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About Verge
Key Points
- Verge is a privacy-focused cryptocurrency and blockchain.
- Launched in 2014 as DogeCoinDark, renamed Verge in 2016.
- Founded by Justin Valo, a developer with 20+ years of experience in network security.
- Verge has a total maximum supply of 16.5 billion XVG.
- The cryptocurrency did not have an initial coin offering, nor was there any premining of tokens.
- Verge undergoes a periodic halving event that reduces the amount of XVG miners receive as a block reward by 50%.
- The Verge network is secured through a proof-of-work consensus algorithm
About Verge: Empowering Privacy and Freedom
Introducing Verge (XVG): A Cutting-Edge Cryptocurrency
Verge is a pioneering privacy-centric cryptocurrency and blockchain, designed to deliver a swift, efficient, and decentralized payment network that builds upon the foundational principles of the original Bitcoin (BTC) blockchain. Notably, it incorporates advanced privacy features, including the seamless integration of the anonymity network Tor into its wallet, dubbed vergePay, and the option to transmit transactions to stealth addresses, thereby ensuring an unprecedented level of confidentiality.
The project proudly asserts its community-driven ethos, fueled by the dedication of volunteers and firmly rooted in the principles of open-source development.
Verge, initially launched in October 2014 as DogeCoinDark, a fork of Peercoin (PPC), underwent a significant transformation in February 2016. It was rebranded as Verge, a strategic move aimed at facilitating broader mass-market adoption and distinguishing itself from Dogecoin (DOGE), with which it shares no direct affiliation. Currently, the project is built upon the Bitcoin source code.
The Visionaries Behind Verge: Unveiling the Founders
Verge, a pioneering cryptocurrency, was launched in 2016 by Justin Valo, alias “Justin Vendetta” or “Sunerok,” a seasoned developer with an impressive track record of over 20 years in network security and nearly a decade in blockchain technology. Initially conceived as a passion project, Verge aimed to empower individuals worldwide with a greater sense of privacy, born out of a desire to create a more secure and private digital experience.
Valo, a self-taught programmer since the tender age of 8, ventured into network administration after completing high school, where he landed a coveted role at a prestigious Fortune 500 company. Following a few years of industry experience, he took the entrepreneurial leap, establishing his own network security firm.
Valo’s fascination with Bitcoin began in 2011, and later, he became enamored with Dogecoin following its launch in late 2013. However, he soon turned his attention to developing Verge, driven by his conviction that the existing altcoins were falling short as functional digital currencies. Moreover, he believed that the only other serious privacy-focused coin projects, namely Bytecoin (BCN) and Monero (XMR), were inadequate.
In 2017, Valo was esteemed with an appointment to the advisory board of TokenPay (TPAY), a pioneering cryptocurrency renowned for its stringent focus on privacy.
Unveiling the Uniqueness of Verge
According to its “blackpaper,” Verge was conceived as a means to realize Bitcoin founder Satoshi Nakamoto’s vision of a decentralized, trustless electronic payment system, while also offering enhanced privacy features that surpass those available with Bitcoin.
To achieve this objective, Verge employs a range of pivotal privacy features. Notably, it automatically channels all traffic to and from its vergePay wallet through the Tor network, thereby anonymizing the traffic and concealing IP addresses. Furthermore, it offers dual-key stealth addressing, which enables senders to generate one-time wallet addresses on behalf of recipients, thereby safeguarding the recipients’ privacy. Additionally, it leverages atomic swaps to facilitate trustless, peer-to-peer cross-blockchain transactions.
Verge strives for widespread acceptance, and to this end, the Verge Core team actively cultivates strategic partnerships to amplify its visibility and utilization. Notable collaborations include sponsorships with professional athletes, as well as partnerships with innovative platforms such as MobiePay, a comprehensive payments and rewards ecosystem, MeconCash, a pioneering crypto payments platform and ATM provider, and Crazy8Token, a blockchain-based online gaming platform, among others.
The Verge Core team frequently leverages crowdfunding and community backing to fuel scaling, marketing, and partnership pursuits. Notably, in April 2018, the project secured 75 million XVG (approximately $7 million at the time) to offset the costs associated with integrating with a prominent payments processor.
The Circulating Supply of Verge (XVG) Coins: A Closer Look
The total maximum supply of Verge is capped at a staggering 16.5 billion XVG. According to Verge, this deliberately high supply ceiling is designed to maintain a low token value, thereby facilitating seamless transactions without the need for fractional payments. Furthermore, this approach also serves as a safeguard against any individual or entity accumulating a large number of XVG, which could potentially be used to manipulate market dynamics.
The cryptocurrency did not undergo an initial coin offering, nor was there any pre-mining of tokens. Consequently, the Verge development team asserts that it does not possess a substantial amount of XVG. Instead, all currently circulating XVG was introduced through the Verge blockchain’s proof-of-work mining process, which is multialgorithmic and supports a diverse range of algorithms, including Scrypt, X17, Lyra2rev2, Myr-groestl, and Blake2s.
Verge is subject to a periodic halving event, whereby the block reward allocated to XVG miners is reduced by 50%. According to the current emission schedule, this reward halving occurs every 500,000 blocks.
The Verge Network’s Security Mechanisms: A Robust Defense
The Verge network is fortified by a proof-of-work consensus algorithm, akin to that of Bitcoin, upon which Verge’s code is founded. A minimum of 51% of all full nodes within the network must concur that a transaction is legitimate in order for it to be incorporated into the blockchain, and new blocks are generated through the mining process, wherein users engage in a competitive endeavour to resolve intricate, energy-intensive problems. Notably, unlike Bitcoin, Verge accommodates five distinct mining algorithms, thereby rendering the network more secure, as a broader range of participants are empowered to partake in the mining process, according to the development team.
In April 2018, Verge’s network fell prey to a malicious attack that leveraged an exploit tied to the Scrypt mining algorithm, resulting in the instigation of a staggering 20 million XVG. In response to this security breach, the project undertook a hard fork to rectify the issue. Although the incident was widely misattributed as a 51% attack, founder and lead developer Valo clarified that it was, in fact, a timewarp attack, a sophisticated maneuver involving the manipulation of block timestamps to artificially reduce mining difficulty.
Where to Acquire Verge (XVG): A Comprehensive Guide
Verge (XVG) is accessible for purchase on a multitude of prominent exchanges, including Binance, HitBTC, Bittrex, and Huobi Global. It can be traded against a diverse range of fiat currencies, such as the U.S. dollar and the euro, as well as prominent cryptocurrencies like Bitcoin and Ether (ETH), and the stablecoin Tether (USDT).
Are you considering investing in XVG or exploring other prominent cryptocurrencies like Bitcoin? CoinMarketCap offers a straightforward, easy-to-follow guide that will walk you through the world of crypto and help you acquire your first digital assets.
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