About Verge-Scrypt
Verge Coin Review: Mining Guide, Price & Analysis of Verge Cryptocurrency
Verge is one of the altcoins that are available on various exchanges. The coin is unique in that it is secure, private, fast, and cheap. The platform was formerly known as DogecoinDark before changing its name.
The main purpose of developing this coin was to offer privacy. The founder of Verge coin felt that BTC does not provide full anonymity to users. Therefore, he decided to create a blockchain that is secure and keep transactions anonymous.
The cryptocurrency community and the founder of Verge believe that there is a high need for transacting funds privately. The traditional methods keep track of your information. Therefore, whoever you spend money they will know your location and the amount that you have spent.
History of Verge
The company was launched in the market in 2014. The coin was famously known as DogecoinDark. The platform is an open-source venture that allows the public to recommend changes or improvements.
Verge coin will then conduct a voting process. If the majority agrees to the recommendations, then changes will be done. Additionally, the total supply of Verge coin that will ever exist is 16.5B. The abbreviation of this coin is XVG.
There are multiple reasons as to why users purchase Verge coin. For starters, you can make profits you can hold your cash till when the price hikes to resell. Currently, the price of this digital currency is at $0.006863.
How Does the Verge Coin Operates
The platform can process the transaction within 30 seconds. The developer team of Verge has made an impressive advancement. BTC takes 10 minutes to complete a single transaction. Additionally, the XVG keep the identity of users anonymous.
Therefore, nobody will ever know the sender and recipient's name. Moreover, the Verge is also scalable compared to BTC. Bitcoin can process 7 transactions within one second. However, the Verge coin handles a maximum of 100 transactions in the same timeframe
The company is therefore fast and handles the transactions in a speedy timeline. Investors can use the coin to receive or send payment. The traditional form of payment is centralized meaning the government can control it.
Moreover, the transaction process is tedious and takes days to be verified. However, if you use Verge coin, it will only take 30 seconds to receive the money. Additionally, the process is cheap and cost less than a dollar.
Mining process of Verge coin
The company uses five mining algorithms. These are; X17, Blakes2s, Scrypt, Lyra2rev2, and Myr-groestl algorithm. Verge coin rewards their miners using XVG. You can utilize this opportunity to earn an extra source of income.
Miners are the ones who are responsible for verifying transactions. They help in keeping the venture decentralized. You need to solve complex math equations, and you need computing power. It is only those who can afford expensive hardware that can mine BTC.
The method is not fair to the small-scale miners. Verge coin makes the process affordable to all forms of investors. You can mine XVG using GPU, CPU, or ASIC.
Transactions at Verge Coin
The company came into existence to resolve the issue of privacy. Once you transact funds using the BTC blockchain, essential information is accessible to the public. Therefore, BTC does not offer full privacy to the users.
The addresses can be traced to the users. Your IP address can be linked to snitching who you are, and the government can put you behind bars if you are evading tasks or conducting illegal activity. Additionally, your friends or family can know the amount that you transact.
However, the Verge coin is offering a solution to this shortcoming by ensuring that your IP address is private. The entity uses two methods to attain high security. The first one is the use of The Onion Router (TOR), which acts as the middleman between the Verge platform and users' IP addresses.
TOR is a peer-to-peer network that hides real user locations. This method changes the IP address regularly. The other process is known as I2P this mechanism is more anonymous than the TOR. I2P uses unique individual paths, while TOR uses the same path.
Moreover, Verge coin also uses Wraith Protocol has helped to keep the transaction anonymous. Once you send or receive money, the only information that will be available to the public is that a transaction of a certain XVG has been conducted. All the other data is left out.
Our take on Verge Coin
The platform has great potential in the market. We are pleased with the high speed that the coin has attained. Additionally, this blockchain is highly scalable compared to BTC. The transaction fee is 0.01 XVG which is almost free.
The Wraith Protocol of Verge will be a huge step in the market. The price of Verge currency might increase over time. The company also has a new project that they are working on known as rootstock once it is complete the entity processes smart contracts.
However, the currency also faces excellent competition from platforms like Zcash and Monero. These two currencies are doing much better in the coin market cap. Moreover, Monero is more private than the Verge coin.
Keep in mind that digital currencies are very volatile. Therefore, you cannot predict the future of a token. Invest wisely and be update about the market. The Rootstock will ensure the coin can also be used for other activities apart from the only financial transaction.
The team behind the Verge
Up to date, the founder behind Verge coin remains anonymous. He uses the pseudonym Sunerok. The currency is very similar to BTC since the creators are known as Satoshi Nakamoto another pseudonym.
The developer team of Verge is capable and reliable in taking the company to the next step. The entity also has a large community on Twitter and Telegram. The community is the one that is responsible for determining the success of a coin.
Advantages of Verge
- Very scalable
- High privacy
- Fast transaction compared to BTC
- Constantly updating
Disadvantages
- Volatile
- Multiple competitors in the market
How to Buy
You can purchase Verge coins on various exchanges like Binance, Poloniex, Coinbase, etc. You have to buy BTC or ETH and exchange the currency into XVG. Afterwards, you need to store your currency in a wallet to avoid losing the funds.
You can choose a desktop, mobile, or hardware wallet. We recommend that you use an offline wallet so that your money doesn’t get stolen online. You can use Trezor wallet. You might be wondering whether XVG is a secure currency.
The security of this currency depends on the wallet that you use. Verge has its official wallet that you can download from their official website. Secondly, ensure that you never share your private key with anyone.
Final Verdict
Using the Verge coin helps you save time and money. Moreover, using this digital currency helps you remain anonymous. Therefore, there is no need to disclose your identity or address. The Verge Twitter account was hacked, and the person behind this act was trying to gain access to users XVG.
Therefore, ensure that you never send anyone your currencies unless you know the person or you have businesses that need to be closed. The entity targets to be a global form of payment in the future. We shall update you on any developments that the coin might make.
Verge-Scrypt
(XVG)
