Verge
$0.002508
4.6%(24h)30d
Today
4.6%
30 Days
18.7%
Price Change (24h)
$0.000109
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4.6%
30 Days
18.7%
Price Change (24h)
$0.000109
Price: $0.002508 · Virtual USD only
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XVG
0.03
Verge is a privacy-focused cryptocurrency and blockchain improving upon Bitcoin's foundational design through enhanced privacy features and decentralized payment networks. The project integrates the anonymity network Tor into its vergePay wallet and offers stealth address transactions. Community-driven and volunteer-supported, Verge prioritizes open-source development. Originally launched in October 2014 as DogeCoinDark (a Peercoin fork), it rebranded as Verge in February 2016 to broaden mass-market appeal and distance itself from Dogecoin with which it shares no connection. The platform now builds on Bitcoin source code.
Justin Valo (known as Justin Vendetta or Sunerok) founded Verge in 2016 with 20+ years network security experience and nearly a decade blockchain expertise. Initially a passion project, Valo coded since age 8 and transitioned to network administration after high school at a Fortune 500 company before starting his own network security firm. Interested in Bitcoin since 2011, Valo later engaged with Dogecoin post-launch. He created Verge believing existing altcoins lacked adequate digital currency functionality and that existing privacy projects (Bytecoin and Monero) remained insufficient. In 2017, Valo joined TokenPay's advisory board as lead developer.
According to its "blackpaper," Verge was created as a way to fulfill Bitcoin founder Satoshi Nakamoto's vision of a decentralized, trustless electronic payment system while also providing more privacy than is available with Bitcoin. In order to accomplish this goal, Verge relies on a series of key privacy features. It automatically routes all traffic to and from its vergePay wallet through the Tor network, anonymizing the traffic and masking IP addresses. It also offers dual-key stealth addressing, through which senders can create one-time wallet addresses on behalf of recipients to help protect the recipients' privacy, as well as using atomic swaps to power trustless peer-to-peer cross-blockchain transactions. Verge seeks mainstream adoption, and as such, the Verge Core team pursues strategic partnerships to increase its awareness and use. It sponsors professional athletes and has partnered with platforms such as payments and rewards ecosystem MobiePay, crypto payments platform and ATM provider MeconCash, and blockchain-based online gambling platform Crazy8Token, among others. The Verge Core team often relies on crowdfunding and community support to be able to scale, market and pursue partnerships. In April 2018, the project raised 75 million XVG (approximately $7 million at the time) to cover the costs of integrating with a major payments processor.
Verge has a 16.5 billion XVG maximum supply cap, intentionally high to keep individual token values low (avoiding fractional payments) and prevent single-actor market manipulation. No ICO occurred and no premining happened, so the development team holds minimal XVG. All circulating XVG originated through proof-of-work mining via multialgorithmic processes supporting Scrypt, X17, Lyra2rev2, Myr-groestl, and Blake2s. Periodic halving events cut miner block rewards by 50% every 500,000 blocks.
The Verge network is secured through a proof-of-work consensus algorithm similar to that of Bitcoin, on which Verge's code is based. At least 51% of all full nodes in the network must agree that a transaction is valid in order for it to be added to the blockchain, and new blocks are created through the mining process, in which users compete among one another to solve complex, energy-intensive problems. However, unlike Bitcoin, Verge supports five different mining algorithms. According to the development team, this makes the network more secure, as more people are able to participate in the mining process. In April 2018, Verge suffered an attack on its network that used an exploit related to the Scrypt mining algorithm to instamine a reported 20 million XVG. In response, the project initiated a hard fork to patch the issue. While it was widely referred to as a 51% attack, founder and lead developer Valo denied this, saying it was actually a timewarp attack, which involves manipulating block timestamps in order to reduce mining difficulty.
XVG is available to purchase on many exchanges including Binance, HitBTC, Bittrex and Huobi Global. It can be traded against fiat currencies such as the U.S. dollar and the euro, cryptocurrencies such as Bitcoin and Ether (ETH), and the stablecoin Tether (USDT) Are you interested in buying XVG or other cryptocurrencies such as Bitcoin? CoinMarketCap has a simple, step-by-step guide to teach you all about crypto and how to buy your first coins.
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