Verge is an open-source and decentralised cryptocurrency project. The purpose behind Verge is to offer users completely anonymous transactions by obfuscating both the Internet Protocol (IP) address and the location of the user.
Verge was launched in 2014 under its former name “DogeCoinDark,” but it was later renamed Verge in 2016. Verge offers completely untraceable transactions and the inability to track the activities of its users.
To do this, Verge uses some of the most sophisticated technology through which its blockchain operates, namely:
- Multi-Algo PoW
- TOR Integration
- I2P Integration
- TOR Android
- Duel-Key Stealth Addressing
- Atomic Swaps
- RootStocks (RSK)
- Ring Signatures
- Pendersen Commitment
- Range Proofs, and more.
|Technologies||TOR Integration, I2P Integration, Electrum, TOR Android, Dual-Key Stealth Addressing, Atomic Swaps, RootStocks (RSK), Ring Signatures, Pendersen Commitment, Range Proofs|
|Market Capitalisation||$394 million+|
|Consensus Mechanism||Multi-Algorithm Proof of Work|
|Smart Contracts||Yes – Through the RSK Platform|
|Circulating Supply of Coins||16,483,762,288|
|Maximum Coin Supply||16,555,000,000|
|Mining-based Coin?||Yes – Multi-Algo PoW|
|Is Verge a Stablecoin?||No|
|Does Verge have a burn rate?||No|
|Does Verge have a Whitepaper?||Yes, Verge has a Blackpaper 5th edition: https://vergecurrency.com/static/blackpaper/verge-blackpaper-v5.0.pdf|
Evolution and Development of Verge
Verge was launched in 2014 as DogeCoinDark when it forked from Dogecoin to develop an anonymous alternative to the beloved Dogecoin.
DogeCoinDark has a ledger where all transactions can be viewed, but the details of the participants, such as their location and identity, are completely hidden.
This is done by utilizing sophisticated TOR technology, which keeps IP addresses hidden. DogeCoinDark also uses stealth transactions, previously known as the Wraith Protocol, that will successfully hide the value of the transactions.
DogeCoinDark changed its name to Verge in 2016 and 2018. It was announced that Verge Currency would be accepted by MindGeek, an adult entertainer provider.
During the same year, Verge Currency suffered an attack on its timestamps on one of its five mining algorithms, which could otherwise have suffered a 51% attack if the project only used a single algorithm instead of five different algorithms, known as Multi-Algo.
What makes Verge unique?
Unlike other cryptocurrencies, Verge does not rely on cryptographic techniques but uses existing technology that has been proven effective, including:
- The Onion Router (TOR)
- Invisible Internet Project (I2P)
This ensures that the location and identity of all users are protected. TOR is used to bounce the communication of a user across a distributed network that consists of different relays and tunnels.
These are run by volunteers who are positioned across the globe, and this ensures that the identity of the user is completely hidden. I2P encrypts user data before it is channeled through an anonymous, peer-to-peer network that is entirely operated by volunteers. This makes it possible for all locations and IP addresses to be hidden.
Other technologies that Verge uses are as follows:
- Dual-Key Stealth Addressing
- Atomic Swaps
- RootStocks (RSK)
- Ring Signatures
- Pendersen Commitment
- Range Proofs
- Multi-Algo PoW
The technology behind electrum ensures that there is effective speed and simplicity with reduced use of resources. Electrum uses remote servers that handle the capacity on the complex parts of the Verge network, allowing different users to recover their wallets when they use a secret seed phrase.
In addition to this, Electrum also provides user-friendly cold storage solutions where users can store the full sum of their coins, or a portion thereof, offline.
Electrum is one of the few wallets that offers native TOR and I2P support to users. When users integrate their Electrum with either TOR or I2P, they can achieve true anonymity when they use either the mobile or the desktop wallet.
When users use this technology, the IP address of the user and the information on their transactions will not leak when the user connects to the servers.
There is also multi-signature support that needs more than just one signature for a transaction to be authorised.
2. Dual-Key Stealth Addressing
This is a unique protocol that was designed to remove the usage of private spending keys. Dual-Key Steal Address Protocol, also known as DKSAP, was introduced to eliminate the over-use of private spending keys by introducing dual cryptographic keys that consist of a scan and spend key, effectively computing a one-time address for every transaction.
