Since the evolution of bitcoin, there have been many currencies that have emerged in a short period of time – thanks to the blockchain technology that has made possible these evolutions. As the bitcoin prices rise, it has made the investors eager to take interest in the investment avenue.
Other than bitcoin, people have also started to take interest in the cryptocurrencies that have been not known to the world like Verge coin (XVG), Zcash (ZEC), etc.
Verge Coin [XVG]At the end of 2017, verge had started to come in limelight. XVG has not been understood by many of the people and there is not much matter on the net to make understand to the people about Verge Coin.
So here is the full guide to provide the initial baby steps in knowing about this currency i.e. Verge. Here we will get to know everything about the XVG coin on what is Verge, how to buy and store it. So let us proceed with the article.
About: Verge (XVG)
Verge was initially called “Dogecoin Dark” and was launched in the year 2014. After two years the coin was renamed as Verge and it was renamed due to its name, which was hounded by jokes and memes on the internet.
This made a negative impact on the minds of people and they started to reject it and there it started the downfall of the currency. To raise it from this, the coin was renamed as Verge and after that, it observed an upward rise of the coin and it started to acquire a legitimate status among the people.
Here we have enlisted some of the key features of the coin:
- Complete Anonymity
You must be familiar with the TOR and I2P technology and these technologies are used by Verge so that every transaction can be kept private. This very technology ensures that the IP address is covered with smokescreen so that any transaction could be made impossible to trace in the blockchain.
- Fast Transactions
Unlike the Bitcoin, verge has more rate of transactions acceptance and its speed is very fast. IT uses the SPV technology also called Simple Payment Verification technology where the average transaction time is not more than 5 seconds. Crypto investors find more easy to invest in Verge rather than other coins due to its speed.
- Currency is Decentralized
As all the currencies are decentralized, Verge is also the same. It has also been created on an open source platform. Then there is no central power to control the currency. Github provides the source code for the currency.
- Mass Adoption services
Verge offers and links to other wallets also which is secure and anonymous over the PC and Android platforms.
Several of the vendors accept verge as a mode of payment.
The History Behind Verge Coin
Verge was created from the industry experts which had the same interest of creating a cryptocurrency which is completely isolated from the present structure and is decentralized.
Super ok was the person behind the foundation of this currency and was found in the year 2014. The main idea was to contribute from the community members which helps in creating a currency which is perfectly designed.
IT does not acquire any funding from any of the ICO or pre-mining.
ICO also called as Initial Coin Offering is a term where all the investors in the currency are given some shares of the new currency or tokens in return of popular coins like Bitcoin and Ethereum. Verge does not have any ICO and is purely self-funded through community members.
The main concept behind the creation of Verge is to remain anonymous and in order to make this possible Verge uses a functionality called Wraith Protocol.
Wraith Protocol is a ledger which helps a user to decide whether the transaction they will perform will be a public or a private ledger. In both cases, the transaction will be performed with full speed and transparency.
One thing that a private ledger makes it different is its anonymity. The transactions would be performed in the private or stealth mode and then it would be near to impossible to know that from where the transaction is being performed and the transaction remains untraceable. So Verge uses both TOR and I2P secure modes which are used for safe deals.
What is TOR & I2P?
TOR is being used by many of the hidden users around the globe. It hides the IP address of the sender and receiver and thus makes the transaction anonymous. With TOR it is very difficult to spy on any of the currency transactions that take place between the parties.
This is another way of being anonymous on the web and perform a secure transaction. The service provided by this technology is through packages. When the packages are created then the transactions speed is increased and congestion at the terminals can be avoided. IT also hides the IP address through technology and makes it very difficult to trace it.
So both the private and public ledgers are extremely safe and thus provides more security against spying.
Verge Official Wallet
In order to perform transactions, there are wallets which have been created to use by the users from where the transactions can be done. Normally you will get two types of wallets namely – QT and Electrum.
These wallets are both desktops as well as Mac compatible. Now let us see what are these wallets.
A bitcoin lite wallet – Electrum, is an open source wallet and now this has also been incorporated so that the Verge users can use this wallet. The main function of the wallet is fast execution of the transaction with the minimum usage of resources. The wallet uses the technology of Simple Payment Verification (SPV). This feature verifies the transactions that are on the Verge technology and that too without downloading the full blockchain technology.
QT is another wallet that is a cross-platform application. This application is based on C++ language. The main drawback of the wallet is that it makes the user download the entire verge blockchain on the PC. So make sure that your PC has sufficient space to handle the transactions as verge blockchain maintains a database of all the transactions that will be performed.
Best Wallets for XVG Coin
So, if you are planning to make a transaction in the verge community you must be aware of all the wallets that XVG supports. SO here is a list of the wallets that are supported by Verge.
- Verge TOR Android Wallet
- Verge Daemon Docker Image
- Verge Raspberry Pi Source Code
List of Exchanges that Supports Verge Coin (XVG)
The coin is already available on many of the exchanges like Balance, Changeling, Coinspot, Change now, etc and it will be added to other options slowly and steadily. Currently, it is listed on the indirect too.
Other exchanges where it is available are – Lite bit, C-Cex, SouthXchange, NovaExchange, Cryptopia, Blocknet, ExchangeD, Nexchange, Cornwall, HitBTC, UPbit, Nakamoto, CoinSwitch, Coin2001, CryptoBridge, Tradesatoshi, CoinsReady, and Godex.
How Can I buy Verge Coin?
You can buy coins from many of the exchanges and there are many ways to buy it like Changeling supports the transaction of coins with currencies like USD or EUR.
Other exchanges like Balance and Bittrex cannot be bought using bank funds. In these exchanges, you can exchange other coins that you have stored in your other crypto wallet.
According to the market trends, the price of the verge can increase and it shows a promising increase in the price. It could be a great opportunity for the people who buy the coins and then resell it at a higher rate.