Verge (cryptocurrency)

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Verge logo.svg
Verge Logo
ISO 4217
Code XVG
Date of introduction 2014; 5 years ago (2014)
User(s) Worldwide

Verge is a decentralized open-source cryptocurrency that offers anonymous transactions by obfuscating the IP address and geolocation of its users so that they are untraceable using technology including Tor and I2P[1]. It trades under the symbol XVG.

Verge Currency is a cryptocurrency designed for everyday use. It improves upon the original Bitcoin blockchain and aims to fulfill its initial purpose of providing individuals and businesses with a fast, efficient and decentralized way of making direct transactions while maintaining personal privacy.

Originally named DogeCoinDark when it was created in 2014, it was rebranded Verge Currency in 2016.[1]

The price of Verge skyrocketed from under $0.01 to $0.28 in a matter of days in late December 2017.[2]

Privacy[edit | edit source]

Verge has a transparent ledger that allows anyone to view all of its transactions, but protects user identities and locations by integrating both Tor and I2P to not expose IP addresses. As for the specifics of how Verge offers that anonymity, it’s an open source project that leverages Tor, which hides your IP address by encrypting your traffic and bouncing it through a chain of computers around the world, and I2P, which differs in practice but offers the same broad strokes peer-to-peer routing. And using the so-called Wraith Protocol, Verge users can make either public or private blockchain transactions.[3]

Wraith Protocol[edit | edit source]

Verge has adopted a different approach as compared to others to become private and anonymous.

Unlike its many peers, it doesn’t use cryptography as much to become an anonymous cryptocurrency. Instead, they use Tor and I2P network to achieve their goals.

It is so because they believe that an open ledger is something that is required by the users to verify and see where their transactions are getting received/used. They also have some other unique features such as atomic swaps or fast transactions and some of them are listed in the below infographic.[1]

Partnership with MindGeek[edit | edit source]

Verge announced partnership with the adult entertainment giant MindGeek on April 17, 2018. This partnership was one of the largest cryptocurrency adoption cases by an industry to date. Pornhub the number one adult entertainment website in the world along with MindGeek's other top platform Brazzers began accepting Verge cryptocurrency payments. Verge's focus on providing user anonymity and the platforms user's specific demands were said to be the reasons for the integration of only verge on to the platforms as a payment method.

References[edit | edit source]

  1. 1.0 1.1 1.2 Emsley, Jonnie Emsley (2008-04-01). "Introduction to Verge". CryptoSlate. 
  2. Russo, Camilla (2017-12-20). "Bitcoin's Smaller Cousins Lead the Crypto Rally". Bloomberg Technology. 
  3. Barret, Brian (2018-04-18). "the world's biggest porn site now accepts cryptocurrency". Wired. 

Additional Sources[edit | edit source]