3. Atomic Swaps
Atomic Swaps refer to atomic cross-chain trading, which is powered cryptographically by Smart Contracts. This allows for effective interoperability between Verge and several other cryptocurrencies on a peer-to-peer (P2P) on-chain basis without using a third-party provider or service. Atomic Swaps are used to exchange and trade cryptocurrencies across different blockchains in a simplified manner.
The benefits of Atomic Swaps refer to:
- The elimination of the inherent need for a third-party facilitator by using Hash Time-Locked Contracts (HTLC), a type of payment where two people agree to a financial agreement. This involves one party paying the other a predetermined amount of cryptocurrency. The receiving party in the contract must accept the payment within the given time, or the funds will be returned to the sender.
- These contracts are sensitive to time, and this prevents the payer from waiting an unlimited time to find out whether their payment has gone through. It also prevents money from being wasted. If a cryptographic acknowledgment is not gathered, the funds are returned to the sender.
- Cryptographic proof of payment is required, and this means that the recipient validates the payment on the blockchain.
- HTLC's are based on hashes, and this means that they can easily be added to the blockchain.
- Every party is safeguarded from counterparty risk because of the unique structure of the contracts.
4. RootStocks (RSK)
RSK refers to a two-way pegged sidechain. The RootStocks sidechain allows for the Turing-complete Virtual Machine (VM) infrastructure, which is smart contract functionality, to be integrated onto all Bitcoin-based blockchains.
This is an independent blockchain that is only attached to the main chain through a two-way peg, allowing for seamless interchangeability of the assets, also known as “SmartVerge” or SXVG, and Verge, or XVG.
The rate between the sidechain and the main blockchain is predetermined, and with the use of RSK, merged mining can be implemented to support it.
With merged mining, the miner can mine more than one blockchain simultaneously by using the calculation that they already contribute towards the fuelling of both these chains.
RSK's sidechain can easily be merged-mined with Verge. This means that machines that mine Verge will not require any additional power or resources to secure RSK.
With the RSK function, developers outside the Verge core development team can easily build platforms and services on top of the Verge network. This includes some of the following:
- Decentralised Applications (DApps)
- Retail Payment Systems
- Decentralised Remittances
- Voting Systems
- Micro-Lending Platforms, and many more.
5. Ring Signatures
This consists of a digital group-based signature such as a threshold signature. These signatures can be performed by a member of a group of users, where every user has a unique key.
A message that is signed with ring signatures is endorsed by someone who represents a group of people.
6. Pendersen Commitment
This is one of the basic tools on which a confidential transaction is based, referring to a cryptographic algorithm. The cryptographic algorithm allows the prover to commit a certain value without revealing the value or allowing a vulnerability where it can be changed.
Pedersen Commitments refer to a scheme where the user can keep a piece of data safe but commit to it so that it cannot be altered at a later stage.
7. Range Proofs
This refers to a zero-knowledge proof that serves as a type of commitment validation. It allows any user to verify that the commitment represents an amount that has a unique range.
However, it is done without revealing any other information about the value, also known as secret value.
8. Multi-Algo PoW
Verge is a project that allows for multi-algorithm proof-of-work-based cryptocurrency that has been designed to allow people with various types of mining equipment to have equal access to earning rewards from mining.
Verge is one of a few cryptocurrency platforms that integrates five different hash functions combined into a single blockchain. This allows for increased security because there is a larger range of people and devices mining Verge.
The five different algorithms that are supported on the Verge network include the following:
In terms of transaction speed, Verge can currently process 100 transactions per second, with a processing time of between 5 to 10 seconds and a block time of 30 seconds.
In terms of the benefits and advantages that Verge has over other cryptocurrencies, the following can be noted:
- Verge offers completely anonymous and private transactions
- It has fast transaction speeds
- The Verge blockchain is extremely scalable
- The development team of Verge is extremely active
- There is a lot of sophisticated technology involved that gives Verge a bright future
What are the main uses for Verge?
Much like other cryptocurrencies, Verge (XVG) can be used to transfer value between funds. The aim behind XVG is that it will become a medium of exchange that can be used in a global payment system.
Verge also aims to become a store of value as an investment tool, hoping that its price will keep increasing as the use of its technology becomes more widespread, leading to the appreciation that will give investors a decent return on investment.
What is the future potential for Verge?
Verge has an extremely fast and scalable network with extremely low transaction fees of 0.01 XVG per transaction. If Verge's Wraith Protocol succeeds, Verge could see increased growth, especially considering its RSK technology that helps to seamlessly integrate smart contracts.
