Verge (XVG): Enabling Secure and Anonymous Transactions

Bitcoin has been the top cryptocurrency since its founding in early 2009, and has been designed with transparency in mind. However, many recognize that it is not a perfect platform, and some developers have devoted their time and energy to improving Bitcoin. Verge has specifically been created to provide everyday users with anonymous, secure transactions to address their everyday needs.

Key Takeaways:

• Verge is a privacy coin that functions on an open-source decentralized network.
• The purpose of Verge is to provide users with a payment option that’s well-suited for everyday life. Its excellent combination of features support stealth transactions in a process that’s fast and easy.
• You can now trade XVG tokens on Bybit in the form of perpetual contracts by creating a Bybit account and navigating to the XVGUSDT Perpetuals Contracts page.

What Is Verge?

Verge is a privacy coin that functions on an open-source decentralized network. It offers low transaction fees, extensive security measures and anonymous, quick transactions. 

The Verge team uses Tor Browser to ensure the anonymity of its users. At the same time, Verge’s payment option is designed so that regular users can easily complete direct and private transactions that Verge supports by using Wraith Protocol™. With these key elements in place, the Verge team has created an option that’s well-suited for mass adoption, with the potential to bring crypto market transactions front and center for regular people and businesses. 

History of Verge

Verge was founded in 2014 as DogeCoinDark before being rebranded in 2016. The project’s founder, Justin Valo, developed the Verge network with a small volunteer and development team, with the goal of improving on the established blockchain technology. Verge is an open-source network that supports fast, secure and direct transactions for regular users. The Verge blockchain is supported by respected groups such as Unstoppable Domains, ChangeNOW, HyperSphere, NOWPayments and others.

What Does Verge Aim to Achieve?

Verge provides its users with an accessible payment option, while its excellent combination of features supports stealth transactions in a process that’s fast and easy. Rather than being operated by a private company, the Verge community and its developers remain in close contact to drive continued improvement and progressively enhance the user experience.

How Does Verge Work?

Verge uses Tor, developed by a nonprofit organization in 2006 as an internet privacy tool, to maintain user privacy of transactions. The Verge network utilizes numerous advanced features and mechanisms to simplify blockchain transactions while safeguarding users’ anonymity.

Multi-Algo PoW

As a multi-algorithm, proof of work (PoW) cryptocurrency, Verge offers greater security than many other blockchains. Its mining principle utilizes five hash functions. The five mining algorithms it supports — BLAKE2s, Scrypt, Myr-Groestl, X17 and Lyra2REv2 — have a block target time of 30 seconds. In addition, the difficulty of the mining principle is only impacted by the hash rate of the algorithm. 

Dual-Key Stealth Addressing

Verge utilizes a dual-key stealth address protocol (DKSAP) for security measures and to protect the privacy of a transaction’s receiving party. Payers are required to create one-time IP addresses for individual transactions. Through these stealth transactions, each payment made to the same recipient is written on the blockchain as going to different IP addresses. Stealth addresses make it almost impossible for a recipient’s address to be linked to a specific transaction.

Atomic Swaps

Atomic swaps may also be referred to as atomic cross-chain trades. The swaps support on-chain interoperability between Verge and other cryptos, with the requirement of a third-party intermediary. Atomic swaps allow for direct transactions by relying on a Hash Timelock Contract. This may also be referred to as Check Locktime Verify (CLTV). 

Rootstock

Rootstock is a unique aspect of Verge that allows for Ethereum virtual machine–like infrastructure to function on Bitcoin-based chains. It’s a pegged sidechain that works in conjunction with the RSK sidechain to support merged mining. This allows for time- and energy-efficient security and maintenance of the network.

Ring Confidential Transactions

Ring signatures and confidential transactions (known as RingCT) protect the privacy and anonymity of both parties in a stealth transaction. Due to these functions, the output from a sender is combined with other outputs to obscure the data. The recipient, sender, transaction amount and IP addresses are kept confidential. 

Features of Verge

The Verge development team has created its network with several key integrations, each of which serves a critical function such as obfuscation, anonymity and others.

TOR Integration

TOR, which stands for The Onion Router, supports anonymous communications as an IP obfuscation service. It sends internet communications through a circuit-based, layered network. With more than 7,000 relays in the layered network, usage and location are concealed.

