What is Verge (XVG)?
Verge is a privacy-focused cryptocurrency and blockchain that aims to outperform the original Bitcoin (BTC) blockchain with a quick, effective, decentralized payments network. Additionally, it offers the possibility of making transactions to stealth addresses and has integrated the anonymity network Tor inside its wallet, known as vergePay. It is a decentralized cryptocurrency that operates on an open-source protocol, aiming to provide users with enhanced privacy through its unique approach to transaction anonymity.
Launched initially as DogeCoinDark in 2014, the cryptocurrency was later rebranded as Verge in 2016. One of its standout features is its claim to offer completely anonymous transactions by obscuring the location and Internet Protocol (IP) address of transacting parties, ensuring a high level of privacy for users.
Who are the Founders of Verge?
Justin Valo, also known as “Justin Vendetta” or “Sunerok,” a developer with more than 20 years of experience in network security and almost ten years in blockchain technology, founded Verge in 2016. His initial motivation for creating the cryptocurrency was to give people more anonymity around the world.
What Makes Verge Unique?
According to Verge’s “blackpaper,” it was developed to both provide greater anonymity than that offered by Bitcoin and to realize Satoshi Nakamoto’s goal of a decentralized, trustless electronic payment system. What sets Verge apart is its strong emphasis on privacy and anonymity. While many cryptocurrencies strive for privacy, Verge takes a unique approach by utilizing multiple anonymity-centric networks, including Tor and I2P, to enhance transaction obfuscation and user identity protection.
How Many XVG is in Circulation?
The total maximum supply of Verge has been capped to 16,555,000,000 XVG. According to the most recent available data, the circulating supply of XVG is 16,520,855,019 coins.
How is the Verge Network Secure?
The proof-of-work consensus technique used by the Verge network, which is based on the Bitcoin code, secures the network. For a transaction to be added to the blockchain, at least 51% of the network’s complete nodes must concur that it is genuine. New blocks are produced through the mining process, in which users compete with one another to solve challenging, energy-intensive puzzles. Verge, in contrast to Bitcoin, enables five distinct mining algorithms. The development team claims that by allowing more users to participate in the mining process, the network becomes more secure.
How can Crypto Investors use Verge (XVG)?
Crypto investors can use Verge for a range of purposes. Its primary use case is as a medium of exchange and a store of value. Additionally, the privacy-centric nature of Verge makes it a preferred choice for users seeking discreet transactions.
Where to Buy XVG?
Individuals interested in purchasing Verge (XVG) can do so through numerous cryptocurrency exchanges. They include Binance, HitBTC, Bittrex, and Huobi Global.
FAQs
- Is Verge truly anonymous?
Verge aims to provide enhanced anonymity through the use of technologies like Tor and I2P, but users should be aware that complete anonymity is challenging to achieve in practice.
- Can I mine Verge (XVG)?
Yes, Verge operates on a proof-of-work (PoW) consensus mechanism, allowing miners to participate in securing the network and validating transactions.
- What advantages does Verge offer compared to other cryptocurrencies?
Verge’s unique selling point lies in its multi-network integration, which aims to enhance transaction anonymity beyond what some other cryptocurrencies offer.