However, while Verge has potential, there are other competitors, such as Monero, that offer more sophisticated technology and improved privacy. Given that Monero is also a lot more popular than Verge unless the development team improves on its current technology, Verge may fall further behind its competitors.
The driving factors behind the price of Verge must be considered as well. These include:
- Media Attention – which is the largest driver for Verge.
- New Feature Announcements – which happens when developers add new features onto the project that will boost its usage.
- Retail Partnerships – Verge aims to integrate its blockchain into daily use, which means that merchants could accept it as a payment method, which could boost its price and ensure a good future.
- Regulations – More regulations are coming into play over cryptocurrencies, which means that coins that ensure privacy will do well in regulated markets.
Price analysis on Verge
Verge was initially launched in 2014, and its price analysis over the past five years are indicated as follows:
|2017||2018||2019||2020||2021 to date|
|XVG Price High||$0.2554||$0.2226||$0.0114||$0.0091||$0.068|
|XVG Price Low||$0.000011||$0.0055||$0.0031||$0.001||$0.016|
Price prediction on Verge
The framework that exists behind the Verge network revolves around the ability to create and maintain a decentralised and secure electronic payment system, in addition to ensuring extended privacy.
The VergePay wallet is extremely useful for those who initiate digital payments because this platform is known to mask all IP addresses. Verge also offers dual-key stealth addressing, which enables the user to create a one-time address for the recipient so that their privacy is safeguarded.
Furthermore, atomic swaps also allow for peer-to-peer cross-blockchain transactions, which furthers the value for Verge.
In terms of market sentiment, Verge XVG tokens lost the bullish chart, but if it can reach its full potential, it can make a good impression even though its prices fluctuate violently.
Experts are optimistic that XVG can do justice according to its inherent potential, especially if it can gain traction from traders and investors alike. Verge XVG is a pioneer in next-gen solutions faced with a lot of competition in its field.
However, it is set to make some difference on esteemed exchanges, surprising its users with large gains as the development team increases its potential and adds more features.
According to analysts, Verge XVG can achieve the following prices:
- The long-term increase on XVG is predicted to be $0.118 by the end of 2026, and with a 5-year investment, investors could expect revenue of +366.4%.
- According to previous price history and the price prediction for 2021, XVG can experience a bullish trend in the next few weeks to cross $0.0384 by the end of 2021.
- As of November 1, the price on Verge XVG is $0.02, and the price analysis data shows that for the past year, the crypto experienced an uptrend. Based on this, Verge can be a good investment option because it could reach a short-term price of $0.0384.
- According to experts, Verge XVG could achieve a price of $0.034 by the beginning of December, as per the technical analysis that was conducted on the coin.
Which wallets are the best option for storing Verge?
Simply defined, a Verge wallet is a piece of software where users store the necessary data to access their Verge (EXC) funds. This data contains a private key, which is like a password, and a wallet address, also known as a public key, which acts as an account number.
In terms of the types of Verge wallets, users can distinguish between the following:
- Cold Wallets – which are offline wallets that store funds in an application that is not connected to the internet.
- Hot Wallets, which are online applications that require an internet connection.
- Physical wallets are unique pieces of hardware like USB devices that keep crypto funds offline.
- Web wallets are web browser ad-on wallets.
- Desktop wallets – which are applications that allow users to manage their finds on macOS, Microsoft Windows, or Linux.
- Paper wallets, which is a piece of paper with a code or QR code on them, to access the assets, the user enters the key or scans the code to access their account.
In terms of Verge, the following wallets are the best for storing, sending, and receiving XVG coins:
- Atomic Wallet
- Verge Electrum TOR Wallet
- Verge TOR QT Wallet
- Verge Paper Wallet
1. Atomic Wallet
This is one of the best desktop and mobile wallets that do not require a KYC process or registration from the user. The Atomic Wallet maintains private keys on the hardware of the user.
The Atomic Wallet is compatible with several other coins apart from XVG and allows for the exchange and trade between 60 different coins.
Users can also use the Atomic Wallet to stake over 15 Proof-of-Stake (PoS) coins. Through Atomic Wallet, users can purchase Bitcoin, Ethereum, and a few other coins directly from the application using a credit card.
2. Verge Electrum TOR Wallet
Verge has several native wallets, and Electrum is one of the best. It is a lightweight desktop wallet that is user-friendly and caters to a wide range of users, from beginners to professionals.
Electrum started as a Bitcoin wallet, but it has been adopted by other projects because of its user-friendliness. The Verge Electrum wallet is extremely basic, with the wallet displaying the information the user needs logically and in a way that is easy to understand.
