Is Verge the Stealth Underdog in the World of Anonymous Cryptocurrencies?
What is Verge?
In this write-up, we return to privacy-based cryptocurrencies. Today’s chosen cryptocurrency is Verge (XVG). Originally named Dogecoindark after splitting from the Dogecoin blockchain in 2014, Dogecoindark rebranded to what we now know as Verge in early 2016.
Its primary function is to serve as an anonymous cryptocurrency for darknet and mainstream usage, while being able to conduct fast and secure transactions peer-to-peer.
The Competitive Edge: Wraith Protocol, Atomic Swaps, and Privacy
Verge has integrated its wallets with the Tor network, making the cryptocurrency immune to any form of surveillance or overseeing.
Tor (the Onion router) is a network that enables an anonymous exchange of information across a multi-layered network.
The Tor network sends its Internet traffic through a network of over 7,000 relays to conceal a user’s information and location with anonymized data packets and encrypted address information.
Users can also choose to use the I2P network, which has many similarities to Tor.
Verge is also a multi-PoW algorithm cryptocurrency, making it fully mineable with a range of different mining equipment. This enables the network to benefit from more hashing power, which creates a greater level of security for the Verge blockchain and its users overall.
Its block time is 30 seconds, compared to Bitcoin’s 10 minutes. This makes Verge much faster to use, with the added privacy options of stealth transactions, Tor, and I2P as well.
Another competitive feature on the Verge network is atomic swapping. This allows for the direct transfer of cryptocurrencies from one blockchain to another, such as Bitcoin to Litecoin or Vertcoin to Verge.
The Wraith protocol enables full privacy of transactions and any address information of the sender and receiver. This new feature is capable of being used via the Tor, I2P, or standard Internet networks.
Competitors to Verge in the Privacy Niche
Privacy is popular in the cryptocurrency space. With regulations and the U.S. Government declaring ALL cryptocurrency transactions taxable, 2018 could truly be the year of privacy-based coins.
Verge faces heavy opposition to become the leading privacy-based coin, but competition in a free market usually breeds innovative and advanced products, solutions, and services. Here are some of the top competitors Verge could steal the privacy dominance from:
Monero – Using the ring signature, it was a popular cryptocurrency on Alpha Bay before it closed.
Dash – While Dash has somewhat left the privacy niche, it still has the PrivateSend feature, which mixes addresses.
Zcash – Utilizing the Zero Coin protocol and ZK-Snarks, this protocol enables transactions to remain encrypted but still be valid on the network.
Zcoin – This is the precursor to Zcash, which also uses the Zero Coin protocol.
There are many more, but Verge has a strong community, and with the Wraith protocol in development, combined with the coming atomic swaps that allow cross-chain transactions, this could be the most exciting year for Verge yet.
Another big performer, Verge started 2017 at a fraction of a cent and had an all-time high in late December 2017 of $0.24. Despite its pullback, it has remained strong during the January 2018 correction.
Where to Buy
Where to Store Privately
This is not investment advice. Please only invest what you are willing to lose, and conduct sound research. Always read the white paper.