What is Verge (XVG)?

Future of XVG Cryptocurrency and know how to buy XVG

#1 - What is XVG?

Cryptocurrencies did not entirely solve privacy concerns, especially with public blockchains that allowed anyone to view our balances and transactions. Naturally then, many privacy focused cryptocurrencies sprang up, a popular one among them being Verge.

Verge: The Basics

Focused on privacy, the Verge cryptocurrency aims at making transactions untraceable and anonymous. It also hopes to deliver large amounts of data transfer and fast confirmation rates compared to other cryptocurrencies, which have typically lagged behind in those parameters. Its token is known as the XVG coin. Originally, the cryptocurrency was known as DogeCoinDark. The DogeCoinDarks were launched without any Initial Public Offering (ICO).

XVG initially started as DogeCoinDark in 2014. In February 2016, in order to get rid of the ‘Doge’ meme and ‘dark’ connotation, it got rebranded to Verge! Since then, it has been under development to be legitimate enough for mass market adoption. There is no one company behind Verge because it is based on an open source model. To everyone’s surprise, the core team of Verge has signed the black paper (an unofficial whitepaper) with their usernames only! Fascinating, isn’t it?

#2 - What are the benefits of Verge?

Technology

Verge takes care of user privacy by changing the way a user is connected to the network. In order to make transactions untraceable, it makes use of the technologies called Enter Tor and I2P. The Waith protocol is also used in Verge.

Enter Tor: Tor is an IP address anonymization scheme that helps users use the internet anonymously. This sort of network transmits your communication data over multiple nodes. In order to make the transactions untraceable, the connection bounces between many relay computers on the network. Bouncing between relay computers changes IP addresses several times, making it impossible to trace back the path and determine where data is being transmitted from.

I2P: Also known as the next generation solution for anonymization, I2P provides dynamic routing of various information packets. In I2P protocol, there are two separate tunnels – one outgoing and one incoming. Therefore, only one-half of the transaction histories are available at a single node which makes very little sense to anyone intercepting data!

Waith Protocol: This protocol offers the users an option of choosing between public or private transactions. While public transactions will offer them speed and transparency, private ones will not be seen by anyone on the network. This work is accomplished by making use of stealth addresses on the Tor network.

Use Cases

Originally designed for Bitcoin, Verge makes use of the Electrum wallet. It supports an integration of Tor and I2P technology. Apart from all these basic features, it also stores the coins in offline mode. Whenever you feel like sending XVG, all you need is to sign a transaction with a private key offline. Once you are done with signing the transaction, you can broadcast your transaction on an online computer. Apart from Electrum, Verge also supports two Android wallets, one for I2P protocol and other for Tor. These wallets include security features like biometric locking and PIN codes. Not only wallets, Verge transactions can be done using messaging as well! Yes, you heard it right! You can now send XVG via messages on Twitter, Discord or IRC. Only a person’s username is required and a bot will process the transaction for you.

#3 - How to buy & store Verge?

How to buy XVG

Currently, Verge (XVG) is traded on 16 exchanges - the popular ones being Bittrex, Binance, Cryptopia and more. Apart from USD pairings, XVG tokens can also be bought using BTC (Bitcoin Cash), ETH (Ethereum), and USDT.

How to store XVG

There are multiple ways to store XVG tokens. The Android wallet for Verge is the latest one. A result of a fork in Coinomi wallet, this wallet has Verge as the only cryptocurrency on it. It comes with a 4-digit PIN code for security purposes. Another popular online wallet used for storing XVG tokens is Electrum, which was initially used for Bitcoin and Litecoin. It uses protocols like I2P and Tor in order to protect the identity of its users. The Verge-QT Wallet is also used for storing the XVG. A wallet.dat file is generated once you open the wallet. It offers users the ability to encrypt the wallet using the passphrase.

