Verge (XVG) – Beginner’s Guide, Information & Review
What is Verge?
Verge is open-source cryptocurrency with a focus on private transactions. It uses I2P and TOR to obfuscate IP-Addresses and make private transactions possible. The token goes by the ticker XVG, and Verge has a block time of 30 seconds.
Every transaction can be seen on the Verge blockchain, but identity and location of the sender are hidden. Verge developed the Wraith-protocol, which enables users to switch between public and private transactions.
Verge was founded in 2014 under the name DogecoinDark launched without an ICO or premined coins.
In 2016 it rebranded to the name Verge. It is an open-source community project and many people involved with the development are anonymous. The leading developer goes by the names Sunerok or Justin Vendetta.
Can it be mined?
Yes, it uses PoW as consensus mechanism. You can mine XVG with five different algorithms: Scrypt, X17, Lyra2rev2, myr-groestl, and blake2s.
What differs it from other Cryptocurrencies?
It has a public blockchain which shows transactions, number of users and coin distribution but keeps metadata hidden. Another thing that is uncommon is that Verge operates with multiple mining-algorithms.
How much is it worth today?
What is the total and the circulating supply?
The maximum supply of XVG is 16,555,000,000 and the circulating supply at the time of writing is 14,958,148,107 XVG.
Where can you buy XVG?
You can buy XVG on several cryptocurrency exchanges, most notably Binance, Upbit, and Bittrex.
Can XVG be sold for cash?
You can sell XVG for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Bitfinex.
Verge aims to implement smart contracts via RSK (Rootstock), XVG would then be the first privacy-centric cryptocurrency that offers smart contract functionality. And they are hoping to implement atomic swaps with several major cryptocurrencies.
Verdict and Rating
The team has repeatedly missed deadlines and communication with the developers is often tricky. There were times when they did not communicate at all. Also, they were accusations of misleading marketing against several developers which tried to build hype around the launch of the Wraith-protocol. But it has to be said that the developers of this project work for free and only receive donations for their work.
However, I doubt that stealth-addresses only are enough to provide private transactions. And the competition in the form of Monero and Zcash is already more advanced in development, and they have access to more resources and knowledge.
They recently partnered with Pornhub, and it is now possible to pay for a Pornhub Premium membership with XVG.
DisclaimerThe writer’s views are expressed as a personal opinion and are for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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