Cryptocurrencies are intangible digital currencies. The main feature of cruptocurrencies is a Blockchain. The blockchain is a greatest technological achievement of Bitcoin. It is a distributed ledger that provides anonymity to anyone using it.
The blockchain is “anonymous”. No one knows who owns a Bitcoin address, but is Bitcoin really private? Well not exactly!
Even though the Blockchain allows you to become anonymous, your IP address can be tracked through the connected nodes to a peer-to-peer network. Seeing your IP address means that, though they don’t know who owns the Bitcoin address, someone can see that you connected.
In this article, we are going to take a look at one of the favorite privacy based coin Verge (XVG).
What is Verge?
Verge is a decentralized cryptocurrency like Bitcoin, Ethereum, and many other altcoins. The entire Verge codebase is open source. It is secure and anonymous cryptocurrency, built with a focus on privacy.
Verge implements highly advanced blockchain technology built on top of services such as Tor and I2P that hides your personal data, such as IP-addresses and Geo-location.
Verge was introduced as DogeCoinDark back in 2014 which makes verge one of the older anonymous coins, The goal was to be a fun anonymous digital currency, in February 2016 it was re-branded to become Verge (XVG).
“Verge 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.”
Bitcoin vs Verge
Verge is an improved version of Bitcoin. Bitcoin has 10 minutes of block-time, where Verge’s only 30 seconds. Verge supports 100 transactions per second, Where bitcoin can only support 7 transactions per second.
The total supply of Verge is 16.5 billion coins, compared to bitcoin’s 21 million. Verge also supports the number of different proof of work algorithms. Which means a Verge can mined using any hardware such as CPU, GPU or ASIC chips. Allowing anyone to mine Verge.
How Does Verge work?
Verge is everything about privacy. Whenever you connect to the Verge network, you do so over TOR or I2P. Verge ensures that the TOR and I2P networks are always up and running. While transacting using Verg’s Electrum clients Both TOR and I2P can be used to make the transaction anonymously. Which means no one can track the IP address which is connected to the server.
Image by EFF
TOR is a worldwide network of servers that lets people browse the internet anonymously. When you browse the internet through TOR, your request is bounced between number of different servers, each one obscuring the original source of the request. There’s no way for someone outside of the TOR network to know where the request originally came from, so it can’t be traced back to you.
Verge Electrum wallet offers multi-signature support. Which means more than one key is used to authorize the transaction.
What makes Verge unique?
Similar to Verge Monero, Zcash, Dash are also privacy-based cryptocurrencies. But here is what makes Verge so special.
The TOR and I2P networks make Verge transactions completely untraceable.
Verge is an open source project powered by its thousands of community members.
The 30-second block size makes Verge transactions ultra-fast. Thanks to Simple Payment Verification (SPV) technology which allows average transaction confirmation times to drop to ~5 seconds.
Verge have fixed maximum coin supply of 16.5 billion.
Verge did not offer ICO, nor they have pre-mine.
Verge offers secure wallet application for every platform, Both desktop, and mobile.
Verge is a decentralized crypto currency.
The development team is active and always in close contact with the community. You can easily reach the main developers for support or new ideas about Verge.
Multi-Algorithm Support
Verge supports five different proof-of-work algorithms, Scrypt, x17, groestl, blake2s, and lyra2rev2. Some of which work best on CPUs, some on GPUs, and some on ASIC chips, meaning that anyone is able to mine Verge.
Smart Contracts
Verge is also working on implementing Smart Contracts by way of a RSK. The Smart Contracts will operate on a side-chain pagged to Verge, meaning that executing the smart contracts will happen indepenently of Verge and won’t congest the network, but will still rely on the Verge blockchain to settle accounts.
Wraith Protocol
Wraith protocol is an optional security layer. Wraith protocol allows you to make Verge transactions either Public or Private.Even though Verge using TOR and I2p network to provide you complete privacy. TOR network does not hide your wallet address. It can still able seen in the public ledger.Wraith protocol allows you to make a private transaction that can only be seen by you and recipient. When you turn on the wraith protocol it generates the one-time stealth address which are one-time-use address that cannot be publicly linked to your primary Verge addresses.
How to Buy Verge?Vergecoin logo cryptocurrency
Unfortunately, Verge isn’t as easy to purchase as Bitcoin. You can’t buy Verge with a credit card, so you’ll have to use one of the cryptocurrency exchanges to buy Verge using Bitcoin. Number of exchanges offers Verge (XVG).
Bittrex
Binance : https://www.binance.com/?ref=12100810
HitBtc : https://hitbtc.com/?ref_id=5a33b8f5649da
Changelly etc : https://changelly.com/?ref_id=d967dd3b65dc
Buy Bitcoin at Coinbase
To start, if you haven’t already, head over to Coinbase and sign up. Coinbase will let you use a credit card to buy bitcoin, which is what you’ll be using to purchase Verge.
Buy Bitcoin (BTC) From Coinbase
Sell Bitcoin for Verge(XVG) at Binance
After you’ve purchased Bitcoin, you’ll need to sign up for a cryptocurrency exchange – we recommend Binance. It’s fairly easy to use, has good up-time, and is responsive to customer issues. After you’ve signed up, you’ll send the Bitcoin from Coinbase to Binance. Head to the Binance deposit page, find BTC in the list, and click on the Deposit button to get your deposit address. Put that address into the field on Coinbase that lets you send Bitcoin.
After your deposit arrives on Binance, you’ll be able to head to the Binance Verge/XVG market where you can Buy XVG (the Verge currency symbol) using the Bitcoin you deposited.
Buy Verge (XVG) From Binance
How to Mine Verge?
Verge Supports Multiple algorithms. You can mine Verge using any hardware, Such as CPU, GPU (AMD or NVIDIA), and ASCI as well.
If you are looking for mining Verge, Here is the mining guide for Profitable Verge Mining Rig build.
I am currently mining Verge on same mining rig with a monthly profit of ~$700. ~5000 Verge (XVG) coins per month.
Verge network uses dynamic difficulty adjustment for each algorithm, so ASIC miners are not extremely powerful in case of Verge. Even a small GPU rig can outperform an ASIC miner if you choose the best algorithm for it.
Use Blake2s algorithm for Nvidia GPU. Multi-algorithm miner like ccminer would be great for NVIDIA.
Use X17 or Lyra2rev2 algorithm for AMD GPU. Sgminer is the best miner for AMD GPU. It supports multi-algorithms.
Verge Mining Rig Gude : https://cryptocointek.com/profitable-zcash-mining-rig-2018/
Even though the mining rig guide says that it is for mining Zcash. You can use it to mine Verge XVG and you can get hash rates of 461500.0 Kh/s running on Verge-Lyra2REv2 (XVG). Profit of $1,483.77 per month.
For a full list of XVG mining pools head over to this page – Vergecurrency Pool.
Original post : http://cryptocointek.com
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