Verge is an open source cryptocurrency that mainly focuses on data protection. The cryptocurrency was introduced as DogeCoin-Dark. The coin is incredibly community-based and has a large online fan community, much like its predecessor Dogecoin. With the self-created Wraith protocol, Verge enables users to (partially) make their transactions anonymously, thereby underlining the importance of privacy in the world of cryptocurrency.
The Verge story
When Verge's founders developed their first cryptocurrency, it was initially called DogeCoinDark, which was encased in a secret and was considered a data protection coin. When the product was launched, their code was based on Bitcoin, PPcoin and Novacoin. After some time, the team had improved the code with the code from Shibecoin, which resulted in an effective combination of Bitcoin and Dogecoin. The combination of both codes resulted in a proof of work / proof of stake based currency. DogeCoinDark was then verified by a then popular service called Proof of Developer.
Verge's founder worked alone
Verge's founder actually worked alone. Due to the fact that the currency was a one-man operation, there was practically no funding for Verge, so Verge had to be funded by the community. Then, in 2016, the project in Verge was rebranded. When Verge stepped into the spotlight from its mysterious veil, it quickly developed into an established currency that was among the top 100 currencies at CoinmarketCap. In a relatively short period of time, Verge had marketed $ 1.5 billion as many people expressed interest in this “new” coin. The DogeCoinDark project slowly took a back seat.
The Verge Team
Now that Verge had grown into such a great operation, a strong team was needed to keep Verge at the top. However, Verge was - and still is - a community-supported coin. This means that there is no permanent, full-time team, but rather a mixture of project-based employees and "random" users from the strong Verge community.
Verge as an open source project and the Wraith protocol
However, since this is an open source project, anyone can improve the existing code. The Wraith protocol was announced in the third quarter of 2017 and actually published within a month. Verge was always thought of as a data protection coin, and the Wraith protocol would add additional data protection features to a guaranteed level of data protection that users can turn on and off. When a transaction is made, the Wraith protocol ensures that the amount sent is hidden. In addition, both the sender and the recipient are hidden. In combination with the TOR browser, a highly anonymous internet browser, it would be very difficult to determine details about a transaction.
Partnership with RSKsmart
Verge is currently partnering with RSKsmart, a smart contract platform that would make Verge the first true data protection coin with the usability of smart contracts and other decentralized applications. Among other things, it is planned to use anonymous mobile transactions through the I2P system via the XVG Android Wallet.
Verge Technical Specifications
Ticker SymbolXVGFounder(s)Justin SunerockDate of Release9 October 2014Consensus mechanismProof of WorkHashing AlgorithmScryptMaximum supply1660000000Average Block Time2.5 minutesMining / Staking reward730 XVGAverage blocksize378 bytesNext Block Halvingn/aSmart ContractNo
Price of Verge
Unique properties of Verge
The founder (and lead developer) of Verge has always been an advocate of privacy and data protection. Therefore, the team behind Verge focuses primarily on data protection. Verge aims to become a cryptocurrency that is designed for everyday use without compromising online privacy.
A user controlled platform
Verge is fully user-controlled and decentralized, which ensures that your transaction data is never shared or sold at any time. Aiming to achieve mass adoption, the team hopes to secure a place in the cryptocurrency market and offer a payment system that is easy to use but focuses on protecting the identity of both participants in a transaction.
Why Use Verge?
Verge is designed to provide specialized transactional applications and inherent data protection implementations to enhance user privacy. One of the main goals is to maintain the vision of a decentralized electronic payment system based on cryptographic evidence instead of trust in third parties.
The advantage of anonymity
The most obvious advantages of Verge are anonymity and a strong community. Verge uses a proof of work multi algorithm. Therefore, the currency enables people with different types of mining equipment to have the same functionality and earn coins.
Low transaction costs
Another advantage is the transaction speed of the network and the overall low transaction costs. When you conduct a transaction on the Verge network, the transaction fee is only 0.1 XVG. This is particularly helpful for merchants with high purchasing volumes, as it keeps the total cost of transaction fees significantly lower than with traditional payment systems.
Sources: verge website
