The main purpose of cryptocurrencies is to provide privacy and anonymity during transactions, but as the market grows bigger, it is become increasingly difficult to do this. The biggest crypto platforms are scampering to shore up security and ensure user data remain hidden from prying eyes, but nothing beats a fresh start. Verge is offering users this fresh start, a platform with layers upon layers of security that ensures that they remain completely anonymous and their transactions, untraceable.
Here’s everything you need to know about the burgeoning privacy coin:
When cryptocurrencies—read, Bitcoin—came onto the world stage, their foremost message, the message they wanted everyone to hear was: our network is decentralized, our transactions are completely anonymous, and our system is not the trust-based. That was 8/9 years ago. Today, the Bitcoin network has grown to become everything it criticised. Yes, the Bitcoin platform is still the same as it always was, but the businesses and services built around it are trust-based, centralized and identifiable; this compromises the crypto and its users. For example, in 2016, a United States Federal Court instructed Coinbase to release the identity of over 14,000 Bitcoin wallet owners to the IRS. If this can be done, where is the anonymity that Bitcoin promises?
The Verge platform adopts the best parts of Bitcoin’s blockchain while addressing the crypto giant’s major flaws. The end result is a network that has nearly all of Bitcoin’s advantages along with pronounced emphasis on privacy and anonymity. With Verge, all transactions are public, but that is the extent of the public—or government’s access. By protecting peer-to-peer and business-to-business transactions with Tor and I2P integration, payments on the Verge network are visible, but the IP addresses of the participants are not. that way, even if Verge—or services that use the currency—were ordered to provide user information, they cannot. Simply because they do not have it.
In addition to this, the Verge network settles payments within seconds, addressing another major flaw of Bitcoin’s.
Unlike most new cryptocurrency platforms, Verge doesn’t have a company behind it. Rather, it has a strong community of developers and investors. Verge was founded in 2014 by Sunerok (most likely a screen name/nickname), and he is still the Lead Core Developer. According to a release by Verge, he has over 20 years’ experience in network security and over 6 years of blockchain experience.
With him on the Verge leadership team is Cryptorekt (screen name/nickname), the crypto’s Chief Marketing Officer. He is a Senior Systems Engineer at Cisco and has over 9 years’ experience in the crypto scene.
They are joined on the team by other very hardworking and experienced developers and market specialists.
The cryptocurrency market as a whole is in the ascendancy and has a total market cap in excess of $660 billion (as at early-January 2018). Verge only has a tiny portion (~0.3%) of the total, so there is ample room for the cryptocurrency to grow. It is also encouraging to note that Verge’s use case means that their target market is the millions of people that use Bitcoin, Litecoin, Dash, Monero, etc. It is never a bad idea to have such a densely-populated target market.
As mentioned above, Verge is in direct competition with some of the biggest boys in the cryptocurrency market. These platforms already have more users, bigger communities, and a much bigger market segment than Verge, so the company has a lot of work to do as regards carving out a sizable part of the privacy market. However, Verge can draw some confidence from the fact that few of the other privacy-focused coins promise the level of privacy that Verge does on a public blockchain. Furthermore, Verge can handle more transactions per second, has a faster settling time, and guarantees privacy even on mobile transactions; more advantages.
Additionally, in response to advancements being made by their competitors, Verge is in the process of implementing Wraith Protocol, giving users the option between having their transactions on a public blockchain, or on a private one. If successful, Verge would be the first cryptocurrency to accomplish this.
By providing a digital currency platform where the IP address of its users are impossible to track, Verge is taking privacy and anonymity in cryptocurrencies to the next level. For now, the platform is a new entrant to the privacy coin scene, but the release of Wraith Protocol may be the game-changer for them. With Wraith, Verge would have a platform that combines the best features of their rivals’ technologies. They would have a coin that shields its users completely from monitoring, and it is only a matter of time before they take even more users from the big boys.
Verge’s token, XVG, was one of the biggest cryptocurrency gainers in 2017 with a return of over 860,000%. As a result, all original investors have definitely seen huge returns (original investment—as at Jan. 1 2017—multiplied by ~8600).
Verge is open-source and they have a GitHub page where their code and smart contracts can be accessed. They also have a very active community on Facebook, Twitter, Slack, Telegram, Reddit, and other social media platforms.
Likelihood of Critical Mass
Verge does not have enough users on its platform to guarantee self-sustainable growth. Does it have the potential to do so? Maybe. However, the fact that it is in direct competition with more notable cryptocurrency companies (who have also not reached critical mass) is a concern. It may be years before Verge achieves critical mass.
In conclusion, Verge promises some sound technological solutions to the issue of privacy and anonymity when transacting in cryptocurrencies. However, many more companies promise the same—or something similar, and while Verge’s tech may have some advantages over theirs, the crypto still has a long way to go.
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Disclaimer: The information contained herein is not intended to be a source of advice and the information and/or documents contained in this website do not constitute investment advice.