The Verge Electrum wallets use Simple Payment Verification, which means that the blockchain does not need to be downloaded before the wallet can be used. Once the wallet has been downloaded, it can be used within minutes.
With this wallet, the user can benefit from proprietary privacy features in addition to the native security features that Electrum is known for, including password protection and two-factor authentication.
3. Verge TOR QT Wallet
The Verge TOR QT Wallet was designed for specific use with XVG. It is a full-node wallet where the entire blockchain must be downloaded before it can be used.
This may be problematic for some users, but the features that the Verge TOR QT wallet offers are worth it. One of the main features of the wallet includes additional security that is offered with SSL encryption, and because the wallet is a full node, users need not worry about any invalid transactions.
The user interface offers similar features as Electrum, but it is more visually appealing. The real power behind the Verge TOR QT wallet lies in its RPC commands, providing users with granular control over the blockchain as well as the activities on it.
The Coinomi Wallet is one of the best options for XVG, and it is compatible with many other cryptocurrencies as well. There is also seamless integration with ShapeShift and Changelly, especially if the user must swap to other cryptocurrencies.
5. Verge Paper Wallet
The native paper wallet from verge is the most secure option because it is cold storage, which safeguards the user's funds from any hacking attempts.
The Verge paper wallet generator lets users generate new paper wallets that can be printed within minutes. The wallet that is printed is extremely basic, and there are also patterns printed that effectively prevent others from seeing or tampering with the funds of the user.
Users are always urged to keep their paper wallets in a locked safe or deposit box and to keep several copies saved in secure locations.
Where can you buy Verge?
Verge can be purchased from any of the following cryptocurrency exchanges:
- Huobi Global
1. Huobi Global
Established in 2013, Huobi Global is one of the leading blockchains in the world, with more than 243 cryptocurrency assets that can be traded.
Huobi Global offers leveraged trading for the spot trading of cryptocurrencies. With an average trading volume of more than $9 billion, investors and traders need not worry about liquidity because there is more than enough.
Huobi Global provides safe and professional service to all clients from more than 130 worldwide countries.
|Intuitive trading software provided||Unregulated exchange|
|Low minimum deposit requirement of $50||Stocks, commodities, and forex trading not supported|
|24/7 dedicated customer support||United States clients are not accepted|
|Wide range of cryptocurrencies that can be traded||Only offers crypto trading|
|Decent selection of educational resources|
Established in 2013, Gate.io is one of the best cryptocurrency exchange trading platforms in the industry. Gate.io has a wide range of cryptocurrencies listed, including Bitcoin, Litecoin, Ethereum, Gate Token, and many more.
These coins can be traded through sophisticated and flexible trading platforms that can be used on the web, desktop computers, and various mobile devices.
Gate.io supports crypto-to-crypto trading in addition to margin and spot trading as well.
|Sophisticated trading platforms supported||Unregulated|
|A large number of coins supported||There are limited trading products|
|Educational resources are provided||Limited funding options|
|There is a wide range of advanced trading tools provided|
|Spot, margin, and crypto-to-crypto trading supported|
Established in 2014, Bittrex is a United States-based cryptocurrency exchange that offers traders and investors access to many cryptocurrencies, including XRP, Ethereum Classic, WAXP, Cardano, XVG, and many more.
Bittrex is known for its innovative technology and sophisticated trading platforms that can be used when trading cryptocurrencies. Bittrex is well-known for its reliable trade execution as well as native wallets with robust security features.
|Intuitive mobile trading platform offered||Unregulated|
|API trading tools provided||Only offers crypto trading|
|Several funding options supported|
|There is a wide range of educational materials offered|
Binance was founded in 2017 and is a Malta-based cryptocurrency exchange trading platform. Binance is well-established and popular, featuring crypto-to-crypto trading with low transaction fees.
Binance supports more than 150 cryptocurrencies that can be traded and exchanged through desktop, web, and mobile applications. Binance is also known for offering a comprehensive trading academy and advanced trading analysis.
|Offers a wide range of tradable cryptos||Unregulated|
|Offers the option to purchase cryptocurrencies with credit cards||United States clients are not accepted|
|24/7 multilingual customer support offered||There is no comprehensive daily market analysis offered|
|Powerful trading platforms supported|
Established in 2012, BitFinex is a Hong Kong-based cryptocurrency exchange trading platform that remains at the forefront of innovative technological advancement in the trading of digital assets.
