P2P style routing systems, and operate using layered encryption.
I2P instead works as a network on the Internet, using a packet-based routing.
By using packet-based routing, the network can dynamically route around congestion and service interruptions.
Decentralized, Open-Source, With an Active Development Team
Verge is both decentralized and open-source.
When checking the Github development of Verge coin you can see active development from a team of people. https://github.com/vergecurrency
And considering it is open source, developers should be able to help out.
When compared to other coins like Bitcoin and Ethereum (without the lightning network) XVG coin is very fast.
Simple payment verification (SPV) allows transaction time to drop below 5 seconds.
What is SPV (2)
A technique described in Satoshi Nakamoto's paper that allows for the wallet to verify transactions through proof of inclusion; a method for verifying if a particular transaction is included in a block without downloading the entire block (similar to how an Electrum wallet functions).
Ready For Expansion and Mass Adoption
Verge cryptocurrency currently offers a few different wallet options for quick adoption.
Their main wallet is Electrum.
The Verge Electrum Wallet
Electrum uses secure remote servers that handle complicated parts of the Verge network making the wallet fast and simple.
One of the benefits of the Electrum wallet is that it allows for cold storage. Allowing users to store their coins in an offline manner.
Electrum wallets support TOR and I2P directly within the wallets for complete security.
It enables multi-signature support requiring more than one key to authorize a transaction.
The key features of the Verge Electrum wallet are:
- Deterministic Key Generation
- If you lose your wallet, you can recover it from your seed
- Instant On
- Instead of downloading the blockchain, the client request information from it.
- Locally signed Transactions
- Private Keys aren’t shared with the server.
- Freedom and Privacy
- No stored user accounts and exportable private keys for complete control.
By having this wallet available and ready for scale Verge is ready to be released to the masses.
Their wallet has support for:
- Android (TOR)
- OSX (TOR and I2P)
- WIndow (TOR and I2P)
- Linux (TOR and I2P)
That means that it is currently available to be used and downloaded by everyone.
On XVG cryptocurrency people with different types of mining equipment have equal access to earning coins.
They support five different hashing algorithms.
With 16.5 billion coins, Verge uses five different Proof-of-Work algorithms with 30-second block times...
Allowing multiple computers, people around the world, and models to take place for equal representation.
P2P Platform Integrations and Encrypted Chat (VISP)
Verge coin is already available to integrate with Telegram, Discord, Twitter, IRC (Reddit) and have both slack and steam coming.
This means that XVG coins can be transferred between these different chat mechanisms.
On top of that, they have built their encrypted chat called VISP.
What Is Verge Visp
Visp is a p2p chat mechanism
By using an elliptic curve digital signature algorithm, Visp chat is completely anonymous.
Chats will only stay on a private node for 48 hours long, and they can be sent to any public address, but the sender needs a public address.
The Wraith Protocol and Atomic Swaps
By implementing the wraith protocol, verge cryptocurrency users will be able to choose between a public and private ledger.
Using this technique, merchants and users can both have privacy and transparency.
Otherwise, a user can have transactions vanish and keep complete anonymity.
Although, there is a safeguard for dishonest ledger participants...
What Are Atomic Swaps?
Atomic swaps allow for interoperability between Verge and any other regulated cryptocurrency with atomic swap activated.
These swaps use something called HTLC which makes it so that the receiver of the payment has to cryptographically verify that they received the payment.
They do this by generating cryptographic proof of payment.
If they don’t…
Both parties get back what was put in at the beginning, and the ledger is gone.
What Do We Think of Verge Token
Verge is a very interesting token.
They combine privacy with a few advanced integrations like Atomic Swaps and multi-algorithm support.
Besides that, the wraith protocol and use of both TOR and I2P can help people learn how to protect their identity and security.
If you liked this review and want to help support the academy donate some Verge below!
MORE FROM THE CRYPTOCURRENCY INDEX
What is Golem Coin (GNT Token)? A Beginner’s Guide GNT Coin Price Golem Cryptocurrency Summary Golem is a global supercomputer that will allow anyone to access it. It is decentralized and created by ordinary laptops and desktops all around the world. By using the personal networks and power of computers and databases around the world,…
What is Ripple Cryptocurrency (XRP Coin)? XRP Coin Price Ripple is a centrally controlled blockchain solution for global payments aimed at banks, enterprises, and companies that move a lot of money. Ripple (XRP) is not decentralized unlike almost every other cryptocurrency, and aims to help other centralized organizations move money faster and safer using blockchain…
What is Ethereum (ETH)? ETH Coin Price We’re excited to see this article help you as an Ethereum Beginner’s Guide to learning the ins and outs, and why it matters. Let’s talk value. Ethereum, or ETH for short is still considered to be in its early stages of development. Although, since ETH was created in…