What is Verge?
Verge is a decentralized and open-source cryptocurrency that was developed in 2014 thanks to a fork in Dogecoin’s Blockchain. Much like the Monero, Verge highlights aspects of anonymity, making it untraceable. This is made very clear on the currency’s website which states that “The Verge is a decentralized cryptocurrency designed for those who appreciate privacy.”
Verge was created by a fork in Dogecoin’s blockchain and was originally named DogecoinDark until it was renamed in February of 2016. Unlike most cryptocurrencies which are funded by ICOs (Initial Coin Offering), Verge was funded mostly by investors who are passionate about the idea behind the project.
As can be seen on their official website, “Verge is not a private or subsidized company that mines their own currency in advance or uses ICOs. All of the development and marketing is supported directly by hundreds of members of the community who believe in the project.”
The developers at Verge are very active at improving the project and are constantly in contact with members of the community. This offers members the opportunity to bring new ideas to the project and ensures consistent support.
One of the most important factors behind a cryptocurrency’s success is the community who backs and supports it. Most investors prefer to pay attention to the team behind a project or its technology. However, cryptocurrencies such as Steamit or Verge, due to the support of their community, have a rather promising future.
Many traders have even found a link between a project’s success and the passion of its community. And, by analyzing this, they can better predict the long-term potential of a cryptocurrency.
A community who stands behind Verge with total conviction is a strong sign of a project with a bright future.
How Verge Works
Verge is a digital currency that focuses mostly on security, anonymity and offers a few special features to its users. Thanks to several secure networks such as TOR (famously configured in Onions), Verge can hide its users IP address, making it completely untraceable. This is possible due to the fact that all traces of any transaction are coded and then passed through several proxy addresses, making it impossible to identify where a transaction is coming from. This ensures that both the sender and the recipient are completely protected.
And, Verge did not bother to stop there…
Although one of its main goals is to make transactions secure, Verge also offers much faster transactions than its competitors. For this, the network uses a technology known as “Simple Payment Verification”. Thanks to this, Verge can process and validate transactions in just about 5 seconds.
Verge is also one of the first cryptocurrencies to offer a multi-extraction algorithm. The network supports a total of 5 different hashing algorithms (Scrypt, x17, groestl, blake2s, lyra2rev2) on the same blockchain. In other words, it offers the opportunity for a wider range of individuals and computers to access its “mining” process. This allows the network to increase its security, while also sharing profits with its miners. Mining a single block of Verge only takes about 30 seconds.
Putting Verge on the Map
At the beginning of 2018, developers added a new protocol to Verge’s source code, adding a new level of functionality. Dubbed the “Wraith Protocol”, it allows users to choose whether a transaction is anonymous or not. A user can decide to make the transaction completely anonymous or have it registered on the blockchain, making it visible to other members of the network. Despite a few hiccups after the Wraith Protocol’s launch, Verge’s team is now planning on adding smart contracts to the network. This new project has been codenamed “Rootstock”.
Why Should I Invest in Verge (XVG)?
Recently, the Monero, one of the most popular cryptocurrencies in terms of its anonymity, has proven the public’s interest in transactions that are completely safe and untraceable. Now, backed by its passionate community, Verge possesses all the potential necessary to capture a large part of the growing cryptographic market.
Before investing in Verge, or any other cryptocurrency, one must always make sure that they are certain of their decision and must also consider the volatility of the market. Investing in Verge is still not a bad idea since it is a secure currency. However, here are a few other reasons to invest in Verge.
- Verge possesses the same security features, and maybe even more, than Monero.
- Verge validates transactions in only 5 seconds.
- Verge is a deflationary cryptocurrency, and, like Bitcoin, offers a profitable investment. The number a XVG is limited to 16.5 billion.
- Verge offers secure and anonymous transactions thanks to its Wraith Protocol.
- Verge supports five different hashing algorithms, which allows almost anyone to mine XVGs on all sorts of devices. A huge factor when it comes to investors adopting a new project.
- Thanks to its algorithms, Verge offers a decent pay to its miners.
- Verge is planning on launching smart contracts on its network.
Verge (XVG) on the Charts
As of October 25th, 2014, Verge had a value of only $0.000007 per unit. Only six month later, by April of 2015, its valued had double to $0.000014 per unit. This was followed by a slow period and it kept to the status quo.
In April 2016, the cryptocurrency saw a few spikes in its value and even climbed its way to $0.000059, before bottoming out at $0.000026 before the end of the year.
It wasn’t until April 25th, 2017, that the XVG started an upward trend and climbed to $0.000026. This marked an important milestone for the cryptocurrency, but then it continued to climb and peaked at in impressive $0.30.
This type of performance can only be seen in the world of cryptocurrencies. And, Verge’s success was only made possible by the media’s hype surrounding Bitcoin and other cryptocurrencies. After the hype began to dissipate, Verge saw another major crash, which had been predicted by several industry experts.
How to Invest in Verge (XVG)
If the information provided so far has convinced you to invest in Verge, there are two major exchange platforms that are recommended: Binance and Bittrex. Still, before making your investment, it is important to proceed with caution and take into consideration that there is some level of risk involved. However, here are a few tips to help you through the process of purchasing XVGs.
- Buying XVG through Binance – First, you will need to open an account through the company’s website. Then, follow the steps to validate your membership. Once the validation process is complete, you will then be able to make a deposit into your account. Binance deals exclusively with Bitcoin and Ether. So, once your deposit is made, you will then be able to exchange it for its equivalence in Verge tokens.
- Buying XVGs through Bittrex – As with Binance, the first step is to sign up on the company’s website and open an account. When it comes time to make your deposit, this is where Bittrex differs from Binance. To be able to deposit a cryptocurrency into your account, you will first have to make a portfolio dedicated to it. In other words, to deposit Bitcoin, you will need to open a Bitcoin portfolio or to deposit Ethers, you will need an account dedicated solely to Ethers. For this, first, log in to your account and then find the tab near the top that reads “wallets”. This will give you a list of all cryptocurrencies with the “+ and –“ symbols next to them. Click on the “+” symbol next to the desire cryptocurrency and then click “new address”. After this, you will be able to import your desired cryptocurrency (Bitcoin is recommended). Then, you will be able to exchange your currency for its equivalent value in XVG.