What is Verge (XVG)? A Cryptocurrency Guide

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What is Verge (XVG)? A Cryptocurrency Guide

Verge (XVG) is a cryptocurrency that provides privacy to transactions made by its users by altering their IP address and location. This is achieved using TOR (The Onion Router) and I2P (Invisible Internet Project), thereby making a transaction untraceable.

It is an open-source, decentralized cryptocurrency and aims to provide a faster and more efficient decentralized payments network while improving on the original Bitcoin blockchain idea.

BRIEF HISTORY OF VERGE (XVG)

Verge was first released in the year 2014 with the name dogecoin dark, but after a rebranding in 2016, it was renamed to Verge currency by its founder Justin Valo who has experience of over 20 years in network security and also had a lot of experience in blockchain technology. The native currency of Verge is the XVG. The maximum supply of Verge in circulation currently is at 16.5 billion XVG.

 It was stated that the reason for high supply is to ensure that the value of the XVG stays low in order to make it affordable and to prevent monopoly of the currency by one individual.

Verge has a transparent ledger that enables anyone to view all its transactions but keeps the user’s identity and location private using the bitcoin principle.

The platform also uses the proof of work mining principle with multi-algorithm support and has five different hash functions.

PRIVACY FEATURES OF VERGE

The main goal of Verge is to provide anonymity to user’s transactions. To achieve this goal, it uses anonymity/privacy-based networks via TOR and I2P networks.

TOR (The Onion Router)

TOR is used to protect a user’s identity by masking their IP addresses. It moves the transaction around distributed networks of relays and tunnels run by different nodes across the world.

I2P

The I2P locks the user’s data and runs it thoroughly anonymously on P2P distributed networks.

Even though various transactions carried out on Verge can be seen by anyone, the TOR and I2P networks help hide the location and IP addresses of the people carrying out a transaction. 

WHERE TO BUY VERGE (XVG)

XVG can be bought on exchanges like Binance and Bittrex. It can also be traded against other cryptocurrencies and fiat currency.

Checkout similar guides on cryptocurrency

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A Beginners Guide to Dogecoin: The Meme Token

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