Verge Coin Full Guide
Verge is a secure and privacy based cryptocurrency that is designed to keep anonymity of transactions leaving it untraceable with fast confirmation times. Verge allows individuals and businesses carry out everyday transactions with the sole aim of achieving privacy, anonymity, and decentralization. Verge is basically a community-led and open-source crypto.
The crypto started in 2014 as DogeCoinDark and was later rebranded into Verge in February 2014 after the removal of Doge meme and the ‘Dark’ connotation. Verge’s startup has no organization and has no company’s back-up but rather, the startup community team up together to sign the Verge’s black paper with their usernames only. This community of username holders is committed to solving the issue of privacy, decentralization, and anonymity.
Verge Coin Main Features
Verge possesses key features that differentiate it from other ICOs including;
Total Anonymity – Verge Coin offer Untraceable transactions with the use of anonymity-centric networks that allow users IP address to be hidden.
Impressive Community Network – Verge start-up and development is dependent on the community of supporters rather than being controlled by a private company or organizations that obtain their capital from pre-mining or ICOs.
Fast Transactions – Through the use of Simple Payment Verification Technology (SPV), Verge claims to carry out super-fast transactions. As a result of this technology, transactions’ confirmation time is approximately 5 seconds.
Decentralization – Verge cryptocurrency operates openly with no central body controlling the coin.
Readiness – Verge employs the use of vast varieties of private and secure wallets that make it ready for mass adoption. Verge also offer Tor android wallet used by mobile users who desire to make transactions with privacy oriented coins.
The Verge Team
As stated Earlier, Verge cryptocurrency is based on anonymity, privacy, and decentralization. The Verge team is a community of username holder whose identity is barely known. They Include;
Sunerok – Verge currency was founded by Sunerok in 2014, and currently, Sunerok is the developer of the project. Over the years, Sunerok has gathered experience in network security and blockchain. Sunerok is an advocate of open-source technology as well as decentralization.
CryptoRekt @cryptorekt – CryptoRekt is Verge’s CMO and currently a Sr. Systems Engineers at Cisco Enterprises. The Verge’s BlackPaper was authored by CryptoRekt in 2017 and as well-founded the Core Management Team for Verge. CryptoRekt has gathered over 6 years of experience in technology and system engineering and over 9 years of experience in cryptocurrency space.
Sasha – Sasha is the VP of operation and a holder of Masters of Science in Economics from Bocconi University as well as a Bachelor’s Degree in Business Administration. Sasha has professional experience in project management, financial modeling, IT, and investment banking.
Kieran Daniels @kierankyle – Kieran is the VP of Marketing for Verge and also a CRO expert with a passion for sustainable growth and data-driven automation. In 2007, he founded Cryptanswer.com, and he is as well the CMO at Dextroid.io. He has helped in the implementing of strategic partnership and proven market principles for Verge currency. At Instapage.com, Kieran was the #6 and to a considerable extent he the company from 2,500 users to 250,000 users before he successfully exited in January 2005.
Verge is one of the few cryptocurrencies that are testing out a multi-algorithm consensus. This means that Verge miners can mine XVG in 5 different ways. Some favor ASIC hardware while others are GPU compatible or lighter and all of these algorithms are POW based (proof of work). The five algorithms include Script, Lyra2Rev2, Blake2s, X17, and Myr-Groestl. This multi-algorithm approach is pioneered by Digibyte. As a result of using multiple algorithms, there will be vast varieties of mining rigs that can participate in XVG mining. Verge claimed that the coin has a target thirty-seconds block time, which is divided into the 5 algorithms.
Wraith Protocol is a technology that allows verge users to choose between private and public blockchain transactions. Choosing a public transaction will translate to having both transparency and speed while a private blockchain transaction will not be publicly reviewable.
However, stealth addresses routed through Tor is used to accomplish private transactions. Stealth Addresses help send funds from and to one-time user addresses. On the long-run, only the recipient of funds can confirm and claim funds sent to a stealth address.
Verge’s cryptography is based on a well-established elliptic curve. Verge uses Elliptic Curve Diffie Hellman which is a slight variant of bitcoin that allows users to share and agree on transaction signatures and keys without an observer getting to know about anything.
In 2018, Verge has designed the following roadmap out of which some of the milestones are achieved already. They include;
- Core Wallet 4.0 Release Stage 2
Tor Integration and Optional Stealth Addressing
- New website
New look, guides, updated roadmap, list of official core members, a blog with official news, mobile friendly. This was released on 24 March 2018
- Merchandise Online Store
Verge branded apparel that can be purchased with XVG and BTC.
- Mining Update
Official Mining Pool, XVGui Miner, Mining Guide
- RSK Smart Contracts
They are in testnet for Bitcoin now. Date revolves around this timeline.
