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Verge cryptocurrency

14/06/2018 00:00
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We continue our series of review of the most popular cryptocurrencies. It is continued by Verge cryptocurrency (XVG), which stays on the 33rd place on the list of the most popular cryptocurrencies at  Сoinmarketcap website. Official website. This cryptocurrency has attracted the attention of cryptocurrency society by the news about hacker attacks and collaboration with adults website, causing significant fluctuations of this cryptocurrency exchange rate. In order to check such popularity and the reasons for its appearance let’s review the details of this cryptocurrency appearance, its specific traits, and further perspectives.

Verge development history

Let’s start with the history. First of all, it is worth mentioning that it goes about cryptocurrency with open source code, which has appeared in 2014. Initially, this cryptocurrency has been titled as DogeCoin Dark. But such connection of title with dark side did not prompt cryptocurrency fast popularization and developers have decided to change the title to more positive one.  This solution has caused the rebranding after which cryptocurrency has got new title Verge.

At the same time, it is worth mentioning that developers team do not reveal their real names and work under nicknames by observing cryptocurrency principle about confidentiality and anonymity. Such solution of developers is sure to be related to cryptocurrency main mission: provision of the possibility to keep conducted transactions confidentiality and blockchain technologies implementation into daily life.

The main thing about Verge

If to judge by Verge developers statements, this crypto users will get the possibility of fast and efficient transactions conducting by simultaneously observing their confidentiality. Such options are sure to interest companies and private persons who are in search of more convenient options to receive and get payments and more efficient business conducting. Besides this developers offer payment options for integration into websites and other systems of the business conducting with the option of processing of large-scale payment for companies and small ones for private persons. That is why such updates give grounds to suppose that this cryptocurrency will continue to win popularity among casual users and grow in price. The fact that Verge is cryptocurrency with 100% open source code and not the private company, which is being financed via ICO or pre-mining can serve as additional pre-requisite of this fact. Let’s now move to specific traits and technical details of this cryptocurrency project and try to understand pros and cons of this cryptocurrency for a prospect, current investors, and casual users.

Specific traits and technical characteristics

If to judge by the information presented at cryptocurrency official website the project mainare low commission fees, the great amount of currency in circulation, multiplatform support. Wraith protocol usage and transactions fast processing. Let’s review in details the specific traits of each of the advantages. Let’s start with Wraith protocol, which is a unique technology, allowing swift shift between hidden and public transactions at Verge blockchain. Now all users have the possibility of free selection of the desired protocol for transactions conducting.

If Wraith protocol is connected all transactions are hidden; they are impossible to be tracked via cryptocurrency blockchain. This option is provided by the option of addresses encryption enabling to hide user data, which stay in open access. If Wraith protocol is disconnected the user data is related to its open access information and they are possible to be tracked via cryptocurrency blockchain. As Verge competes to other “hidden coins” like Monero, PivX, ZCash, and Dash, let’s settle comparative characteristics of their anonymity to provide interested investors with the possibility of independent decision making on the perspectives of this or that coin from the confidentiality point of view.

 Verge PIVXMonero Dash Bitcoin 
Short title XVG PIVX XMR DASH BTC
Transactions speed 30 sec 01 minute 02 minutes 4 sec 10 minutes
Amount of transactions per second 100 50 Adaptive block size 56 5
Maximum coins storage 16,5 billion unlimited unlimited limited21 million
Option of IP address hiding yes no no yes no
Open blockchain yes yes no yes yes
Transactions confidentiality on the performance of transactions from mobile devices yes no no yes no

As we can see from the chart above Verge has the highest indices on the most of presented parameters. The only so-called drawback lies at the fact that Dash has higher transaction speed — 4 seconds.

If to judge by the information presented on the website such data is provided by the following technologies: IP address obfuscation in TOR browser, I2P tunneling, atomic swaps and option of mining with the possibility of multialgorithm usage. Let’s review each option in detail to get a broader picture of this crypto advantages.
The technology of IP addresses obfuscation in TOR browser. First of all, it is worth mentioning that TOR stands for an original project titled as Onion Router with the following functions of IP addresses obfuscation. Such obfuscation provides the possibility of data anonymous transfer via the network containing multi-level control system. That is why Verge developers have integrated ТOR into the desktop wallet and Ethereum and Android wallet, trying to minimize any efforts to monitor users via network monitoring system, working on the principle of the source and destination source definition.
Speaking about I2P tunneling technology, it is worth mentioning that it goes about completely anonymous service of tunneling by using ipv6 internet protocol, hiding all data, sent by Verge to the network. As Verge is constantly developing on the direction of transactions anonymity, the I2P technology is one of the key ones for this cryptocurrency.
The technology of atomic swaps or atomic cross-chain trading supposes the option of direct equalized exchange between separate blockchains with BIP65 protocol support, getting rid of the necessity to invite traditional intermediaries. The usage of this technology will allow changing traditional centralized exchange services into decentralized exchangers using which users are independently responsible for their money security and do not depend on the intermediaries. Using this technology in their cryptocurrency operation Verge developers approaching the possibility of digital money complete decentralization.

