Verge

Verge is a digital currency designed for people and for everyday use.

What is Verge? 

  • Verge is a privacy-focused cryptocurrency and blockchain that seeks to offer a fast, efficient, decentralized payments network that improves upon the original Bitcoin (BTC) blockchain. It includes additional privacy features including integrating the anonymity network Tor into its wallet, called vergePay, and providing the option of sending transactions to stealth addresses.
  • The project describes itself as community-driven, relying on volunteers and priding itself on being open source.
  • Verge was first launched in October 2014 as DogeCoinDark, a fork of Peercoin (PPC). In February 2016, it was renamed Verge in order to rebrand for easier mass-market adoption and to distinguish itself from Dogecoin (DOGE), with which it has no direct connection. The project is now based on the Bitcoin source code.
  • The Verge network is secured through a proof-of-work consensus algorithm similar to that of Bitcoin, on which Verge’s code is based. At least 51% of all full nodes in the network must agree that a transaction is valid in order for it to be added to the blockchain, and new blocks are created through the mining process, in which users compete among one another to solve complex, energy-intensive problems. However, unlike Bitcoin, Verge supports five different mining algorithms. According to the development team, this makes the network more secure, as more people are able to participate in the mining process.

Key Metrics

TickerXVG
Token NameVerge
Token Type/ProtocolVerge Currency
Total Token Supply16,555,000,000 XVG
Current Circulating Supply See Coinmarketcap
Market CapitalisationSee Coinmarketcap
Token Creation DateOctober 2014
Can it be mined?Yes

Who is behind Verge?

Verge was launched by Justin Valo, also known as “Justin Vendetta” or “Sunerok,” a developer with over 20 years of experience in network security and nearly a decade in blockchain technology. 

He first developed the cryptocurrency as a fun passion project to empower individuals around the world with a greater sense of privacy.

What is the purpose of Verge?

To empower people around the world by bringing blockchain transactions into everyday life. Verge makes it possible to engage in direct transactions quickly, efficiently and securely. With Verge, businesses and individuals have flexible options for sending and receiving payments securely and efficiently all around the world in a matter of seconds.

Insights:

Verge Currency is fast, flexible, and secure, but most importantly it’s a currency built with the idea of supporting widespread mass adoption as it scales out across the globe. Every week more and more people, companies and organizations discover the benefits and advantages of accepting Verge as a method of transaction. 

A Few of the Benefits:

1. Eliminate chargeback fraud

A Verge transaction is immutable. Once a client has paid for a product or service, the money is in your wallet. Unlike credit card payments, charges cannot be reversed.

2. Transaction speed and immediate availability

There is no third-party-dependent waiting period, like with bank-owned payments. Depending on the load of the network, transaction time varies between 5 and 10 seconds. Once payment is successful, the transaction amount is in your wallet and accessible immediately. You can convert Verge into fiat at the end of each transaction, at the end of each working day or according to a custom set schedule.

3. Lower transaction costs

Credit card payments usually end up costing you somewhere between a 2% and 4% charge fee. When transacting with Verge, this amount is only 0.1 Verge which generally translates to over a 90% savings on your transaction costs. As a merchant with either high ticket items or purchase volume, this dramatically decreases an over-inflated expense that was once necessary. Verge solves this.

4. Attract new customers

As Verge rises in popularity, more users seek out participating businesses specifically to transact with them over the competition. This can mean exposure to clientele you didn’t have before.

5. Gain publicity

Cryptocurrency makes the news in a way fiat currency can’t. Local, national and even international news outlets are reporting on businesses taking crypto payments, giving you an opportunity for free publicity.

6. Buy into an inevitable business practice

Given the steady rise of cryptocurrency, there is no indication that it will cease being in circulation. In the future, accepting Verge as payment will be a standard procedure as well as an increase in individual Verge value, providing you with additional opportunity to increase profits even further.

7. Gain experience with blockchain technology

Blockchain is the future. Verge is an easy, accessible way to introduce yourself and your business to its workings. This could lead to further technical exploration at a later stage once you’ve gained confidence working with the technology and have identified a need for blockchain tech in your business.

Risks:

  • The cryptocurrency is completely anonymous. Though being anonymous is considered a major advantage in cryptocurrency networks, it also opens to serious risks. Because users are allowed to operate anonymously, users are at risk of getting involved with criminals without knowing. For example, a trader who sells products online and insists on getting paid with XVG can turn out to be a scammer who sends the wrong products. This implies that you will have lost funds and promoted illegal trade.
  • Decentralized exchange is not beginner friendly. If you are an absolute first timer, these platforms could be a little overwhelming.

News and Updates:

  • Verge, rLoop and Voice Life will work collectively on expanding Voice Life’s Far Field Wireless Charging Platform,  announced on 29th June 2021.
  • NOWPayments enables mass payments – use Verge Currency for rebates, freelance commissions, affiliate rewards, employee payrolls, or any other type of mass payment.

Community & Whitepaper Links:

Disclaimer:
All investment is speculative and involves substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.  

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