Introducing Verge (XVG) — The next generation privacy coin with privacy focused architecture
As we all know, bitcoin is decentralized but its not truly anonymous and private. Everything in bitcoin is all public, which include sensitive information like transaction details, information about the sender and receiver wallet, balance of any particular address, and things like wallet activity etc. All of this information is public but many people believe that bitcoin doesn’t expose the actual ‘identity’ of a person. Although you can see the transactions or wallet balances, you cannot see the name or information of the people behind them.
That is entirely not true. Research has shown multiple times that with sophisticated algorithms, any kind of information on the bitcoin’s public ledger can be traced back to a real identity of any person. The bitcoin protocol itself is very secure and no body can hack into your wallet and steal your funds, unless you don’t store your private key in a safe place. But the information leakage is different! With these sophisticated algorithms, law enforcement agencies and hackers can track your activity and you can easily come under the radar.
This ‘Pseudonymity’ poses a very serious threat to privacy because we are talking about the actual money here, instead of just location data or contact information, etc. To solve this problem, many companies and startups came forward to launch privacy focused coins where all the communication and information on the public blockchain network is secure and encrypted. ZCash and Monero are a few examples of the privacy focused coins where the information about the transaction or the wallet isn’t publicly revealed, even when making a transaction on the network. This phenomenon is achieved using ZK-SNARKS and Ring Signatures, which are two very prominent and renowned cryptographic algorithms.
Verge is another privacy focused coin, just like ZCash ad Monero, but whats different about the Verge (XVG)? Lets find out!
Verge (XVG) — Private Coin with Private Network
If we talk about the privacy focused coins today, their entire focus is on encrypting the transaction itself so that very little information is publicly revealed. However, Verge is a kind of a privacy focused coin which not only encrypts and secures the transaction itself, but it also uses encrypted networks to remove all the traces of the transaction and the IP address.
Verge uses the anonymity tool Tor together with 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 all the users.
Unlike other cryptocurrencies, Verge uses fiver different variations of the Proof of Work (PoW) algorithm, which include:
All of these PoW based algorithms are already being used in a variety of different cryptocurrencies out there, but Verge has combined them under a single roof to achieve higher levels of efficiency and privacy. Verge also offers stealth addressing services where you can access the private version of Verge at the cost of speed because it is a bit slower at the moment.
The native currency of Verge is called XVG and as of September 2019, a single XVG is traded for $0.0038 USD and has surpassed a total market cap of $60 Million USD which makes it the 70th largest cryptocurrency in the world. XVG has a daily 24h trading volume of $2.4 Million USD which is healthier if we look at the overall market cap. We recommend Verge (XVG) to any investor who is looking to broaden his portfolio with better and least expensive investment options available today.