Cryptocurrencies are digital assets that do not have any physical existence. They exist on the internet and usually operate on the blockchain technology. The blockchain is a distributed ledger system pioneered by Bitcoin.
It eliminates the need for maintaining a central ledger by making the ledger public and accessible by anyone. But there are some exceptions like IOTA which uses tangle instead of the blockchain.
While each cryptocurrency has its own unique features, all of the cryptocurrencies have one thing in common – they are decentralized. So cryptocurrencies allow you to become your own banker.
As we approach the end of 2017 I can undoubtedly say it has been the year of cryptocurrencies. We saw cryptocurrencies rise, fall, become mainstream and whatnot!
The market veteran Bitcoin continued to see tremendous growth throughout the year. Bitcoin broke all the records and became a five-figure cryptocurrency with a market cap of $270 billion.
But Bitcoin was not the only cryptocurrency that saw growth as some other altcoins followed its lead too.
In this article, we are going to take a close look at one of the crowd favorites, Verge (XVG) cryptocurrency.
- 1 WHAT IS VERGE?
- 2 HOW DOES IT WORK?
- 3 HOW TO BUY VERGE?
- 4 HOW TO MINE VERGE XVG?
- 5 WHY ARE PEOPLE BUYING VERGE – FINAL WORDS
WHAT IS VERGE?
Verge is an open source peer to peer cryptocurrency just like Bitcoin, Ethereum, and many other altcoins. According to the Verge core team, this cryptocurrency was introduced and designed for day to day use.
Verge XVG also puts emphasis on the anonymity and security aspect. It is one of the most privacy-focused cryptocurrencies currently operating.
I suggest seeing Verge as an improvement over Bitcoin instead of seeing it as a competitor.
Verge is one of the very few popular cryptocurrencies that is still under the $1 mark. Currently, it trades for $0.16 on an average, making it a great investment for cryptocurrency newbies.
Verge has a market cap of $2.3 billion placing it at the #19 spot according to Coinmarketcap.
It has a fixed supply of 16.555 billion XVG.
HOW DOES IT WORK?
Bitcoin is the holy grail of all cryptocurrencies. But as it was introduced in 2009 it lacks a lot of useful features. And this is where most altcoins come in.
So let’s take a closer look at Verge’s features and find out how does it work –
ANONYMOUS AND SECURE
In my opinion, the main feature of the Verge cryptocurrency is its security features. Bitcoin, like many other cryptocurrencies, is not really secure or anonymous.
“Thanks” to the public ledger system with proper knowledge and tools anyone can track Bitcoin transaction back to its owner.
Various security agency and blockchain expert have demonstrated it on numerous occasions.
This puts you at great risk as hackers and scammers can see your activities leading to unfortunate events like scamming, hacking and even blackmailing.
An experienced hacker can also get a hold of your IP address thus exposing you to physical and personal attacks.
But XVG and privacy-focused cryptocurrencies are all set to change that. The security features of Verge comes in two layers – one is always active while the other is optional.
COMPULSORY SECURITY LAYER – TOR AND I2P
This is the primitive type of anonymity provided by the Verge protocol. Verge uses the Tor network also known as the Onion Router to completely anonymize your connection.
The Tor network allows your computer to contact the Verge network via a series of random servers. This feature obfuscates your IP address and no one can ever track the transactions back to you.
Some may argue that you can use Bitcoin via a VPN and hide your IP address effectively. While VPN or Virtual Private Networks may obfuscate your IP address, it requires you to trust the VPN service provider.
Because only the connection between you and the VPN provider is encrypted. But from that point onwards it remains unencrypted. So the provider can still see your activities. That is why the Tor network is the ideal solution in this case.
But please note that this feature doesn’t mask your public wallet address. And that’s what the optional layer is for.
OPTIONAL SECURITY LAYER – WRAITH PROTOCOL
As I mentioned above the Tor network doesn’t hide your wallet address. So it can still be seen in the public ledger. Verge combats this issue by a feature called “Wraith Protocol“.
Turning this on will generate a one-time stealth address that cannot be linked back to your public address. This allows you to make private transactions that only you and the recipient can see.
INTENDED FOR EVERYDAY USE
From the very beginning, Bitcoin transactions are extremely slow. And now that there are more users on the network the performance have degraded even more.
A Bitcoin transaction can take as much as an hour to get confirmed which makes it unsuitable for daily use. Plus the fees are also high.
In case of Verge, the transaction speeds are extremely fast; the website claims it to be about 5 seconds. This is because Verge uses a technology called Simple Payment Verification which minimizes transaction times.