- RingCT integration
- Official iOS wallet
- I2P Android Wallet
Anonymous mobile transactions over the I2P network
- Tor I2P Electrum Wallet and Test Tor I2P Electrum Wallet
The partnership between XVG and token Pay has opened the channel for mass adoption of Verge by building a bridge between XVG and traditional bank, in essence, fiat and cryptocurrency. As a result, token Pay seeks to address privacy based on the fact that Verge is a privacy-focused currency and to build a complete decentralized exchange on Tor to allow XVG/Fiat and XVG/BTC transaction.
Verge Price Growth
While Verge has managed to reach an amazing growth rate sometimes in March 2018, its market cap at this time was $518.96M with 56% of gain during that short period of time. During the early April, Verge had experienced a slight drop against dollar hovering around 2% in its price and at this time there seize to be no radical changes in its price at ranging from $0.0621 to about $0.0644. As a result, Verge can be said to be trading far below its all-time high, marked at about $0.22 per XVG unit.
Given the current rate of growth, there can be no doubt in the currency that it would be able to reach and surpass its all-time high very soon. This current situation for Verge (XVG) in terms of development may depend on the Verge’s partnership that cost more than 75 million XVG
Recently, a lot of controversies have sprung up as a result of Verge being either hacked or was accidentally forked. Verge thereafter claimed that about 240,000 XVG was stolen while others in the same community assume that close to about 3.9 million could have been stolen in the short window. The developers claimed that it was an accidental fork of about 5% attack against the network. While this rate can be very rare for proper cryptocurrencies, ambiguity still floats around an actual fact of 51% attack.
According to OCMiner, an anonymous hacker gained a competitive advantage by exploiting the various bug in Verge’s code. As a result, it is clearly evident that in a very short time and through an illegitimate means, someone collected a lot of money. This translate that weakness still prevails in Verges network and codebase despite the uptake of five different crypto algorithms. To prevent future occurrence, It was therefore predicted that, Verge needs to undergo a hard fork.
How to buy Verge
There following are the steps involved in buying XVG;
- Set up a wallet – Verge requires a wallet for storage. Visit the verge official page
Download the perfect file for your system, unzip the file and run the executable file. For windows, it will display “electrum-xvg.exe.”
- After running the downloaded file, create new wallet by selecting “Create new wallet” and then select “Standard wallet” and click “”
- A seed will be given for your wallet, and it is highly important to copy and back it up somewhere safe and click “Next” when done. Retype your seed for confirmation and click “”
- Enter a secure Password and press “ok.” Once you are logged in, you will be given a wallet address with a long string of numbers and letters. Copy and save somewhere.
- Purchase Bitcoin or Ethereum to exchange for verge from Coinbase, Cex.io, and more
- Use Binance website to exchange your Ethereum to Verge. binance.com
- Navigate to the exchange page on Binance.
Note that there are two ways of buying coins which include “Limit order” and “market buy.”
A limit order allows you set the price manually at the preferable rate you want to buy while market buy fills your order automatically at the best price available.
- Click on ‘Funds” on the top menu and then click “Deposits Withdrawal.” Search for XVG in the search box, and your new XVG will display in your wallet. You can leave your coin on Binance or transfer to your personal wallet.
Verge uses different kinds of wallets that allow users hold their cryptocurrencies away from exchanges including Electrum, Coinomi, and Verge QT.
Verge uses the electrum wallet described as an open source wallet that supports Tor and I2P integration and was originally designed for Bitcoin. It permits secure offline storage of tokens as it focuses on speed as well as low resource usage. When XVG is required to be sent, the private key offline is used to sign the transaction. Multi-signature and Passphrase key recovery is supported by Electrum, and as a result, security can be increased through multiple confirmations when a transaction is required to be sent.
The alternative Verge QT wallet requires a download of the entire Verge blockchain with a requirement of enough storage capacity that can handle the 1GB blockchain on the device to be used.
There are numbers of exchanges that support Verge XVG. The largest platform in terms of trade volume is Binance followed by Bittrex. Both in combination account for over 80% of XVG transactions.
This is an exchange platform with over 20,000 registered users that focuses on crypto to the crypto transaction. On this platform deposit and withdrawal can only be made using digital currencies including Bitcoin, Litecoin, Ethereum, verge (XVG), and many more. Binance offers a very low trading fee with a flat rate of about 0.1% on every transaction carried out.
Pros of Binance include:
- Ultra-Fast Transactions
- Support multiple languages
- Zero fees on deposit
- Security is based on a 2-factor authentication system
- User-friendly Interface
- Limited payment options
- based on crypto to crypto exchange
- Fiat currencies are not supported
This is another exchange platform that supports over 500 cryptocurrencies including bitcoins, altcoins, verge coins and lost more. This platform also offers quite a number of advantages including low transaction fee and also enable users to capitalize on the differences between prices using the arbitrage tool It offers. In spite of these enjoyable advantages, Cryptopia suffers few limitations including security issues due to hacking attempts and daily transaction limits.
In a Nutshell
Verge crypto is great so far being an open source project with a decentralized system. This crypto is privacy based on unique features that give it an edge over the competing coins. As a matter of fact, a very large movement believes and trusts its existence through which is evident in its mass adoption. Conclusively, Verge coin is gaining more popularity and becoming more popularly used.
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