YES there is another cyber cash on the block, and it is growing fast.
Meet the speedy, anonymous Verge, and find out how to get in on the action.
Verge Currency/ Vergecoin 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.
Our mission is to empower people around the world by bringing blockchain transactions into everyday life.
Verge currency makes it possible to engage in direct transactions quickly, efficiently and privately. With Verge currency, businesses and individuals have flexible options for sending and receiving payments.
With the flip of a switch, we offer helpful integrations and tools that enable them to handle large scale transactions between merchants and small scale private payments.
What is XVG?
Verge is a fast-rising cryptocurrency which aims to make transactions completely anonymous.
Created in 2014 under the name DogeCoinDark, it was rebranded to Verge Currency last year.
The currency is virtually untraceable and the users of Verge can make instant anonymous transactions.
This is achieved through using highly advanced blockchain technology built on top of services such as Tor and I2P that hides your personal data, such as IP-addresses and geolocation.
The currency also differs to other cryptocurrencies through being a 100 per cent open source project, with all members of the community able to give full input into any decisions made about future changes.
It’s also meant to be very fast, and by using ‘Simple Payment Verification’ (SPV) technology confirmation times are kept to around five seconds on average.
The following was taken from Vergecoin’s (BlackPaper)
Vergecoin and the TOR Integration
Tor, derived from an acronym for the original software project name “The Onion Router” is an IP obfuscation service which enables anonymous communication across a layered circuit based network.
The relay then rewraps the package in a new wrapper and sends it on.The Final relay decrypts the innermost layer of encryption and sends the original data to its destination without revealing, or even knowing, the source IP address.
Because the routing of communication is partly concealed at every hop in the Tor circuit, this method eliminates any single point at which the communicating peers can be determined through network surveillance that relies upon knowing its source and destination.
Vergecoin and the I2P Integration
I2P was originally built to provide hidden services which allow people to host servers at unknown locations.
I2p provides many of the same benefits that Tor does. Both allow anonymous access to online content, make use of a P2P-style routing structure, and both operate using layered encryption.
However, I2P was designed to be a “network within the internet”, with traffic staying contained in its borders.
I2P performs packet based routing as opposed to Tor’s circuit based routing. This provides the benefit of permitting I2P to dynamically route around congestion and service interruptions in a manner similar to the internet’s IP routing. This provides a higher level of reliability and redundancy to the network itself.
Rather than relying on a centralized set of directory servers, like Tor, I2P uses two distributed hash tables to coordinate the state of the network.
Distributed hash tables or DHTs are a distributed and often decentralized mechanism for associating hash values with content.
The primary advantage to DHT’s are their scalability.
A successful decentralized P2P network requires good scalability of its services to ensure the size of content or transaction sharing can continue to grow as required.
Additionally I2P does not rely on a trusted directory service to get route information. Instead, network routes are formed and constantly updated dynamically, with each router constantly evaluating other routers.
Lastly, I2P establishes two independent simplex tunnels for traffic to traverse the network to and from each host as opposed to Tor’s formation of a single duplex circuit.
What’s the price of Verge and how do you buy it?
In December, Verge enjoyed an astronomical rise, its value soaring from just $0.006 to a high of around $0.23.
It has tailed off, and today it is priced at $0.08.
Anyone with an Android device can take Verge on the go and send or receive coins with their mobile Verge wallet app.
What are some of the risks of buying Vergecoin?
Anyone thinking of investing in Bitcoin or another cryptocurrency should be very careful.
Their values are volatile, with the ability to plummet as quickly as they shoot up.
And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.
Be especially careful if you are using direct, peer-to-peer platforms to sell and buy cryptocurrencies.
These are the equivalent of something like Gumtree for Bitcoin – you never know who you might be dealing with.
Is this Vergecoin as valuable as Bitcoin?
The cybercash is still a long way off being as valuable as Bitcoin, and is currently worth a tiny fraction of one per cent of a Bitcoin.
That said, if the new cryptocurrency continues to take off it could give its big brother a run for its money.
Like Bitcoin, Verge is capped – but at a lofty 16.5billion XVG.
There are far fewer Bitcoins in circulation – capped at 21million – which goes some way to explaining the vast difference in demand.
On the Verge website, they say the number is this high in order to “allow for convenient payment amounts in everyday use”.