BitFinex is known to offer an unparalleled cryptocurrency trading experience with innovative and advanced trading tools, high levels of customer support, and some of the best trading technology.
|Educational resources provided||Unregulated|
|Competitive trading fees||There is no desktop trading platform provided|
|Advanced mobile trading platform offered|
|Innovative trading technology offered|
Are there criticisms against Verge?
Yes, there are criticisms against Verge that relate to the following:
- Verge is often associated with the “Dark Web” because of its use to make illicit purchases completely privately, which means that transactions that fund illegal activity and the criminals behind them will not be found because of the unique architecture and framework of Verge and its network.
- Verge is also criticised that XVG can be used for ransomware attacks, where malicious entities can send a virus to the computer of an unsuspecting Verge user. The virus can stay hidden on the hardware of the user until they try to transfer funds.
- Verge is not the only privacy-based coin in the field, and it is competing against massive projects such as Monero, Dash, Zcash, Bytecoin, and Bitcoin Private.
- Verge suffered a 51% attack in 2018 when hackers forced it to fork, excluding the blocks that the attacker had mined. During this attack, an entity exploited several bugs in the code of Verge, allowing them to mine many new blocks in the Berge blockchain. The attacker managed to fake timestamps of blocks, allowing them to mine all blocks using a single algorithm.
- There are also earlier reports that indicate that John McAfee blackmailed the cryptocurrency.
- In 2019, the founder of Verge faced a lawsuit. It was alleged that the founder, alongside other parties, had engaged in negligent, reckless, and intentional acts. This was in response to a case of theft relating to XVG coins from a crypto wallet CoinPouch where users lost XVG to the value of $9 million in 2018.
What is Verge’s largest Competitor?
The largest competitor of Verge is Monero.
The competition between Monero and Verge is a consistent topic because both projects are involved with complete privacy. Monero is a project that was launched in 2014, and it uses the same code as Bytecoin.
Monero uses several cryptographic protocols to ensure privacy, including ring signatures and the CryptoNote algorithm. The Monero network groups all transactions and sends the corresponding amount of Monero to the receiver's address from the group.
Verge's privacy is achieved by using two different ledgers, namely public and a private ledger. Transactions are carried out on the public ledger, which is available to everyone.
There is a tool that allows users to browse the Dark Web in secret, namely TOR, and there is also an additional anonymous network layer where IP addresses and locations of users are hidden.
Monero is more popular than verge, especially where uses on the Dark Web are concerned. In addition, Monero also evades economic sanctions, making it the more preferred currency between the two.
Monero and Verge differ in many ways, including the following:
- Technology – Verge uses TOR Integration, I2P Integration, Electrum, TOR Android, Dual-Key Stealth Addressing, Atomic Swaps, RootStocks (RSK), Ring Signatures, Pendersen Commitment, Range Proofs, and many more. Monero uses Ring Signatures, zero-knowledge proofs, and Stealth Addresses.
- Consensus – Verge uses a multi-Algo Proof of Work while Monero uses a RandomX Proof-of-Work
- Market capitalisation – Verge has a market cap of $394 million+ while Monero has a market cap of $4.93 billion+
- Price predictions – According to previous price history and the price prediction for 2021, XVG can experience a bullish trend in the next few weeks to cross $0.0384 by the end of 2021. Monero is set to reach a price of $438 by the end of 2021.
- Investment potential – Both Monero and Verge are good investment options, but because Monero is priced much higher and increasingly more popular than Verge, Monero is set to be a better investment option short and long-term.
- Popularity – Verge is ranked #159 while Monero is ranked #41 as of November 1.
- Mining Algorithm – Monero uses RandomX while Verge supports five different algorithms, including Scrypt, X17, Lyra2rev2, Myriad-Groestl, and Blake2s.
- Origin – Verge originated from Dogecoin, while Monero originated from Bytecoin BCN.
- Mining Hardware – Verge supports CPU, GPU, and ASIC equipment, while Monero only supports the use of CPU and GPU because it is ASIC-resistant.
- The development and project team of Verge is known, while Monero's team is completely anonymous.
- The development and marketing of Verge are team-driven, while Monero's is community-driven.
- The privacy features of Verge are TOR and I2P, while Monero uses Ring Signatures and Stealth Addresses.
What is the Mining Process involved with Verge?
Verge uses a multi-Algo Proof-of-Work (PoW). Verge supports five different algorithms that can be mined using different types of equipment.