I2P Integration

Like TOR integration, I2P works to support anonymity. Specifically, I2P allows users to host connected servers without revealing their locations. While TOR is a circuit-based routing solution, I2P uses packet-based routing. This means that it can route around service interruptions and congestion in the same way that internet IP routing functions. By doing so, I2P reinforces the redundancy and reliability of Verge. 

Fueled by Verge

Fueled by Verge is an initiative focused on the mass adoption of blockchain technology through awareness and education. Numerous athletes are active in this initiative, including Wyatt Hasil, Reena Norville, Shaquille Lewis, Malik Williams and others. Organizations that are also active in this program include the Manny Pacquiao Foundation, the Upstate Racing League and others.

vergePay Wallet

The vergePay wallet is the primary wallet used in the Verge space. This highly secure wallet option is easy to use and compatible with various operating systems on mobile and desktop. 

Verge Road Map

Verge was originally known as DogeCoinDark, since it was a fork of Dogecoin created as its anonymous alternative. However, it quickly separated from Dogecoin and became its own blockchain. Justin Valo founded the open-source project in 2014 before rebranding it to Verge in 2016 as a decentralized network that’s supported by the volunteer Verge community. 

In 2018, a new website was released, Tor integration was completed, the first Verge meetup took place and other milestones were achieved. Over the next several years, the Verge merchandise store opened, the XcelTrip partnership was established, more wallets were added, XVG became available on more exchanges and other milestones were achieved. 

The Verge community actively strives to expand the network’s reach and functionality by introducing more features, working with more exchanges and expanding its community.

XVG Tokenomics

XVG is the native token of Verge. It supports private, secure and quick transactions. The maximum supply of XVG is 16.555 billion tokens and the current circulating supply is roughly 16.52 billion. Verge supports halving after every 500,000 blocks, which cuts the token mining reward in half.

XVG Price Prediction

As of Jul 18, 2023, the current price of XVG is $0.00601765. The current price is down 0.9% off its high over the last 24 hours. The ATH for the Verge token is $0.261874, which occurred on Dec 24, 2017. Verge’s ATL of $0.00000223 was set on Feb 6, 2015. The current 24-hour trading volume is more than $26 million, and the current market cap is over $99 million.

PricePrediction is one of many leading sources predicting an increase for XVG’s price in the years ahead. Specifically, it predicts a price of $0.008 before the end of 2023, and $0.018 in 2025. Its prediction for price increases continues, with $0.038 anticipated in 2027, $0.079 in 2029 and $0.11 in 2030.

DigitalCoinPrice also forecasts that XVG’s price will continue to climb over time, forecasting that XVG will close 2023 at $0.0132 and increase to $0.0218 by 2025. XVG is then expected to continue to rise to $0.0274 in 2027, $0.0447 in 2029 and $0.0631 in 2030.

Numerous factors impact price fluctuations in the crypto market, which makes it challenging to accurately predict future prices. As such, make sure to always do your own thorough research before investing.

Where to Buy Verge (XVG)

If you’re interested in trading XVG tokens, you may do so on Bybit in the form of Perpetual Contracts. If you’re not currently a registered Bybit user, you can quickly complete the account setup process. Be sure to check out our detailed step-by-step guide if you encounter any issues in creating your Bybit account. Once you’re done, you can proceed to fund your account with cryptocurrency and navigate to the XVGUSDT Perpetuals Contracts page to start trading.

Is XVG A Good Investment?

Bitcoin, originally presented as a secure way to complete private transactions, has seen its popularity blossom over the years, but it falls short in providing anonymity to users. Verge supports quick, straightforward transactions that are completely anonymous for both the payer and the recipient. In addition to being functionally superior, Verge is a community-driven, open-source platform that’s compatible with numerous types of wallets. It’s been developed specifically as a superior alternative to Bitcoin, and word is quickly spreading about its benefits. In fact, Verge even has celebrity athlete endorsements for its Fueled by Verge program.

While any prediction about the future price of a cryptocurrency should be taken with a pinch of salt, there are solid reasons why Verge may continue to increase in popularity, as well as token price. In addition, the current price is exceptionally low, so it’s possible to invest in thousands of tokens at minimal cost.

The Bottom Line

The Verge blockchain has been designed from the ground up to surpass Bitcoin in key areas. As a community-driven network, it continues to build on its already excellent features today. The best way to appreciate its exciting differences and features is to use this blockchain for your next transaction.

#Bybit #TheCryptoArk