Created in 2014 under its original name of DogecoinDark, Verge (XVG) is an open-source privacy coin with a team of international developers. Verge uses the anonymity tool Tor and an anonymous network layer I2P to hide specific transactions’ IP addresses and locations. Transaction speed on Verge is estimated to be at 5 seconds due to the use of Simple Payment Verification (SPV). The Core QT wallet has built-in TOR integration and SSL encryption which obfuscates the IP addresses of users. The introduction of the Wraith Protocol upgrade enables users to send and receive payments privately across the Verge blockchain by enabling stealth addressing services. Verge users are reportedly able to switch between private and public ledgers on the Verge blockchain. Verge offers five different Proof-of-Work algorithms for mining – Lyra2rev2, Scrypt, X17, blake2s and myr-groestl.
What is Verge?
The origins of Verge (XVG) date back to 2014. Originally the project was founded under the name DogeCoinDark, which was a hard fork from Dogecoin. Dogecoin itself was based on the open source source code of Litecoin, which itself is based on the source code of Bitcoin. So it can be explained that Verge wants to improve the “original Bitcoin blockchain”. DogeCoinDark was renamed to Verge in 2016.
Verge focuses on the privacy and anonymity of its users. Just like Monero, ZCash, Dash or Bytecoin, Verge (XVG) can be assigned to the “Privacy Coins”, which disguise the user’s transaction data and make transactions untraceable. Verge attaches particular importance to user-friendliness in order to promote application in everyday use.
Verge has integrated the Tor network into its wallets so that not only the transaction data (as of the use of a wallet) is encrypted, so that the extra step of setting up the Tor network is no longer necessary for the user. Both Tor and I2P are automatically used in Verge’s wallet transactions so that both IP addressing information and transaction information do not reach the servers through which the user connects to the Internet. This gives the blockchain concept an additional layer of security when a transaction is compromised.