The best type of equipment to use for each algorithm is as follows:
- X17 – Sgminer for x17 for Windows AMD, Sgminer-X17 Source Code for Linux AMD, ccMiner/Alexis for Windows Nvidia.
- Blake2s – ccMiner/Alexis for Windows Nvidia or ccMiner Source Code for Linux
- Lyra2rev2 – Sgminer optimised for Lyra2rev2 Windows AMD, ccMiner/Alexis for Windows Nvidia, Sgminer-dev Source Code for Linux, ccMiner Source Code for Linux.
- Myriad-Groestl – Sgminer for Myr-Groestl for Windows AMD, ccMiner/Alexis for Windows Nvidia, Sgminer-dev Source Code for Linux, ccMiner Source Code for Linux.
- Scrypt – ccMiner/Alexis for Windows Nvidia, Sgminer for Scrypt and X17 for Windows AMD, Sgminer-dev Source code for Linux, ccMiner Source Code for Linux.
- CPU – Cpuminer-opt 3.3.8 for all algorithms
What can Verge's smart contracts do?
A smart contract can simply be defined as a program that runs on the Solana platform and ecosystem. Smart contracts consist of a collection of codes, which are its functions, and data, which is its state, that all reside at a specific address on the Solana blockchain.
Smart contracts are not controlled by the user. They are deployed to the network and subsequently run as they were programmed.
Smart contracts can define certain rules, like any typical contract, and these rules are automatically enforced through the code. Smart contracts cannot be deleted, and the interactions with them are irreversible.
In terms of necessity, smart contracts are important because they help to solve the issue associated with mistrust between different parties as well as business partners.
Smart contracts have several advantages for many industries, and they can reduce unnecessary costs as well as time expenditure while simultaneously enhancing transparency.
Smart Contracts can be used across several industries, including:
- Mortgage Contracts
- Digital Identity
- Financial Data Recording
- Supply Chain Management
- Protecting Copyright Content
- Insurance, and many others.
There are many sides involved with how Verge allows for smart contracts to be used. This involves:
- Atomic Swaps – this refers to an atomic cross-chain trading function, which is cryptographically smart contracts that enable Verge to become inoperable with other blockchains by using Hash Time-Locked Contracts (HTLCs).
- Lightning Network – This refers to a network that contains user-generated channels through which payments can be sent, secured by Smart Contract functions that make the Lightning Network completely trustless.
- Rootstock (RSK) – This refers to a two-way pegged sidechain that allows for the same type of Virtual Machine infrastructure that Ethereum uses to be enabled on Bitcoin-based blockchains. SmartVerge and XVG allow for merged mining, and Rootstock uses smart contracts.
Can blockchains be hacked? Has Verge ever experienced any hacks?
Yes, Blockchains can be hacked.
Blockchain technology allows users to record transactions on a distributed ledger, which consists of a distributed network of computers.
The servers are secure, and the transactions that are carried out are permanent, making the verification thereof easier. While blockchain technology can have several uses, it is currently being used by cryptocurrencies.
Whether a blockchain can be hacked will inevitably depend on each cryptocurrency project and the security measures that are in place.
Blockchains can be susceptible to the following common attacks:
- 51% Attacks – where a malicious entity can gain control over more than half of the mining process. This could allow them to create an additional version of the blockchain, also known as a fork, where some transactions may not reflect. This allows the attacker to designate the additional blockchain as the true version, allowing them to double-spend cryptocurrency.
- Creation bugs and errors – which refers to security glitches, errors, and vulnerabilities when a blockchain is created. Attackers consistently try to discover and exploit vulnerabilities that exist in the blockchain. Smart contracts are often a point of attack because of possible bugs in the code.
- Insufficient Security – There have been countless hacks on cryptocurrency exchanges, especially those who keep client funds in hot, online wallets. Blockchains and exchanges must ensure that there are enough measures in place and users are urged to take control of their fund security.
Verge has experienced a hack in 2018.
Verge suffered a 51% attack in 2018 when hackers forced it to fork, excluding the blocks that the attacker had mined.
During this attack, an entity exploited several bugs in the code of Verge, allowing them to mine many new blocks in the Berge blockchain. The attacker managed to fake timestamps of blocks, allowing them to mine all blocks using a single algorithm.
Is Verge a Good Investment?
Yes, Verge is a good investment option.
According to fundamental analysis alongside technical analysis, XVG can prove to become a pioneer. In addition, Verge may gain improved results where prices are concerned, especially because Verge may face bullish price predictions.