Verge also has a shorter block generation window of 30 seconds compared to Bitcoin’s 10 minutes.
Verge transactions also require negligible amount of fees to go through. Moreover, the cryptocurrency has fully fledged wallets for all of the widely used operating system platforms.
It also has an ever-increasing list of merchants which accept XVG as a payment method.
All of these qualities make Verge a great cryptocurrency for daily use.
PLANS TO IMPLEMENT SMART CONTRACTS
The Verge development team is currently experimenting with RSK technology to introduce the smart contract feature to their blockchain.
If they succeed in doing so then it will become the only privacy oriented altcoin with smart contracts.
Unlike many other mineable cryptocurrencies, Verge doesn’t use just a single algorithm for mining. Instead, it supports five of the most optimized cryptographic algorithms for this purpose.
These algorithms are – Scrypt, x17, groestl, blake2s, and lyra2rev2. This eliminates hardware dependency and allows more miners to participate.
TRULY DECENTRALIZED PLATFORM
The Verge team consists of blockchain engineers and developers from all around the globe. It is a decentralized team of professionals and hobbyists on the mission of creating the most efficient privacy-focused cryptocurrency.
The team created Verge from the scratch and there were no premine, ICO or airdrop campaigns.
HOW TO BUY VERGE?
- First of all register on Binance. After registration, you will also need to verify your email.
- Log into your Binance account and head over to the Funds section. In the deposits and withdrawal page deposit either Bitcoin or Ethereum.
- Now that you have added funds, you can finally buy some XVG. For that head over to the exchange interface. I recommend using the basic layout.
- Choose either XVG/BTC or XVG/ETH pair from the right-hand side list.
- Under the candlesticks chart, you will see the order book. You can buy XVG using either the Market option or the Limit option. In the market option, Binance will choose the best price for you while in the limit option you have the opportunity to bid your own price.
- In either case, I suggest using BNB token for paying the fees as it will halve the fees. So from 1% fee per order, you will only pay 0.05%.
HOW TO MINE VERGE XVG?
One of the most promising features of Verge is support for multiple algorithms. So you can mine Verge using Nvidia and AMD GPU rigs, ASIC miners as well as CPU miners.
I’m using GTX 1070 6 GPU mining rig that is now currently mining at 213000.0 Kh/s on Verge-Lyra2REv2 (XVG).
Today I get about profit of $660 per month with 4,729 coins mined per month.
I would highly recommend you build this rig and use it for mining for Verge XVG if thats what you are looking for.
The Verge network uses dynamic difficulty adjustment for each algorithm, so ASIC miners are not extremely powerful in case of Verge. Even a small GPU rig can outperform an ASIC miner if you choose the best algorithm for it.
If you have a Nvidia based GPU mining rig then I suggest mining using the Blake2s algorithm. Use a multi-algorithm miner like ccMiner for easier setup.
If you have an AMD based GPU mining rig then I suggest mining using either X17 or Lyra2rev2 algorithm. Use a multi-algorithm miner for AMD Graphics cards like Sgminer to easily switch between algorithms and test the performance.
Build Mining rig –
*Although the mining rig states that it is for mining Zcash. You can use it to mine Verge XVG and you can get hahsrates of 461500.0 Kh/s running on Verge-Lyra2REv2 (XVG). Profit of $1,483.77 per month.
For a full list of XVG mining pools head over to this page – Vergecurrency Pool.
WHY ARE PEOPLE BUYING VERGE – FINAL WORDS
Even back in November, hardly anyone knew about Verge. Only a handful of cryptocurrency enthusiasts knew about it and actively supported the project.
But since the last couple weeks, Verge is enjoying a very rapid growth thanks to a series of tweets by tech mogul John McAfee.
In a tweet posted on December 13th, McAfee shared that in his opinion XVG alongside other privacy-oriented cryptocurrencies like Zcash and Monero will have the “greatest future”.
When asked by another fellow Tweeter whether it was a clever sarcasm of some sort, John McAfee denied it. He further claimed that from a clever investor’s perspective Verge has a higher chance to grow rapidly.
And I could not agree more! In my opinion, Verge is worthy of all these attentions from media as well as cryptocurrency enthusiasts.
The project was built from the grassroots and I have seen only a handful of projects achieve so much success in such a short period of time.
So right now I can only speculate that Verge has a promising future. Let us hope that in 2018 the development team continues on their outlined path and the cryptocurrency grows even further.