Using CoinSwitch to purchase Verge

With support for major exchanges globally, CoinSwitch, best cryptocurrency exchange allows traders to compare prices for Verge at one place. You can then choose the best rate to make maximum profit and minimize your risk. On CoinSwitch, you can exchange cryptocurrencies for more than 45000 cryptocurrency pairs, Verge being one of them. What’s more - with CoinSwitch, you do not rely on a separate wallet from the exchange to store your XVG coins. Instead, all transactions happen to and from your own personal private wallets.

#4 - What is the future of Verge?

Verge global acceptance

Trends so far

As of May 2018, the total market capitalization of Verge is approximately $588 million. The cryptocurrency has a maximum supply of 16.555 billion XVG tokens, out of which there are currently about 15 billion in circulation. Ever since the XVG ICO (Initial Public Offerings) ended, it has been introduced for trading on most of the popular exchanges. So far, it has gone up to about $0.26 in December 2017. Since then, the prices of this cryptocurrency have been quite low. After experiencing such a dip, it saw a steady rise in the month of April 2018. The increase was about 6 times the average daily volume. After April 2018, the prices have remained quite consistent.

Also Read: Complete Analysis of Verge | Live Verge (XVG) Price Charts & Predictions

Price History

Date Open High Low Close Volume Market Cap Jun 01, 2018 0.03909 0.039612 0.037939 0.038598 8,226,310 588,479,000 May 01, 2018 0.076659 0.083676 0.070816 0.079578 341,939,000 1,145,390,000 Apr 01, 2018 0.038902 0.046525 0.038005 0.043729 71,479,300 574,927,000 Mar 01, 2018 0.053702 0.065946 0.052975 0.058374 72,097,200 786,877,000 Feb 1, 2018 0.069766 0.075208 0.053619 0.058035 39,407,700 1,014,360,000 Jan 01, 2018 0.221716 0.223719 0.140798 0.156131 816,280,000 3,195,980,000 Dec 01, 2017 0.005513 0.006246 0.005363 0.006196 1,803,340 79,002,500

Cource: CoinMarketCap

Future Trends

As Verge focuses completely on anonymity, it is likely to have a bright future in the crypto world! Verge is planning to launch atomic swaps in 2018. Atomic swaps are used to freeze the tokens on one blockchain till the tokens on other blockchain are released. It makes use of time locks and hash locks. They aim at being a go-to privacy provider using the interoperability feature. It also plans to add a sidechain to Verge through the Rootstock project. This sidechain will be able to process the smart contracts. The RSK and XVG tokens will be pegged together in order to have the same value. This will make spending both the coins easier on different blockchains!

Support & Regulation

Verge seems to be generating support from what may seem to be controversial quarters, but make perfect sense in a privacy-centric space. The world’s largest porn website - Pornhub - has integrated Verge on its portal. Verge is also rapidly signing up many commercial brands - such as FLOGmall and TokenPay, leading the way for mass adoption, well ahead of many other cryptocurrencies.

#5- How is Verge different from other cryptocurrencies?

A frequently asked question amongst privacy-focused cryptocurrency enthusiasts is if they’d be comfortable paying for their pizza in cryptocurrencies. The implication being that the pizza delivery person would be able to see their transaction history and balance on the blockchain. This is precisely why privacy is promoted to be an important factor that many cryptocurrencies is missing, and it is what Verge intends to cover its users for. With VEN, transactions are hidden, and it isn’t a free-to-view ledger for all its users. With such a unique USP, Verge is part of a league of a handful of cryptocurrencies that focus on privacy.

#6 - Should you invest in Verge (XVG)?

Privacy is an increasingly important parameter for users globally - regardless of their usage of cryptocurrencies. If all these changes are implemented in a proper manner, Verge will be known for complete privacy worldwide!

With major updates coming in the near future - such as atomic swaps, sidechains, and support from institutions, the future does look bright. Of course, this is the cryptocurrency market we’re talking about, so investors are advised to do their own research before they take the plunge. But if privacy is where you’d rather be, the Verge should certainly figure in your shortlist.