Mining

The fact that these cryptocurrency developers have taken care on the provision of a great number of options for this cryptocurrency mining can serve as an additional plus. Speaking about mining multi-algorithm of mining it worth first mentioning that Verge cryptocurrency uses Proof of Work algorithm supposing so-called mechanism of verification of cryptocurrency mining. Verge uses 5 various hash-functions such as Scrypt, X17, Lyra2rev2, myr-groestl, and blake2s. Such amount of hashes provides more transparent options for coins mining.
Moreover, active forums users mark the possibility to get greater income in case of Verge independent mining. According to approximate estimations, the price of one block equals approximately to one thousand five hundred sixty coins. The approximate complexity of system search makes more than one hundred twenty-seven thousand in case of basic mining algorithm usage.
It is also worth mentioning that Verge developers are constantly working on a mass implementation of Verge. The integration of cryptocurrency into messenger and social media platforms is another strategic step for the performance of task related to the mass implementation of cryptocurrency. Such implementation will provide the possibility of sending and receipt of Verge via Twitter, Discord, and Telegram. Afterward, they plan cryptocurrency connection to other social networks.

How to get Verge

If to judge by the website information Verge cryptocurrency can be bought at the following stock exchanges:

Binance
Bittrex
UPBit
Bitfinex
FexPro
HitBTC
Cryptopia
SouthXchange
Godex
Coinspot
BlockNet
Litebit
Besides this other popular resources related to online trading, the sphere of services and entertainment have started to accept Verge as payment. The interested users can find entire list at cryptocurrency official website.
For Verge purchase for fiat and digital money, it is necessary to use the exchangers' services having initially created wallet at Verge system. Next, we are going to review the list of the popular wallets for this cryptocurrency. All download links are provided at project official website.

Verge wallets

Verge cryptocurrency developers have presented two types of wallets QT and Electrum. Despite the fact that developers team recommends Electrum wallet more let’s review the details of each presented wallet.
The Verge Electrum wallet is characterized high speed of transactions processing and energy saving. Electrum wallets use SPV technology meaning Simple Payment Verification. This technology supposes transactions verification at Verge without the necessity to load the entire blockchain. The usage of SPV decreases the average time of transaction confirmation to 5 seconds ( unlike 30 seconds in other types of wallets).
Unlike Verge Electrum the QT functioning requires a load of Verge entire blockchain to PC. Such loading supposes the loading of all registers about all Verge transactions. Taking into account that current size of blockchain makes 1GB and plans to be expanded, these cryptocurrency users should have enough space on their PCs.
In future, the developers' team plan the release of new versions for various OS, the update of cryptocurrency mining options and implementation of new options for cryptocurrency usage by casual users. If you are interested in more details remember to check project “Roadmap”, published at official website.

Verge investment perspectives

The members of investors professional community mark high investment perspectives of Verge and relate them to the planned implementation of anonymous smart contracts, after the implementation of which this cryptocurrency will become the first truly anonymous cryptocurrency. There are rather a lot of pre-requisites for such fact if to judge by project official information. Now the developers' team is in search of technologies the implementation of which provides the possibility to conduct more than two thousand transactions per second. If the team manages to do everything this cryptocurrency will suddenly grow in pricе.
The cryptocurrency overall implementation as the payment mode for private and legal persons might serve additional pre-requisite for the cryptocurrency price growth.
Foreign analysts mark as well rather high perspectives for price growth in long-term perspective and mention that in future 5 years the price of this coin might reach the level of 6,5 USD per one coin.
On the other hand, none can say with 100$ sure as cryptocurrency pricing policy depends greatly on various factors like the option of hacker attacks, various news in media, actions from regulatory departments who are not always glad about the appearance of completely anonymous cryptocurrencies and their circulation.

Summing up

Let’s review the factors prompting and slowing Verge cryptocurrency development.

Factors prompting Verge developmentFactors slowing Verge development
Demand: since the moment of Bitcoins creation the demand for cryptocurrency with the option of hidden and anonymous transactions conducting became clear. Just to mention such anonymous cryptocurrencies like Monero (XMR) and Dash (DASH).
Adversaries presence: Verge cryptocurrency is far from being a single one, which wants to get its market share. There are other coins which might slow down the development and overall implementation of Verge. It goes about Monero, Dash, PIVX (PIVX), Zcash (ZEC) и Nav Coin (NAV).
Availability: the greater the list of cryptocurrency stock exchanges trading specific cryptocurrency the greater is the trust of prospective investors towards it.
The potential for illegal usage: any coin warranting anonymity is always at risk to be connected to the fact of its use at various illegal activities. Like some specialists mark cryptocurrencies great potential for money laundering at countries imposed with international sanctions. Besides this cryptocurrency anonymity is related to its high popularity among cyber-criminals. Such facts can negatively influence cryptocurrency popularity among casual users.
Options provided by legislation regulations: legislation authorities representatives are trying to stay intact with the development of digital money; that is why the appearance of various legislative acts can increase the demand for cryptocurrencies like Verge, which provides the possibility to avoid fiscal and other regulatory acts.
Threats on the behalf of regulatory departments: legislation regulation of cryptocurrency circulation can be both an advantage and disadvantage. If prospect customers are afraid that legislation will regulate anonymous cryptocurrencies as well and will be reluctant to purchase them.
Mass implementation: the scales of mass implementation of Verge will prompt their price growth. The list of companies using Verge as payment mode is presented on the project website.
Continuation of the development process: as Verge continues to develop and improve a lot of investors are cautious about its investment perspectives. Another con lies at the fact that Verge is cryptocurrency with open source code and is being financed from anonymous sources.
Further projects:  further projects and implementations of cryptocurrency can prospectively influence advantages and this cryptocurrency sphere of application. For example, the task of Rootstock project is adding to Verge sidechain the means for smart-contract processing.
 

 

 

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