Verge (XVG): anonymous transactions on the blockchain
Verge (XVG) was founded in 2014, but was at the time known as DogeCoinDark. Since this didn’t always give users the right ideas, the developers decided to change the name to Verge. However, the concept remained unchanged. With Tor and the Wraith protocol, Verge allows the user to make completely anonymous transactions. A feature that has also been widely criticized. With Verge, the IP addresses of the users are constantly changing, so that transactions cannot be traced. But that’s not the only big difference with Bitcoin!
Bitcoin was supposed to become the currency that would bring honesty and equality. That worked very well, until the moment that huge mining farms were built in China where 80% of the coins are mined. Therefore Verge (XVG) has been using multiple mining algorithms from the beginning and has made it possible to mine efficiently on both a GPU (graphics card in your computer) and an ASIC (special mining computer). This makes the mining much more fair and more evenly distributed than Bitcoin. In practical terms: you can spend thousands of euros on specialized computers or get your gaming computer up and running at home, and you can both contribute profitably to the transaction processing on the Verge network.
This should clear the way for this blockchain application, where everyone’s main concern is to pay quickly, securely and anonymously with the cryptocurrency and not think about the complicated operation of the underlying blockchain, which gives privacy and the ample possibilities for mining.
How anonymous is Verge exactly?
With Verge (XVG) it is possible to send transactions that cannot be traced back to a sender or receiver. This means that each transaction is completely anonymous. But complete anonymity is not always positive. The name of the founder of Verge, for example, is ‘Sunerok’. This is an online pseudonym, but until recently nobody knew who the actual developers were. This is where Verge didn’t always seem reliable. This criticism has already been taken up by Verge: ‘Sunerok’ gave an interview. So we don’t have an identity yet, but at least he really does exist:
How interesting is Verge (XVG)?
In the past Verge (XVG) has often been called a shitcoin on forums. People questioned the anonymous character, the team behind the scenes and the desirability of anonymous transactions. Also Verge had to deal with a 51% attack, which was not good publicity.
But that’s the past. At the moment Verge (XVG) is just working on the blockchain, making transactions possible worldwide and miners are happy that they have a fair chance on this blockchain. One of the major business developments of Verge in 2018 is that it is now accepted as a payment option by Mindgeek, the billion dollar company behind for example the world’s largest adult entertainment website “Pornhub”. The erratic rate is also loved by day traders, who like to speculate on the basis of the support and resistance of the currency, which allows for speculative profits in the short term.
The future of Verge (XVG)
There is no use saying anything about the future of Verge (XVG), but the possibilities are wide open with the Internet of Things that is just around the corner where the identity of the buyer is far from relevant. Verge is a special cryptocurrency and because of the developments they are working on, it is a coin to keep an eye on. Add Verge to your portfolio before the price of this coin skyrockets again.