Verge (XVG) History
Verge is an open-source cryptocurrency used by developers from around the world. Verge is not a private company and was not funded through ICO. Thousands of cryptocurrency enthusiasts supported the development and marketing of Verge.
Founded in 2014 under the original name of DogeCoinDark (DOGED), this cryptocurrency came from the combination of Dogecoin and DASH. Initially, the project was developed by crypto community enthusiasts wanting to upgrade the existing BTC blockchain. Although having three founders (users “CryptoRekt”, “Sunerok” (or Justin Saneroc) and “Gfranko”), Verge did not have a centralized team; everyone could bring their own ideas to the table. All interactions between developers took place on GitHub. As previously mentioned, Verge wasn’t involved in ICOs, as the system was developed with the expenses of various enthusiast resources.
Initially, DOGED was used on the darknet for anonymous transactions where it accomplished its goals: fast, secure, anonymous transactions. This led the project into a period of rapid development, and, over time, DOGED ceased to resemble the original product. For this reason, in 2016, it was decided that a rebrand was needed. Verge (XVG) gained fame by the end of 2017 and, by the beginning of 2018, developers had decided to collaborate with a famous site providing adult content: PornHub. Yes, a premium subscription on PornHub can be purchased with XVG coins.
The basis of Verge (XVG) is the Bitcoin blockchain. To improve the shortcomings of the Bitcoin network, the developers have implemented several technologies: TOR, i2P network, Wraith Protocol and SPV.
The TOR network is an IP anonymization scheme, providing several layers of encryption for a custom message. Using TOR it is impossible to track user actions, as their IP addresses are hidden. This is a multi-level channel system; TOR “throws” a user message into a peer-to-peer network composed of many relay computers, the IP address of the message changes several times, and the sender tracking process becomes impossible.
Verge has implemented TOR technology as the standard for transactions, despite the centralization of servers. Any drawbacks as a result of this are minimized by using the Invisible Internet Project (I2P)
I2P is an anonymous overlay computer network known for its stability (several nodes disconnecting will not affect the functioning of the network). It is also close to impossible to determine the IP address of a host inside the I2P network. It is worth noting that I2P is a decentralized network (without a central server) and all data is encrypted during transmission between network nodes.
Users are able to create and start any service while maintaining the anonymity of the server: a forum, blog, file-sharing system, email, a system for instant messaging (chat), a system for sharing files, VoIP, etc. all inside the I2P network.
Wraith Protocol is a technology allowing users to switch between public and private ledgers on the Verge blockchain, giving users free choice of which ledger they want to use.
When Wraith Protocol is turned on, the transaction data is hidden on the Verge blockchain explorer. However, when transparency is required, Wraith Protocol can easily be disabled (turned off) allowing you to view transaction data on the blockchain. Using Wraith Protocol in combination with TOR technology places Verge among the top of the most untraceable and anonymous cryptocurrencies.
SPV (Simple Payment Verification) technology is used to improve the speed of all transactions. In Bitcoin or Verge blockchains, transactions can be verified without running a fullnode. Using SPV technology, there is no need to run full nodes or select trusted ones. You start the lightnode and the digital wallet gets the Merkle tree linking the transaction to its block. It communicates directly with other fullnodes, exchanging P2P messages with them. The lightnode selects several other fullnodes and establishes a connection with them.This lightnode doesn’t store the entire transaction history;rather, SPV is used to verify incoming transactions and lightnode carries out only part of the most important checks.
P2P Solutions Using XVG
The Verge team is working on mass deployment utilising social networks, which are perfect for this purpose. Verge has already been integrated with Slack, Telegram, Twitter, Steam, etc. Users will be able to use XVG coins for purchases of participation in polls, payment of freelancers, and even as likes.
Verge mining is carried out using the Proof-of-Work (PoW) algorithm, responsible for consensus and user security. Five mining algorithms are currently available for users: myr-groestl, blakes2, X17, Lyra2rev2, and Scrypt. Verge is one of a select few cryptocurrencies to support such a high number of encryption algorithms in one blockchain.
Details of the Verge network:
- Total emission: 16,500,000,000 XVG (All tokens will be mined by 2026)
- Transaction speed: 5 - 10 seconds
- Network Capacity: 100 tps (but with RSK, the most powerful smart contract platform secured by the Bitcoin Network, this number can reach the level of 2000 tps)
- Transaction fee: 0.1 XVG per transaction
- Сreating a new block: approx. 30 seconds
- Reward for one block: 12500 XVG
- Success of mining is affected by the hash of a particular pool