Verge was one of the most popular cryptocurrencies during early 2018 when it rose higher, while the wider markets fell sharply. The active global developer pool, as well as the equally active user community, are some of the reasons that Verge performed positively in the first quarter of 2018. However, certain signs show that Verge is likely to be a long-term project that will remain viable in the future as well.
Verge even managed to recover from 51% of attacks. The network and coin have been secured since May, and the future looks bright for Verge holders. Continue reading to learn more about Verge (XVG) and how are people using it.
Verge emerged in 2014, and since then, its technology has greatly improved. The main thing that separates it from other cryptocurrencies is the privacy all clients get, but also the ability to buy, trade, and sell full currency instead of portions of it.
Verge created a high maximum of 16.5 million XVG. On the other hand, other cryptocurrencies have intentionally kept the total number of coins low to encourage higher prices. While this keeps their value high, it means that users must deal with large fractional crypto amounts to make simple payments. Verge price in comparison remains low. Users can make smaller payments that are more rational, such as 1,000XVG.
Not only did Verge improve their defense against cyber attacks, but it also worked on its privacy and anonymity, which is obvious if we compare it to other successful cryptocurrencies.
To make anonymity possible, Verge is moving further away from the Internet as we know it. If you want to buy Bitcoins, for instance, you need an internet service provider (ISP) who will establish the link between you and the platform. In order to fulfill your transaction, you need to share certain information with your service provider, including card info and IP address. Over time, the service provider collects secret information such as your location and contacts.
Some users don’t like data collection and that’s why they give up on buying cryptocurrencies. Verge makes this nearly impossible by using TOR and I2P, providing its users complete privacy and anonymity, compared to other cryptocurrencies.
Tor (The Onion Router), is free software that anonymizes IP addresses and improves security online. The Onion Router is a term that refers to Tor’s unique way of routing information online. Instead of using one ISP to send the message from computer A to computer B, Tor wraps the message with multiple layers of encryption by bouncing the connection between thousands of computers. Once the information passes a few different IP addresses, it makes the process of following the transaction a lot harder.
Tor has been around for quite some time now, and it’s especially popular amongst journalists, as a way to securely and secretly communicate with whistleblowers and find out news that will reach the front page.
I2P (Invisible Internet Project) is the next-generation solution to anonymize your connection. Tor allows users to connect anonymously to the Internet, but the I2P is focused on making anonymous internal connections among users of the network. Because of its features, it’s often referred to as the Darknet. I2P basically creates its private network within the Internet.
It works by creating two tunnels for outgoing and incoming messages and encrypting a single message in two. This is unlike using bundles. Imagine you had two mailboxes, one for letters you were sending and one for letters you were receiving. The I2P solution, which conceals all IP addresses, makes it difficult to decode messages flushed if they are intercepted.
Once you’re near the end of your transaction, the platform will ask which key technology you’d like to use. No matter your choice, your data and IP address will be protected.
Verge leverages the Wraith Protocol in addition to Tor and I2P. This technology allows Verge users to choose between private and public blockchain transactions. Public transactions can guarantee rush and foil but secret transactions are completely untraceable.
Verge had some problems with security and anonymity in the past, but they managed to get through them. Today, it represents a completely decentralized platform for trading cryptocurrencies. Their plan to introduce a sidechain through the Rootstock project will dominate the crypto scene thanks to their advantages over other platforms.