The price on Verge is expected to reach a price of $0.118 by the end of 2026, and with a 5-year investment, investors could expect revenue of +366.4%.
By 2030, Verge is expected to reach a price of $0.130, which could offer investors with lucrative returns.
What is the supply and distribution of Verge?
Verge has a limited supply of 16,555,000,000 XVG coins.
- Fixed or maximum supply can be defined as the total number of coins that can ever be in circulation.
- Total Supply refers to the number of coins that have been mined, including the missing coins that are no longer in circulation or that have been lost.
- Circulating supply refers to the total number of coins that are in circulation.
In terms of the effects that Unlimited/Limited Supply has on coins, the following can be considered:
- In terms of Unlimited Supply, cryptocurrency coins are inflationary, which means that the coins will inevitably lose value as supply increases, with demand decreasing as a result.
- Cryptocurrencies that have a limited supply are deflationary, which means that the coins that are in circulation will gain value over time as demand surpasses supply.
Is Verge a viable Alternative Coin?
Yes, Verge is a good Alternative Coin according to the following metrics:
- Traceability – Verge is a project that has an entire infrastructure designed to ensure the anonymity of users by obfuscating the IP addresses of users, safeguarding the identity and the location of users.
- Security – Verge uses five different algorithms and robust security to ensure that the blockchain remains secure.
- Technology – Verge uses innovative technology including TOR Integration, I2P Integration, Electrum, TOR Android, Dual-Key Stealth Addressing, Atomic Swaps, RootStocks (RSK), Ring Signatures, Pendersen Commitment, Range Proofs
- Potential Investment – Verge XVG is set to increase significantly by 2026, which could give investors a return on investment of over 300%.
- Future Uses – Verge has several uses, like a secure payment network if additional features are added to place it ahead of competitors.
However, Verge is not a good Altcoin based on the following:
- Hacking – Verge suffered a 51% attack in 2018, and this could be repeated if hackers find more vulnerabilities and bugs in the code for the project
- Transaction Speed – Verge can only process between 5 to 10 transactions in a second. Projects are pushing over 50,000 transactions per second, such as the case with Solana.
- Price Stability – Verge is extremely volatile, with prices soaring and plummeting short- and long-term.
- Popularity – Verge is not very popular, and there are similar projects that rank higher on the alternative coin list.
What are the differences between Verge And Bitcoin?
Bitcoin was launched in 2009 with the idea of it becoming a medium of exchange. Bitcoin is the king of cryptocurrencies with a market capitalisation of over $1 trillion, and it is the most popular, secure, and most valuable digital asset in the cryptocurrency market.
Bitcoin has seen widespread adoption, and as of October 2021, more than 15,000 businesses around the world accept Bitcoin, including prominent companies such as Microsoft, AT&T, and many more.
Bitcoin is known for its high volatility, with prices well over $60,000 per coin. Bitcoin has also seen significant fluctuations in recent years, making some early investors.
Despite its volatility, Bitcoin is expected to have unprecedented appreciation and growth as the supply diminishes and investors and analysts are keeping a close eye on the price, which is expected to reach $100,000 in the future.
Verge is better being used as a payment network where completely untraceable transactions can be carried out, while Bitcoin is better suited as a medium of exchange and a store of value for generous return on investment.
|Price change 20/21||+$400%||+480%|
|Market Cap||$1.1 Trillion+||$394 million+|
|Past Hacks||None||51% Attack in 2018|
|Altcoin Rank||#1 – Original Crypto||#159|
What are the differences between Verge and Ethereum?
While Bitcoin is considered the gold of the cryptocurrency space where its investment potential is concerned, Ethereum is close on its heels.
Ethereum is the best alternative coin in the market in terms of market capitalisation, apart from being the first altcoin that emerged after Bitcoin.
Ethereum has extraordinary features and advanced and innovative capabilities. Ethereum was the first programmable blockchain ever created, and it was the first that introduced smart contracts to the world, allowing for the trustless self-execution of contracts once conditions have been met, canceling out the need for a facilitator for the contract.
With continuous advancements and additional facilities to Ethereum's existing infrastructure, the development team behind the altcoin giant are making it even more adaptable and interesting for users, making it the number one platform that developers use to create, launch, and run a wide range of smart contracts and DApps.
By the end of 2022, Ethereum plans to move away from its Proof-of-Work consensus mechanism to an eco-friendlier Proof-of-Stake that addresses environmental stability, scalability, and issues with volatility.
