This time we’ll dive into Verge Currency and explore its basics, key features, recent updates, and future plans with Alexandre (aka XVG Ninja), the Technical Marketing Engineer of the project!
The Basics You Should Know About Verge (XVG)
Verge (XVG) is a privacy-focused cryptocurrency. It has a number of advantages over Bitcoin, offering individuals and companies a fast, efficient, and distributed method of making direct transactions. Verge offers users increased levels of security — by protecting their metadata, cryptocurrency offers privacy on a public blockchain.
The People Behind The Project
The leading developer of Verge is a user known on Bitcointalk under the nickname Dogedarkdev, now known as Sunerock. In October 2014, a section dedicated to the DogecoinDark project appeared on the pages of the popular crypto resource Bitcointalk.
According to the creators of the project, Verge was not pre-mined. The development team and customers buy coins on the open market just like everyone else. The maximum Verge coins supply is 16.5 billion.
For the first two and a half years, the network was in the shadow of competitors. In 2016, there was a rebranding, that is, a name change from DogeCoinDark to Verge. The team has successfully introduced a number of technological innovations to the network to improve the confidentiality of payments.
The statements of the famous programmer John McAfee, who wrote on Twitter in December 2017 about the great prospects of the privacy coins Verge, Monero and Zcash, helped to attract the attention of investors.
In 2018, the world’s most popular adult website, Pornhub listed Verge as their first cryptocurrency payment option, as a result of their parent company Mindgeek partnering with Verge. This opened the door to other cryptos as payment options, but Verge is still the only crypto that models can be paid in, as well as the only crypto used to pay for advertising on the mindgeek owned, TrafficJunkie website.
The open-source project has its own online store of branded clothing and souvenirs.
Community members are involved in the development of the project; the development community has the status of a non-profit organization. You can find the whole team on the official website .
How Does Verge Work?
In fact, XVG coin is another Bitcoin fork designed to increase privacy and speed up transaction processing. The following technologies are integrated into the system:
- SPV (Atomic Swaps) is designed for direct peer-to-peer trading of selected digital assets with BIP65 support and eliminating the need for intermediaries. The traditional exchange service can be replaced with a decentralized exchange (DEX), and you can exchange crypto coins without sending them to an exchange deposit.
- TOR is a software project for providing anonymous communication by obfuscating an IP address. The Verge cryptocurrency uses the code from Tor to execute transactions from its wallets (Core, Electrum and Android). This makes it possible to hide the internet entry point, making it impossible for the network to monitor physical locations of Verge wallet addresses.
- Stealth Transactions, were released in 2018, under the name Wraith Protocol, and hides the receivers information on the public blockchain, When people send transactions with this, it doesn’t show who the final owner of the coins are, offering a way to maintain payments private, on public chain. When receiving Stealth Transactions, the wallet amount is kept private from onlookers. This can be turned on and off, at the push of a button, on the Verge Qt wallets.
- I2P is a very confusing tunnel service using IPv6 that hides all Verge data that is sent to the network. I2P technology is a key innovation for ensuring the anonymity of participants. It is used as a second layer protection of MetaData when TOR access is blocked.
The Verge team is working to implement Rootstock *RSK* technology to execute smart contracts and increase peer-to-peer bandwidth. Currently, the system processes 100 transactions per second, the cost for transferring funds is 0.1 XVG.
The Advantages Of Verge
- The coin has existed on the market for a long time and, at first glance, is a serious project in which quality is placed above momentary earnings. True, not all members of the crypto community think so, but the payment network has been operating for more than 6 years and is gradually developing and improving to this day.
- The team has a ready-made solution to the problem of anonymity that has no analogues. The combination of Tor, I2P, and Wraith Protocol technologies guarantees complete confidentiality of transactions.
- The Verge blockchain ecosystem is decentralized and independent. The source code is in the public domain, the development of the project is funded by donations and personal funds of the developers.
- Cryptocurrency has practical use cases. Verge website shows that it is used by 80 online shopping and entertainment services; but cryptwerk.com shows over 300 companies accepting Verge.
How To Mine Verge Coin?
The Verge (XVG) cryptocurrency runs on Proof-of-Work, but unlike most blockchain networks, it uses not one, but five hashing algorithms. Each of them has several collective mining services. Mining Verge solo is not relevant.
The Verge payment network has built-in wallets in the popular messengers: Discord, Twitter and Telegram. 24 cryptocurrency exchanges operate with XVG cryptocurrency, including such well-known platforms as Binance, Bittrex and Huobi Global.
The Long Road To The Top
In order to learn more about the current state and future plans, we’ve reached out to Alexandre (aka XVG Ninja), Technical Marketing Engineer of Verge.
Adoption is crucial for any asset that aims to be a currency. Can you name your most notable partners?
Well, the first company to accept Verge, was Pex Peppers, a hot sauce company based in the USA.
Since then we’ve had a slew of larger companies, from Mindgeek to VoiceLife, and foundations like Manny Pacquiao Foundation. Mindgeek brought Pornhub, Brazzers, and others like Traffic junkie into its fold, and that opened the door to crypto being accepted as a payment method.
VoiceLife will bring in a tremendous market, as people will be paying for charges!
Fueled by Verge initiative reaches a really wide audience of sports fans. Could you please tell us more about it and your new Verge Ambassador Program ?
Fueled by Verge started out with Danny Robertson , as he wanted to grow the visibility of a cool project with other riders. We had e-sports racers with @NiteShadow, and then Gil Linster joined as a Racecar driver. He’s the first European Racecar driver to do the Pro Late model series, and he’s definitely fueled by Verge! Now we have Lewis Neal from the BC Lions joining, which dominoed with his friend, Reggie and RPA college joining on board.
We have new athletes joining every week right now, FbV is turning into a beast.
You asked about the Ambassador program, this was mainly done because we have a lot of untapped potential in the community, so we wanted to open the field up to them in order to show people that we are open source, and we are all volunteers. The core team mainly deals with the NDA aspects of partnerships, but we can’t do it all, so we created an Ambassador program, as a method of organizing our decentralized community to help out reaching companies, and growing the reach of the project.
The list of Verge Milestones is impressive! Are there any more updates coming on the road?
Well, I tell everyone this, our Milestones aren’t project-designed, meaning we aren’t working towards anything in particular. As a currency we want other projects to say, hey, we can do this with you (XVG as a currency) and give this to your community. I’d love to see Verge accepted on other chains in a wrapped fashion so that people can use XVG as a payment method for any other projects.
Whenever new things are done, either through the Verge community’s participation, or the greater Crypto community, that benefits Verge, we consider it a milestone.
Someone develops a new wallet? Milestone!
So a short answer of any new updates, really is, if someone makes it happen sure!
Verge (XVG) Price Range
According to Coinmarketcap, Verge current price $0.02453. Verge all-time high is $0.3006 (23 Dec 2017).
Originally published at https://coinjoy.io.