What Is Verge (XVG)?
Verge (XVG) is an open-source, decentralized cryptocurrency designed to offer fully anonymous transactions by obscuring the location and Internet Protocol (IP) address of its users. Verge trades on major cryptocurrency exchanges under the ticker symbol XVG.
Originally launched in 2014 as DogeCoinDark, Verge rebranded in 2016 and now stands among ‘privacy coins’ like Monero, Pivx, and Zcash. These cryptocurrencies prioritize user privacy and anonymous transactions, making them unique in the cryptocurrency space.
Key Takeaways
- Verge (XVG) aims to offer completely anonymous transactions by obscuring user locations and IP addresses.
- Established in 2014 under the name DogeCoinDark, it was rebranded to Verge in 2016 to emphasize its privacy features.
- Privacy-focused cryptocurrencies like Verge have driven the rise of private ledgers, offering innovative ways to conceal user identities.
Dive Deep Into Verge (XVG)
Verge focuses on ensuring user anonymity by hiding IP addresses, which are unique identifiers associated with a specific computer or network. By concealing these addresses, Verge makes transactions untraceable.
Popular cryptocurrencies, such as Bitcoin, struggle to offer complete anonymity. In response, Verge has become a frontrunner in bolstering the acceptance of private ledgers aimed at enhancing user privacy.
Verge achieves anonymity by leveraging multiple secure networks, including The Onion Router (TOR) and Invisible Internet Project (I2P). TOR protects user identities by routing communications through a vast network of relays managed by global volunteers. I2P, on the other hand, encrypts user data and transmits it through an anonymous, peer-to-peer network also managed by volunteers worldwide.
While the Verge public ledger is transparent, utilizing TOR and I2P mitigates exposition of transacting users’ locations and IP addresses. Several cryptocurrencies like Monero and Dash also claim to offer enhanced privacy but mostly rely on various cryptographic techniques. Though effective, this approach can compromise transparency, at times complicating transaction validation—a core function in decentralized systems.
How Is Verge Unique Compared to Bitcoin?
Both Verge and Bitcoin are decentralized cryptocurrencies, but they differ markedly in their approach to user privacy. While Bitcoin has a market capitalization of approximately $813 billion (as of late September 2021), Verge stands at about $350 million. As a value comparison, a Bitcoin costs around $40,693.68, whereas a Verge token is valued at approximately $0.021.
The maximum supply of Bitcoin is capped at 21 million, whereas Verge is more abundant with a total supply of 16.55 billion tokens. Both use a proof-of-work (PoW) consensus method to validate transactions on their respective blockchains. However, Verge’s enhanced focus on privacy sets it apart in the digital currency realm.
Verge’s Mission and Vision
Verge aims to resolve the issue of securing anonymity through advanced technology instead of complex cryptographic algorithms. By utilizing mature and tested tech like TOR and I2P, Verge guarantees privacy while maintaining a transparent ledger. This balance enables user identity protection without compromising the ability to publicly verify transactions.
Verge’s emphasis on anonymity has garnered attention globally. Notably, an adult website network adopted exclusive cryptocurrency payments in Verge (XVG) in April 2018, underscoring XVG’s practical utility for privacy-secured transactions. As of September 2021, Verge ranks at 152 by market capitalization among various cryptocurrencies.
Investing in cryptocurrencies is inherently risky and speculative. Always consult a financial advisor before making any investment decisions.
Related Terms: Bitcoin, Monero, Dash, blockchain, IP address.
References
- Verge. “Blackpaper: Verge Currency 5th Edition”, Pages 6-7.
- CoinMarketCap. “Today’s Cryptocurrency Prices by Market Cap”.
- Commodity.com. “Verge for Beginners”.
- Cision PR Newswire. “The Future Has Come: Pornhub Now Accepts Verge Cryptocurrency to Keep Current with its Community’s Payment Preferences”.
- CoinMarketCap. “Verge (XVG)”.
