Introduction to Verge
Verge is an open-source cryptocurrency focused primarily on privacy. The cryptocurrency was introduced as DogeCoin-Dark. The coin is incredibly community-based and has a large online following, much like its predecessor Dogecoin. With their self-created Wraith protocol, Verge allows users to make their transactions (partly) anonymous, thus emphasizing the importance of privacy in the cryptocurrency world.
The History of Verge
When the founders of Verge created their first cryptocurrency, it was initially called DogeCoinDark. It was shrouded in mystery and classed as a privacy coin. At the launch of the product, their code was based off Bitcoin, PPcoin and Novacoin. After some time, the team had improved the code with Shibecoin’s code, which resulted in an effective combination of Bitcoin and Dogecoin. By combining both codes, they made a Proof of Work/Proof of Stake based currency. DogeCoinDark was then verified by a then-popular service called Proof of Developer.
A Community Effort
The founder of Verge was actually working alone. Due to the fact that the currency was a one-man-job, the funding of Verge was almost nonexistent and had to be community funded. Then, in 2016, the project got rebranded into Verge. When Verge emerged from their shroud of mystery, it quickly grew to be a well established currency in the CoinmarketCap top 100. In a relative short time, Verge had grown to a market capitalization of 1.5 billion dollars, as many people were interested in this “new” coin. The DogeCoinDark project slowly faded into the background.
The Verge Team
Now that Verge grew into such a grand operation, a strong team was needed to stay on top of their game. However, Verge has been, and still is, a community supported coin. What this means is that there is no steady, full-time team behind it, but more like an mixture of project based employees and ‘random’ users from their strong community.
The Wraith Protocol
However, being an open source project means everyone can improve upon the existing code. In Q3 of 2017, the Wraith protocol was announced and would be released within a month. Verge was always intended to be a privacy coin, and the Wraith protocol would add several features on top of a guaranteed layer of privacy which can be turned on and off by its users. When making a transaction, the wraith protocol ensures that it hides the amount that is being sent. In addition, both the sender and the receiver are also hidden. Combined with TOR browser, a highly anonymous internet browser, it would be very difficult to determine any details regarding a transaction.
Specifications of Verge
|Date of Release||9 October 2014|
|Consensus mechanism||Proof of Work|
|Average Block Time||2.5 minutes|
|Mining / Staking reward||730 XVG|
|Average blocksize||378 bytes|
|Next Block Halving||n/a|
The Price of Verge
Unique Aspects of Verge
The creator (and lead developer) of Verge has always been an advocate for privacy. Therefore, the team behind Verge is focusing primarily on privacy. Verge aims to become a cryptocurrency designed for everyday use without having to compromise any of the aspects regarding online privacy.
A User-Controlled Platform
Verge is completely user-controlled and decentralized, which insures that at no point in time your transaction data is going to be shared or sold. Aiming for mass adoption, the team hopes to secure a place in the cryptocurrency market and provide a payment system that is easy to use but has its emphasis on protecting the identity of both participants during a transaction.
Why Use Verge?
Verge was created to bring specialized transaction applications and inherent privacy implementations to strengthen users’ privacy. One of its main goals is to maintain the vision of a decentralized electronic payment system based on cryptographic proof instead of third party trust.
The Advantage of Anonymity
The most obvious advantage that Verge has is the level of anonymity it offers and its strong community. Verge uses a Proof of Work multi algorithm. Therefore, the currency enables people with different types of mining devices to have the same functionality and earn coins.
Low Transaction Costs
Another advantage is the network’s transaction speed and the overall low transaction costs. When you make a transaction on the Verge network, the transaction fee will only amount to 0.1 XVG. This is particularly helpful for merchants that have high purchase volumes because it keeps the overall costs of the accumulated transaction fees significantly lower than they would be in traditional payment systems.