Good afternoon fellow Steemians!
In this blog I would like to talk about Verge currency, or XVG. This coin, similar to Dash and PIVX is focused on privacy. Now we must ask ourselves, why should we look into another coin that offer the same thing as other coins that are well above it in the coin market cap?
If you take a moment to read "the black paper" (another curious detail about Verge), it's states that Verge ensures that all transactions are fully secure and truly anonymous. Question is what makes it stand out from the other cryptos that are already doing this?
Verge uses the Tor network, which helps defend against traffic analysis, a form or network surveillance that threatens personal freedom and privacy. Tor protects you by bouncing your communications around a distributed network of relays run by volunteers all around the world. It prevents somebody watching your internet connection from learning what sites you visit, and it prevents the sites you visit from learning your physical location. As a result, Verge users can comfortably send and receive transactions of Verge over the internet with the assurance that the currency trail is virtually untraceable by attackers, government agencies or anyone else for that matter. You can send and receive funds almost instantly, without the slow conformation times of Bitcoin.
It also uses i2P network, a garlic routing using overlay network and darknet that allows applications to send messages to each other pseudonymously and securely. Uses include anonymous web surfing, chatting, blogging and file transfer.
All of this is provided by the Verge-Electrum wallets. One is stored on your primary computer, the other on your smartphone, the funds cannot be spent without a signature from both devices. Thus, an attacker would must gain access to both devices in order to steal your funds. Here are a few key features from the electrum wallet:
If you lose your wallet, you can recover it from it's seed, You are protected from your own mistakes. Much like the ledger nano s hardware wallet.
Your private keys are not shared with the server. You do not have to trust the server with your money.
The Verge-Electrum wallet does not store user accounts. You are not tied to particular server, and the server does not need to know you. As matter of fact, the XVG and i2P servers do not even get an ip address from the client. You can also export your private keys, meaning you own your address.
If you go to the XVG website, you will see that they have recently completely redesigned their website, making it look more professional. Have a look at vergecurrency.com. I've had my eyes on Verge for a few months now, but it's only had a significant move early June where we saw quite the rise in the chart. If you take a look at the chart right now you will see that it's in consolidation mode and I expect a break out very soon. During the month of July we should see quite the move from Verge, as we will see several new features being added, something I'm really looking forward to. Some of these features are:
2P/TOR Android Wallets
Android Wallet for Anon transactions ONLY!New Core Wallet Release
Add new features including coin control, RingCT, update libraries (openssl, boost, etc)RSK smart contracts
They are in testnet for bitcoin now. Date revolves around this timeline.Wallet UI overhaul
Merchandise Online Store
Verge Merchandise shop will have tshirts/apparel that can be purchased with XVG and BTC.
So yes, July should be a good month for Verge. But like always guys, do your own due diligence before investing in this crypto currency. Currently sitting at 115 sats, you can get a good chunk of the coins for very little money. But never forget, don't invest what you can't afford to lose. You can always follow up on what the developers are doing on slack, bitcointalk, telegram and twitter. They even have their own radio station, another detail I like very much!
Once again, thank you for taking the time to read and please hit me up with an upvote if you have found value in this post. Enjoy the rest of the weekend!