What is Verge?
The Verge token or XVG is a digital currency powering the Verge network. Its core function is to serve as a medium of exchange in day-to-day transactions.
XVG was created as an alternative to Dogecoin and was launched without an Initial Coin Offering (ICO) event.
There is a max cap of 16,500,000,000 Verge tokens. None of them have been pre-mined which means that the team behind the project did not keep any of the Verge tokens for themselves.
XVG is a token, therefore, like other cryptocurrencies, it tends to be volatile. You can keep an eye on the current Verge price on the graph above. It will also provide you with other token details such as the XVG price history.
What are the Main Features of Verge?
As discussed in the What is Verge section, Verge is a community-driven cryptocurrency for everyday transactions. It puts a focus on privacy through a variety of integrations on the Verge network.
It uses TOR to obfuscate the user’s IP by anonymizing internet traffic and I2P which serves as an anonymous network layer. In addition, the dual-key stealth addressing mechanism protects the privacy of recipients by issuing one-time addresses.
Verge enables peer-to-peer cross-chain transactions through Atomic Swaps. One of the main benefits of this type of swap is that they are executed in a completely trustless manner.
The Verge network operates using the Proof-of-Work (PoW) consensus mechanism. One of the reasons for choosing this mechanism is to avoid giving an unfair advantage to users who have a large number of XVG coins.
In addition, it can execute around 100 transactions per second (TPS).
Most importantly, Verge gives the users freedom of choice when it comes to mining. It enables users to mine using one of five mining algorithms. They include Scrypt, Lyra2rev2, blake2s, X17, and myr-groestl.
Besides increased security, a wide selection of mining algorithms ensures a more fair distribution of XVG as it allows for a wider range of mining equipment for mining.
Moreover, Verge is one of the few blockchain networks that allow multiple mining algorithms.
Verge supports QT and Electrum digital wallets. The latter is recommended for day-to-day transactions as it’s powered by the Simple Payment Verification (SPV) system. The main difference between QT and Electrum is that QT downloads the entire blockchain while Electrum does not, which makes it more efficient.
It’s a completely open-source project. This means that its source code is publicly available for anyone to review.
There is a variety of platforms that have integrated crypto payments through Verge. Their categories range from goods and services to entertainment, however, Verge’s most popular type of vendors are 18+ platforms like PornHub, Nutaku, and Brazzers.
One of the primary goals of the project is to integrate cryptocurrency into our day-to-day lives while simultaneously accelerating its mass adoption.
Who Developed Verge?
The Verge crypto project was launched in 2014 under the name DogecoinDark. It was rebranded into Verge 2 years later. One of the main reasons for this was to cut all associations with Dogecoin.
It was founded by Justin Erik Valo who is also known under the aliases Justin Vendetta and Sunerok. He’s currently the CEO and lead software developer at Verge.
Justin Valo entered the world of crypto in 2011 by interacting with Bitcoin and Dogecoin. Prior to founding Verge, he contributed to blockchain projects such as Crypto Fantasy Sports and GoldMin.es Crypto Mining Pool.
Verge has partnered with companies such as Crazy8Token, MeconCash, and MobiePay.
51% Attack on Verge
Verge experienced a 51% attack in mid-2018 when a malicious actor exploited a vulnerability in the code that allowed them to falsify block timestamps and mine them with a decreased mining difficulty. To combat this vulnerability, Verge initiated a hard fork.
It’s important to note that Verge’s lead software developer denied that this was a 51% attack and instead called it a timewarp attack.
Prior to the 51% attack, Verge lost around 125,000,000 Verge tokens due to a hack in one of its supported wallets - Coinpouch. The latter is a digital wallet that was exclusively recommended by Verge itself. After the incident, Coinpouch was removed from the Verge platform as a recommended wallet, while both Justin Valo and Coinpouch played the blame game.
Please make sure to do your research before jumping into any crypto projects. In the case of Verge, start by checking out the XVG price via the tracker above.
