Verge is a privacy-focused cryptocurrency that aims to keep anonymous and untraceable transactions. The project is entirely open source and driven by the community, in fact there is no company or foundation behind this digital currency.
The coin was initially known as DogeCoinDark and in February 2016, wanting to distance itself from both the Doge meme and the “dark” connotation, DogeCoinDark was renamed to Verge. This digital currency is entering the crowded race to be the most important currency in terms of privacy.
How does Verge work?
This cryptocurrency differs from others thanks to the Wraith Protocol technology; technology that allows the user to easily switch from public registers to private registers on Verge’s blockchain technology. For the first time users are now free to choose the registry they wish to use.
In circumstances where transparency is required, the Wraith Protocol will be deactivated allowing the display of transaction data on the public ledger. Moreover, it provides a total obfuscation of IP addresses in both cases, thanks to the most advanced version of TOR integrated into the Core Wallet. In combination with the Wraith protocol, Verge will be one of the few truly untraceable cryptocurrencies.
Wallet and anonymity
Verge uses electrum wallet solution, as it is the only one that offers native support for Tor and i2p, for single and multiple signatures. Electrum wallets offer three key features:
- Generation of keys that allow users to recover a lost wallet
- Transactions signed locally in which the private keys are not shared with the server
- Freedom and privacy that allow users to export their private keys
- Wallets are based on packages that dynamically avoid network congestion, thus offering a higher level of reliability.
The symbolic currency of Verge
Verge uses the Electrum portfolio originally designed for Bitcoin. This portfolio supports Tor and I2P integration and also enables secure offline storage of tokens. When you need to send XVG you can sign the transaction with the private key offline.
According to the data provided by Coinmarketcap.com , XVG price is now around 0.0807 dollars, showing a plus 2,5 % in the last 24 hours.