Verge

What is Verge?

The Verge Token or XVG is the digital currency that powers the Verge network. Its main function is to serve medium of exchange in everyday transactions.

XVG was created as an alternative to Dogecoin and launched without Initial Coin Offering (ICO) event.

The maximum limit is 16,500,000,000 Verge tokens. None of them were pre-mined, meaning that the project team did not keep any Verge tokens for themselves.

XVG is a token, so like other cryptocurrencies, it tends to be volatile. You can keep an eye on the current price of Verge in the chart above. It will also provide you with other information about the tokens, such as XVG price history.

What are the main features of Verge?

As discussed in the What is Verge section, Verge is a community-governed cryptocurrency for everyday transactions. It has a strong focus on privacy through various integrations across the Verge network.

This uses TOR to hide the user’s IP address by anonymizing Internet traffic and I2P, which serves as an anonymous network layer. In addition, the dual-key stealth addressing mechanism protects the privacy of recipients by issuing one-time addresses.

Verge enables peer-to-peer cross-chain transactions through atomic swaps. One of the main advantages of this type of swap is that they are performed completely trustless.

The Verge network operates using Proof of Work (PoW) consensus mechanism. One of the reasons for choosing this mechanism is to avoid giving an unfair advantage to users who have a large number of XVG coins.

Additionally, it can perform around 100 transactions per second (TPS).

Most importantly, Verge gives users freedom of choice when it comes to mining. This allows users to mine using one of five mining algorithms. These include Scrypt, Lyra2rev2, blake2s, X17 and myr-groestl.

In addition to increased security, a wider selection of mining algorithms ensures a fairer distribution of XVG by allowing a wider range of mining hardware to be used for mining.

Moreover, Verge is one of the few blockchain networks that supports multiple mining algorithms.

Verge supports QT and Electrum digital wallets. The latter is recommended for everyday transactions as it is powered by Simple Payment Verification (SPV) system. The main difference between QT and Electrum is that QT downloads the entire blockchain while Electrum does not, making it more efficient.

This is a completely open source project. This means that its source code is publicly available for anyone to view.

There are many platforms that have integrated cryptocurrency payments through Verge. Their categories range from goods and services to entertainment, but Verge’s the most popular type of vendors are 18+ platforms such as PornHub, Nutaku and Brazzers.

One of the main goals of the project is to integrate cryptocurrency into our daily lives, while accelerating its mass adoption.

Who developed Verge?

The Verge crypto project was launched in 2014. called DogecoinDark. Two years later it was renamed Verge. One of the main reasons for this was the termination of all ties with Dogecoin.

It was founded Justin Eric Valo who is also known under the pseudonyms Justin Vendetta and Sunerok. He is currently the CEO and lead software developer of Verge.

Justin Valo entered the world of cryptocurrencies in 2011, interacting with Bitcoin and Dogecoin. Before founding Verge, he was involved in blockchain projects such as Crypto Fantasy Sports and Crypto Mining Pool GoldMin.es.

Verge partners with companies such as Crazy8Token, MeconCash and MobiePay.

51% Attack on the verge

Verge suffered a 51% attack in mid-2018 when an attacker exploited a vulnerability in its code that allowed them falsify block timestamps and mine them with reduced mining difficulty. To combat this vulnerability, Verge has initiated hard fork.

It’s important to note that leading software developer Verge denied that this was a 51% attack and instead called it a time distortion attack.

Prior to the 51% attack, Verge lost approximately 125,000,000 Verge tokens due to the hack of one of its supported wallets, Coinpouch. The latter is a digital wallet that has been exclusively recommended by Verge itself. Following the incident, Coinpouch was removed from the Verge platform as a recommended wallet while Justin Valo and Coinpouch played the blame game.

Please be sure to do your research before committing to any crypto projects. For the Verge, start by checking the price of XVG using the tracker above.