What is Verge — A Step-By-Step Guide
Feb 19, 2021
While Bitcoin was highly successful in creating a decentralized cryptocurrency, it fell short in other aspects such as anonymity and privacy. Many other cryptocurrencies sprung up to improve on these features.
One of the cryptocurrencies that has been receiving attention thanks to its fast, upward trend in terms of value, interesting partnerships and normal speculation, is called Verge (XVG).
In this article, we will delve deeper into Verge and even provide a step-by-step guide you how to buy, sell or store Verge in your wallet.
What is Verge?
Verge, initially known as DogecoinDark, was launched in 2014 based on an open source model. Similar to Bitcoin’s “Satoshi Nakamoto”, the founder of Verge remains anonymous and only goes by the username “Sunerok”. In 2016, DogecoinDark rebranded to Verge and has since been under development with an aim to make it ready for mass adoption.
Verge’s main focus is privacy and aims to make transactions untraceable and anonymous. Verge makes use of highly advanced blockchain technology that utilize services such as I2P and Tor to ensure that users remain completely anonymous while offering a wide range of features - including smart contracts functionality.
While Verge is the name for the blockchain and its network, XVG is the token used for carrying out transactions across the Verge network.
Advantages of Verge
- Versatility – Verge has a publicly accessible ledger where users can analyze data such as the token distribution and number of users which is great for business records. If necessary, it is possible to hide transactions in a private ledger to maintain anonymity thanks to the Wraith protocol.
- Smart Contracts – Verge is currently working on a new RSK technology that will allow smart contract functionality in the system while maintaining anonymity.
- Speed – Verge can handle transactions faster than Bitcoin and many other cryptocurrencies.
- Mining flexibility - Verge uses multiple algorithms on their system which makes it possible to mine XVG tokens with any device. Furthermore, Verge did not carry out a pre-mine or an ICO.
Disadvantages of Verge
- Criminal activities - One of Verge’s biggest criticism is that it forms a preferred choice for individuals involved in criminal activities due to its privacy features. This was one of the main reasons the company rebranded from DogecoinDark to Verge as the previous name had garnered some “dark” connotations to it.
- Ransomware - Another criticism is that Verge is the perfect cryptocurrency for carrying out ransomware attacks. This is a scenario where hackers infect computers with viruses and ask for ransom money before removing the malware. Due to its anonymity, it would be very difficult to know who sent the virus and where the ransom money is going.