✔️ Information reviewed and updated in April 2024 by Pedro Martínez González

Verge, is a platform designed to solve the security risks of carrying out operations in different cryptocurrencies such as Bitcoin, since une of the disadvantages of cryptocurrencies is that, in one way or another, information can be compromised.

And it is that data leaks and the theft of private information due to hackers and security breaches are becoming more frequent. To compensate for this type of damage and risk related to private information, different types of solutions have begun to emerge. 

✨What is Verge?

Defining Verge is very simple, since it is a decentralized platform with its own cryptocurrency which is based on Blockchain technology. The main advantage of Verge is that it has as its main emphasis both on security and anonymity of users.

This cryptocurrency was launched in 2014, although its name was DogeCoinDark. In 2016, it was decided to modify this cryptocurrency, thus improving its operation. Following such improvement, the name of DogeCoinDark was changed to the current name, that's right, Verge.

To work, This cryptocurrency uses a network system which guarantees privacy such as TOR and I2P along with simple TVS technology. This allows transactions to be confirmed in just 5 seconds, in addition to maintaining the anonymity of users. This fulfills Verge's privacy premise.

In addition to improving the security issue, implementing new functions and data protection methods. Verge enables the use of a large community of people in order to distribute cryptocurrencies in a balanced way. This through the use of a multi algorithmic version when mining.

✨Pros you should know about Verge

It is important to take into account some important features about Verge, as these can directly influence your experience. That is why here we will tell you what are the main pros of Verge so that you take full advantage of its full potential.

• Improved security: This is the first point in favor, since Verge uses important improvements to the Blockchain to guarantee the security of the platform. A perfect example is the use of both TOR and I2P networks which allows you to keep your IP address and transaction information protected.
• Efficiency and speed: Thanks to the fact that the Blockchain chain is optimized, as well as the use of TVS technology, the efficiency and speed of transactions is improved. This means that transactions will arrive in a fraction of the time of what they take on other platforms like Bitcoin.
• Different Wallets: Another great advantage is that, thanks to the optimization of Verge, this platform can operate with a large number of secure wallets for different types of operating systems. For example, you can use QT or Electrum, something that cannot be done with other types of virtual currencies.
• Market control: Unlike other currencies which have market control and are financed with pre-mined virtual currencies, this is not the case at Verge. Here an open market system is used, since being an Open Source there is no control over the currencies.
• Generation of coins: Finally, you should know that the generation of coins depends on the community itself. And it is that they are Verge members and developers who build the currencies. An innovative multi-algorithm system known as Hash is used for this.

✨Know more about how it works

The first thing you should know about Verge is that this currency platform uses the Bitcoin Blockchain as its central base, although of course, improved. Here, the power to track the blocks of the chain is used, but the subject of the information is improved to keep it anonymous.

When submitting a transaction, Verge sends the data to a series of servers which are responsible for eliminating the information once the transaction has passed. In this way, anonymity is maintained, since the user is in charge of validating the transaction.

Regarding the mining process and the operation of the XVG Token, we find that behind it is a multi algorithm system. XVG supports 5 different algorithms: Scrypt, X17, Lyra2rev2, myr-groestl and blake2s. This is interconnected in order to offer much greater security and protection when operating.

In addition to keeping the information secure through the use of a final transaction validated by the user, the erasure of the data and the 5 algorithms, the efficiency of the cryptocurrency is also improved. Not only is it possible to send transactions faster, it also improves mining.

✨ Mining process

A great advantage of the mining process is that Verge and its XVG coin can be mined with any type of GPU. That's right, compared to Bitcoin, the required hardware is much less powerful and also more accessible. In this way it is possible to mine coins by solving mathematical algorithms with more accessible equipment.

Miners who participate in the process receive XVG as a reward for lending their computer power for mining. In this way, about 16 million XVG coins have been launched. It is expected that in 10 years the maximum amount of coins will be reached.

✨Conclusion

Volatility is one of the reasons many people have decided to exit the world of cryptocurrencies. To solve this problem, Verge has started to incorporate a series of solutions such as the creation of a digital wallet to carry out anonymous transactions through an I2P network.

In addition, it is planned to improve Verge's integration with mobile devices, for example, by creating TOR networks on Android, which allows operations to be simpler and anonymous. This makes the future undeniably promising for Verge and its environment.

About the Author: Pedro Martinez Gonzalez

I'll tell you a little about myself! I am a financial analyst and economist with a master's degree in finance.
About my studies: I studied at the University of Salamanca for a Degree in Economics and then did a Master's in Finance in Madrid.
Do you want more information? You can read more about me here in my biography.

You can read more about me here.