While Verge supports the sophisticated use of smart contracts, Ethereum is still the best platform where smart contracts and DApps can be built and launched, while Verge is better as a completely anonymous payment network.
|Price change 20/21||+880%||+480%|
|Market Cap||$500 Billion+||$394 million+|
|Past Hacks||None||51% Attack in 2018|
What are the differences between Verge and Dogecoin?
Verge was created in 2014 from a fork of Dogecoin, which was initially created as a joke. Dogecoin is an open-source cryptocurrency that is used as a medium of exchange, especially on social platforms such as Twitch and Reddit.
Dogecoin's price is driven by its community and the influence that prominent people such as Elon Musk have on it. Dogecoin is mining-based and uses the same Scrypt technology that Litecoin uses, meaning that DOGE is ASIC-resistant.
Dogecoin is better to tip content creators on different social platforms, while the Verge is a private network for payments and transactions where users cannot be traced.
|Price change 20/21||+7,300%||+480%|
|Market Cap||$35 Billion+||$394 million+|
|Past Hacks||None||51% Attack in 2018|
What are the differences between Verge and NEO?
NEO is a close competitor to Ethereum as a platform where smart contracts can be run and where various applications can be developed and executed.
NEO and Verge are not in competition as each platform serves different purposes. NEO is aiming to draw more developers from competing platforms such as Ethereum, Cardano, and Solana.
NEO is especially known for being the first of a few blockchain projects that are compliant with regulations. A key technology that separates NEO from other cryptocurrency projects is its “Digital Identity.”
NEO serves better as a programmable blockchain on which projects can be built, while Verge is best being used by those who do not want their particulars, such as their locations and identities, being disclosed on the public ledger.
|Price change 20/21||+160%||+480%|
|Market Cap||$3.1 billion+||$394 million+|
|Past Hacks||None||51% Attack in 2018|
What are the differences between Verge and NFTs?
Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Ripple, on the other hand, is fungible, which means that one XVG has the same value and characteristics as another XVG.
What are the differences between Verge and Solana?
Solana is well-known as an Ethereum-killer, and it is a popular programmable blockchain project. The most popular feature of Solana is that it can process up to 50,000 transactions per second faster than Bitcoin and Ethereum.
In addition to this, other technology that Solana uses that Verge does not incorporate include a proof-of-history consensus mechanism, Tower BFT, Turbine, Gulf Stream, and various other technologies that make it one of the best blockchain projects that can serve Decentralised Finance.
|Price change 20/21||+9,300%||+480%|
|Market Cap||$61 Billion+||$394 million+|
|Past Hacks||None||51% Attack in 2018|
What are the differences between Verge and Cardano?
Cardano is another Ethereum-killer that promises some of the best technological solutions that can be incorporated into daily life. Cardano allows users and developers to create smart contracts, different DApps, and tokens by using a wide range of coding languages.
Cardano is one of the most popular projects in the crypto space, and it is completely transparent and decentralised. Verge is better used as a payment solution that promises complete anonymity.
|Price change 20/21||+2,100%||+480%|
|Market Cap||$65 Billion+||$394 million+|
|Past Hacks||None||51% Attack in 2018|
Why is Verge not listed by Coinbase?
Coinbase is a popular and secure cryptocurrency exchange trading platform where users can buy, sell and store more than 50 cryptocurrencies.
Verge is not listed with Coinbase because the exchange provides market information as well as a description for cryptocurrencies according to their market capitalisation.
Verge is not available because its market capitalisation is too low to be listed.
What will happen when the maximum supply of Verge is reached?
When Verge reaches the maximum supply of 16.5 billion XVG, there will no longer be coins that can be mined, and all tokens will be in circulation.
This means that the demand for XVG can either increase because it is rare, or it can decrease because all the coins have already been mined and are circulating in the open market.
Is it safer to use Verge for everyday purchases than using conventional payment methods?
Yes, Verge is safer to use than traditional payment methods. Verge is perfect for everyday use because the network offers some of the best features that are secure and effective.
Verge network allows for quick, safe, secure, and anonymous payments, making it perfect for everyday use.
With other conventional payment methods, users can be traced because they must surrender details such as their residential address and identity in a KYC process to verify them.
However, Verge offers robust technology that ensures that the location, IP addresses, and the identity of the user are completely anonymous, making it so much more secure than conventional payment methods.
Apart from the unique and powerful security features and measures that Verge uses, users can further ensure safe transactions when they use a native Verge wallet.