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Verge (XVG) Cryptocurrency
About this guide: Our Verge guide will tell you everything you need to know to get started. We’ll explain what Verge is, what it does and offer our insights on the project. As always, we do urge caution before making any cryptocurrency investments and encourage you to do your own research.
What Is Verge?
Put simply, Verge is all about keeping users anonymous and protecting their privacy. Yes, the XVG coin is a completely anonymous store and transfer of value (like Bitcoin). But the Verge project also offers other privacy solutions like a privacy focused payment platform, anonymous wallets and a private instant messaging solution.
The XVG Tech
Privacy coins like Verge do what they say on the tin. However, it is wise to have a basic understanding of how Verge works and what makes it anonymous. We’ll go over the main points in a simple and straightforward way.
The Wraith Protocol – Keeping Transaction Records Anonymous
Usually, cryptocurrency transactions are recorded either on a private or public ledger. The Bitcoin public ledger shows every single Bitcoin transaction ever made and can be accessible by anyone. Bitcoin transactions are not as anonymous as you think, there are many ways to match up Bitcoin address to people (think of the times you have sent in your ID to verify account on a cryptocurrency exchange).
The Wraith Protocol makes it possible for a XVG user to decide if the transaction should be recorded on a private or public ledger, whilst still remaining anonymous.
What this means in practice is that users can either choose for their transactions to be either viewable on the blockchain or opt for them to vanish. Even if the transaction is viewable publicly, the Wraith Protocol ensures that it cannot be traced back to anyone.
How XVG Keeps Transactions Private
As a transaction is sent, there are two main ways to identify the participants of the exchange. The first is through the IP address of the send and receiver. The second is through intercepting the transaction data packets being transferred over the internet (this is required for one wallet to be credited and the other debited).
Verge has been able to solve both these problems:
XVG has Tor integration. In a nutshell, Tor is used to obscure the IP addresses of the sender and receiver of the transaction.
Is a data transmission network. XVG has integrated with I2P as it obscures all Verge data being sent over the network.
Stealth Addressing: What is It?
XVG further protects a users privacy by obscuring any audit trail. The way Bitcoin can be tracked, is through looking at the transactions between wallets. Verge solve this issue by the use of Stealth Addressing. This enables a sender to create an unlimited number of one use destination addresses for the recipient, this means no link can be made between the sender and recipient. Only the recipient can gain access to the new address and spend the funds.
The key points:
- Stealth addresses cannot be linked to the original public address.
- Stealth addresses cannot be linked to each other, as they are used only once.
- Only the individual Verge user knows which payments they have received and processed.
- Only the recipient can gain access and spend funds in a Stealth Address.
VISP: Private Instant Messaging
In addition to the payment platform, Verge also has a private instant messaging system called VISP. Each user on the messaging platform has their public key. A user can only send a message to another user if they have the recipients public key, meaning that it is impossible to receive unwanted messages.
Each message is signed with the public keys they were sent with. This means that you can check that the person messaging you, is who you think they are. Verge Stealth Address is used in this encrypted chat service, so only the recipient and sender of the messages knows who it is and what is being said.
How Will Verge Be Used?
There is a strong XVG use case for any business where clients might want to remain anonymous. This could include any range of businesses from the adult industry, to lawyers and even private medical services.
Imagine if you were thinking about divorcing your partner and wanted legal advice. The chances are that you wouldn’t want DivorceLawyersLTD showing up on your bank statement. This is where a privacy coin like XVG could be exceptionally useful.
For Libertarians who don’t like the idea of big government watching their every move, XVG would be a way to protect their privacy.
Who Is Accepting Verge?
XVG has already partnered up with around 100 vendors. Verge announced their biggest partnership to date on 17th April 2018, when they announced a partnership with the adult website PornHub. Upon the announcement Pornhub vice-president Corey Price commented on Verge saying “It’s an anonymous additional form of payment” and added “Offering privacy-focused payment options is something we have been looking to do for a while.”
Popular YouTube influencer, Suppoman held a poll on Twitter to ask his followers what they thought about the Pornhub parnership. 62% voted negatively on the announcement.
The announcement also saw the price of Verge plummet.
Other commentators are pointing out that the adult industry was the main driving force behind the development and mass adoption of the internet. They argue that such a partnership can do the same for mass adoption of cryptocurrency and that XVG will be at the forefront of that.
The Evolution Of Private Messaging?
Verge already has transaction support for Telegram, Discord and Twitter. Shortly, Verge will also be able to integrate with Steam, Reddit and Slack as well. This transaction support allows anyone on the same social platform to transfer XVG between themselves. Yes, it’s possible to send send Verge privately to friends on Twitter.
