Verge Currency is one of the currencies that rock the label of a “privacy coin” — a digital currency that employs various tech to make the transactions untraceable and keep the user anonymous. The partnerships that propelled Verge to the spotlight prove that there are plenty of things about XVG that make it interesting for users and investors. In this guide, ChangeHero team is going to introduce Verge Currency and tell why exactly it deserves more attention.
- 1 What is Verge Currency?
- 2 How did Verge Currency begin?
- 3 What makes XVG special?
- 4 Are there any issues with Verge Currency?
- 5 What is XVG worth?
- 6 Who are Verge Currency’s Partners?
- 7 How to use Verge Currency?
- 8 Where to store XVG?
- 9 Where to spend XVG?
- 10 What’s coming up for Verge Currency?
- 11 Who is the Verge Fam?
- 12 Summary
What is Verge Currency?
Verge Currency (XVG) is a cryptocurrency and its decentralized network, designed as a medium of peer-to-peer value exchange. Like Bitcoin, Verge’s founding principle is decentralization and independence from intermediaries, as they write in Verge Currency’s blackpaper. However, Bitcoin did not provide enough privacy to its users.
Verge coin’s developers decided to address the privacy and scalability issues of Bitcoin. As a result, the transactional throughput is higher in XVG, making it viable for daily transacting. At the moment, XVG can handle 100 transactions per second, as opposed to Bitcoin’s 7 TPS, and the integrations that are being worked on can improve the throughput twentyfold. But most importantly, Verge Currency can boast a wide range of opt-in privacy features, while keeping all transactions soundly recorded on the blockchain.
How did Verge Currency begin?
Verge as a project started in late 2014 under the name Dogecoin Dark. Initially, it was developed by Justin, also known by his pseudonym Sunerok virtually single-handedly, but some time later the community formed around the coin and a team of volunteers joined the cause. In 2016, Dogecoin Dark rebranded to Verge Currency.
At the moment, the Verge team is quite large, handling tasks like development, marketing, business development on a voluntary basis.
What makes XVG special?
Verge coin is renowned for its privacy features. They are completely optional and customizable. This is achievable thanks to the integration of TOR and I2P. Both TOR and I2P direct traffic through network participants to obfuscate the sender’s whereabouts. The difference is that TOR is circuit-based and I2P is packet-based, meaning the latter can also reroute traffic around congestion. While TOR bounces data between a network of relay computers, changing the IP data of the sender constantly, traffic coming into I2P is spread between participating computers, so the incoming and outgoing channels are processed separately. Having two systems in place guarantees sustainable uptime and effectiveness of the mechanism.
Wraith Protocol is the private ledger that enables private transactions, alternatively to the public ledger.
In addition to regular transactions, with the help of Wraith protocol Verge users can use private transactions of two kinds: stealth shielded and anonymous. Stealth opt-in transactions guarantee receiver’s anonymity: in such a transaction, one-time addresses are created on behalf of the recipient. It is impossible to link one-time addresses with the original receiver’s address or with each other. Stealth transactions can be handy when some transparency is required, for example, for accounting purposes or fundraising.
Anonymous transactions enable full safety of privacy: this is achieved by combining address obfuscation with RingCT (ring signatures) and IP obfuscation with Tor/I2P. In an anon transaction, all the data is encrypted and seen only by the transacting sides. The ledger only registers the fact that a transaction took place but it is not visible to an outsider.
Verge blockchain has the support of Atomic swaps. Thanks to it, XVG can be traded cross-chain with other currencies on decentralized exchanges.
Are there any issues with Verge Currency?
Verge coin has seen some controversy during its lifetime. One of such cases happened in late 2017, when John McAffee expressed his support of Verge, putting it among the ranks of more established privacy coins like Monero and Zcash. A few days later, however, when XVG soared to an ATH of $0,3 and started to experience the correction, McAffee did a turnaround and claimed he had never endorsed Verge as an investment for a reason outside of its cheap price. Obviously, it was not because of the McAffee tweets that XVG’s price pumped and dropped so suddenly. However, when the following is as large as in John McAffee’s case, there is bound to be some FOMO induced by a carelessly uttered statement.
However, the more damaging event, or more precisely, a string of events, happened later in 2018. In April 2018, Verge suffered a 51% attack, when a hacker managed to mine 250,000 XVG by exploiting block timecodes. The fix that Sunerok rolled out resulted in a hardfork. The attack was repeated in May, that time, a hacker got hold of $1.7 million worth of XVG. Though users did not suffer any losses, the integrity of the Verge blockchain indeed took a damaging blow. Despite this, the developers’ and community’s confidence in Verge coin was not shaken, and the fixes were implemented in the new coinbase.
What is XVG worth?
Verge’s vision is a coin for daily use that is fast and keeps the privacy of its users protected. It is indeed faster than Bitcoin and will be able to scale better, in the plans of developers, and has a small fixed transaction fee of 0.1 XVG. Until mainstream adoption is fully achieved, the worth of XVG is decided solely by the existing market. Like Bitcoin, it is a deflationary currency with a hard cap on its supply: right now, out of 16.555 billion XVG, 16,314,767,943 XVG are already in circulation.
