Verge Currency is a simple decentralized open-source cryptocurrency that offers different levels of private transactions. It is done by obfuscating the users’ IP addresses with Tor and by leveraging the stealth transactions, which makes it difficult to determine the geolocation of its users. Furthermore, this currency has a maximum supply capped at 16.5 million XVG. It uses the POW (Proof of Work) mining principle and multi-algorithm support and five different functions: Scrypt, X17, Lyra3rev2, myr-groestl, and blake2s.
History of Verge (XVG)
The Verge currency was created in 2014 and was initially named DogeCoinDark. It was then rebranded to Verge currency in the year 2016. It follows the bitcoin principle and therefore has a transparent ledger that will allow anyone to view all the transactions. Still, at the same time, it protects the identities and locations of the users. It was achieved by integrating both Tor not to expose the IP addresses and using the stealth transactions, commonly called the ‘Wraith Protocol’ to hide the values of the transactions.
In April 2018, it was announced that MindGeek, the adult entertainment provider, would begin to accept Verge Currency as a payment option on the website network. Furthermore, during April and May 2018, the Verge Currency also suffered from the time stamp exploit on one of its five mining algorithms. This could have resulted in a 51% attack if it had only one algorithm.
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What Are The Unique Features Of Verge (Xvg) Currency?
Following are the features of VERGE (XVG) Currency that make it unique from the other currencies:
- Wraith Protocol- The VERGE (XVG) Currency uses wraith technology to allow users to switch between closed, public, and private blockchains. Once enabled, the protocol also hides the transaction data on the blockchain. If Wraith Protocol is turned off, the transactions will be viewable to the public as they are linked to your public address. The VERGE (XVG) Currency focuses on enabling quick transactions at low fees and also supports multiple platforms.
- Faster Transactions- The VERGE (XVG) Currency can process between five to ten transactions every second. It has a block time of 30 seconds and can also support up to 100 transactions per second. The transaction fee on the verge of blockchain is set at 0.1 XVG.
- Enhanced Privacy- The VERGE (XVG) Currency integrated TOR (The Onion Router) and the 12P tunneling service are used to protect the identities and locations of the users and keep the IP addresses private. The Onion Router or TOR redirects your internet traffic to protect the data with the help of a free network instead of routing it through one Internet Service Provider.
Recent News Related To Verge (Xvg) Cryptocurrency:
- Verge (XVG) Currency, in the latest update report to the community, has stated that it is on its way to improving its android, desktop, and iOS wallets. It will ensure a better user experience and the faster movement of keys. It signifies that these wallets are ready for mass adoption.
- There have not been a lot of reasons for investors to celebrate in terms of price. In January 2018, the cost of one XVG token was at a level that was slightly above the 0.22$ mark. By the end of the month, the same had fallen below 0.10$.
- Then, in February, the prices slumped by another 50%, and the token went below $0.50. This trend continued through March and April, and it was not until early May that the tickets managed to get some of the previous losses, as the currency ascended back to its earlier levels at 0.1$.
Once again, on account of the extreme volatility and uncertainties in the trend of cryptocurrency space, these tokens failed to find a steady heading above the levels. The value lost dramatically in the subsequent weeks, and by the end of June, the value of one Verge XVG token was close to $0.02, and by late October, it descended to the mark of 0.01$.
Image reference: namecoinnews.com
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