This integration could have a large impact on the two billion unbanked people in the world. Many of these people have access to social media and gaining the ability to transact value between each other means that XVG can be used as a substitute to the banking services they have been excluded from.
Verge has been designed to enable equal mining rewards to be distributed to people with different types of mining devices.The idea is to stop those with the flashiest mining equipment acquiring too much Verge. If a single person or company owned 51% of all Verge coins, then they would have control over the network.
Android Wallets: Optimised For Anonymity
XVG has also pioneered two unique Android wallets. The first runs exclusively on TOR and the other runs on i2P. Both wallets have made innovative steps to increasing a users anonymity and have additional security features such as biometric locking. Both wallets enable users to transfer XVG by scanning a simple QR code.
The technology used in these wallets is interesting because transactions are completed by a technique known as Simple Payment Verification, which was outlined in Satoshi Nakamoto’s white paper (the creator of Bitcoin).
XVG supports atomic swaps. But what are they? Put simply, an Atomic swap allows you to swap one cryptocurrency for another, without using a cryptocurrency exchange. It must be noted that in order to swap cryptocurrencies using this method, both cryptos need to be atomic swap compatible.
The atomic swap technology is relatively new and is not widely used. However, it does mean that a XVG user could potentially store and transact the currency and even trade it for other cryptos, without ever sending their ID into an exchange.
You might not be surprised to hear the team building a privacy cryptocurrency want to preserve their anonymity. Practically all team members just have their aliases displayed on the site and none of them show real pictures of themselves. As these guys want to keep things private, you will not be able to checkout the Linkedin profiles of team members.
The Future Of XVG
Many people see privacy coins like Verge as a hedge against government interference in the cryptocurrency space. If these people are right and world governments heavily regulate cryptocurrency, then this could be great news for the value of XVG.
At TotalCrypto, we think that governments (on the whole) will support the innovation happening in the cryptocurrency space. The real question is whether there are a significant number of people out there wanting to keep legitimate transactions private? For XVG to be truly successful, it certainly needs to build significantly more partnerships amongst well known brands and continue to grow its user base.
If XVG can get the partners and get adopted widely, then it really could be one of the biggest cryptocurrencies in existence. We will let the Verge team outline their own roadmap and then it’s on you to decide if it’s exciting:
The Verge ICO
XVG is an entirely community driven project and never actually held an ICO.
Should I Invest In XVG?
It’s completely up to you whether you invest in XVG or not. We can give you our opinions on the project though:
- The cryptocurrency processes transactions in just 5 seconds. This is exceptionally fast compared to cryptos like Bitcoin.
- The project is open source and their development team have an open contact policy. This means that new idea can be shared and worked on easily.
- A privacy coin might be exceptionally useful in the face of unfair government intervention. Examples include the Greek government confiscating funds from citizens bank accounts in 2016, in a desperate attempt to raise money and pay national debts.
- Anyone who values their privacy can benefit from using XVG.
- When it comes to privacy, many people would say: ‘why worry about it, if you have nothing to hide?’ It still remains to be seen if privacy coins like XVG will be mass adopted.
- Bitcoin’s reputation was tarnished after the Silk Road marketplace was revealed and taken down. Since then, Bitcoin has recovered but there are still many out there who still associate the cryptocurrency with criminal activity. As a privacy coin, Verge is susceptible to this type of negative newsflow.
- As privacy coins can be used for tax evasion and money laundering, it seems likely that if governments take issue with any type of cryptocurrency, it will be privacy coins.
How To Buy Verge (XVG)?
There are two main ways of buying Verge and we’ve put together an instruction guide on how to do it! The good news is that we’ve put together this awesome guide showing you how. Just follow it and you will have your XVG in no time.
The Total Crypto Team do see why privacy coins like Verge could be valuable. Actually it doesn’t matter if they are used or not, just having the option to use them has value. We can imagine if XVG was well known by the Greeks in 2016, that many would have been interested in using the crypto.
It still remains to be seen if enough people will want anonymous transactions, leading to mass adoption of XVG. Interestingly, VISP private instant messaging might be adopted faster than the actual cryptocurrency. Currently people are beginning to grow suspicious of centralised platforms like Facebook and how data collected might be used. The Cambridge Analytica scandal is likely to be just the tip of the iceberg and we think it is likely that people will start taking their social media and communications privacy more seriously.
The trend for the last decade has been for users to share as much as possible. Maybe now is the time for that trend to reverse? If this sentiment spreads to transactions, then Verge is well placed to capitalise and grow.
Below we’ve listed some key resources relevant to Verge (XVG).
? Best Free Wallets
We recommend you use the official Verge wallet.
? Best Apps To Track Your XVG Investment
Interested in learning more about how Verge protects your privacy? The Verge black paper reveals everything.