Up until mid-2017, Verge Currency was changing hands at no more than 55 satoshis ($0.000191). A first real bull run started in May 2017 and culminated in December, when an unexpected rise took the XVG price up to a current all-time high — $0.300588. Just like with the rest of the market, the correction was as abrupt. The hype before the announcement of the partnership with Pornhub in April allowed Verge coin’s price to recover almost up to a third of the ATH, $0.108695 on April 17th, 2018. The anticipation was building up for months and the partnership is indeed large, so it’s not surprising at all. However, this did not save the price momentum and by the end of 2018 XVG scraped the levels of 150–200 satoshis. Crypto winter of 2019 was not kind to Verge, and as a result of it, the price in 2020 opened at only 50 sats ($0.003555). Surprisingly, the COVID-19 pandemic induced global economic shock did not seem to affect XVG drastically. Instead, it entered a slow but steady uptrend.
At the moment of writing, Verge Currency ranks 65th in CoinMarketCap list by market capitalization with $119,451,152, making a single XVG worth $0,007322 USD or 79 satoshis.
Who are Verge Currency’s Partners?
Verge Currency is most known for its partnership with Pornhub. The adult content platform picked Verge coin specifically for its privacy features, safety and security of transacting over other existing alternatives after a selection process. Even the most hardened critics of Verge admit that this use case is significant and will help with the adoption of cryptocurrencies as a whole immensely.
As a part of the Fueled by Verge initiative, the community partnered with Manny Pacquiao Foundation. The foundation accepts donations in Verge coin, in return helping with the housing for the families in need while raising awareness about the digital currency. Other participants of the initiative include Nascar racer Gil Linster and eSports Upstate Racing League.
How to use Verge Currency?
Before delving into this question, in case you need to get Verge coin first, you can do it on the Verge currency’s official website with the help of ChangeHero.
Where to store XVG?
The Verge team developed an official vergePay QT wallet in the form of clients for most platforms: Windows, Mac, Android, iOS, Linux. It provides access to all the features of the blockchain, like opt-in privacy. However, QT is not as user-friendly as some other wallets and will require a full copy of the Verge blockchain (~1 GB).
Electrum is another wallet integrated into the system. With it, users can use MultiSig on the Verge chain and make transactions even faster with Simple Payment Verification, which eliminates the need to download a copy of blockchain.
If you need a multi-currency wallet to exchange Verge coins in, Magnum wallet has this function thanks to ChangeHero exchange option integration.
Where to spend XVG?
In addition to the already mentioned Pornhub payment option, there are quite a few merchants that accept Verge coins. It can be shops that have cryptocurrency gateways like XCELPAY installed, or businesses that choose to accept XVG themselves.
You can also use XVG to tip Twitter, Discord and Telegram users with the bots that are easy to use with commands only and do not need to be installed anywhere.
What’s coming up for Verge Currency?
The Verge development team does not have a roadmap for years ahead. Their approach is not to plan further than for three months, since everything in crypto space changes so quickly. There is, though, a massive feature that is being worked on and is planned for release sometime in the future. It is the Rootstock (RSK) sidechain implementation. RSK is a two-way pegged sidechain that enables Ethereum style Turing-complete Virtual Machine infrastructure (i.e. Smart Contract functionality) onto Bitcoin-based blockchains. Not only will it help with smart contracts (and ergo, building on top of the Verge blockchain) but also increase transaction throughput up to 2000 per second.
Who is the Verge Fam?
The Verge coin supporters call themselves Verge Fam or Verge Army. The community can be found on the most major social media sites and services: Twitter, Reddit, Discord and so on. The activity they show there is well on a par with more popular coins.
Crypto enthusiast @BTC__blockchain names Verge coin one of his favorite projects. In addition to tech, there is also the community that gives it unyielding support.
The service @FishTheWhales gives evidence to the community and traders, who expect a new bull run to happen to Verge anytime soon.
One of the possible reasons for such optimism is the upcoming miner reward halving in XVG. Similar events in Bitcoin have preceded time and time again massive long-term bullish trends, so this expectation is carried over to other currencies as well. Even the man himself, lead developer Sunerok, is hyping things up. The XVG halving is expected to happen approximately on July, 23, and the rewards will be downgraded from 400 to 200 Verge coins per block.
Another reason to be optimistic is a couple of new partnerships for Verge, like the recently announced ATM network MeconCash and payment ecosystem MobiePay integrations. The technicals, according to @johnmorganFL are also in favor of the upside movement.
The most interesting and viable projects are not always the ones attracting the most capital. However, by standing the test of time and keeping the loyalty of the community, Verge Currency proves that it deserves the place higher in the market cap rank. There’s no telling whether the short-term optimistic predictions will come true but in the long term Verge’s future is looking fine. If you too feel the pump coming, why not get some XVG with crypto on ChangeHero while it’s cheaper? Rest assured, it’s rather easy and quick.