Beginner's Guide to Verge Cryptocurrency – BTC Threads

Of& nbspPrashant Jha

Verge started as DogeCoinDark in 2014 and got its current name in February 2016, thanks to all the Doge memes. The Verge is a privacy-centric cryptocurrency that promises anonymous transactions and fast confirmation times, which in turn increase throughput.

The greatest attraction and interest for the project because it is entirely open source and involves the entire community, a true decentralization in all senses. There are no stakeholders or companies behind the project and to demonstrate their determination to bring anonymity and decentralization to the center of the scene, the main team signed the black document with only their user names.

Verge in its two year existence period has taken giant steps and are already pushing to point their claims on the title of "best currency for privacy on the market". This article will dive deep and touch every aspect of the cryptocurrency, it will be its privacy measures or the new protocols implemented.

You can also read: Beginner's Guide to TRON Cryptocurrency

The anonymity factor

The main strength of Verge is its promise of total anonymity and non-traceability of the transaction on its network. The cryptic world has always been divided on the debate on the complete anonymity of the operations.

Verge will change the way people generally connect to a network. We take the internet, for example; a user needs an ISP to connect with another computer on the web. The ISP provides the user with an IP address. The user then sends a message to a different IP, which is intercepted by the ISP. The ISP verifies the two IPs and forwards the message to the end user. However, anyone can hack the transaction and may know a ton of information through the IP address.

Verge has decided to change the way information is shared on its network, instead of using the standard Internet protocol, Verge uses Tor and I2P. Let's see how these two approaches lead to the anonymity of the system.

The "Tor" factor

If you have been an Internet user, you must have heard of it as the popular Tor browser used to mask the IP address; Verge is going to implement the same on its network. Every time you send a message on the network, it is encrypted on multiple levels and the IP address is bounced to multiple computers. This does not reveal any significant information about the sender's IP address.

Because Tor is a peer-to-peer network, your computer is also used as a resource to bounce on IP addresses. Verge uses the Tor network for each of its transactions, so it is not possible to access information about the transaction manufacturer.

The I2P protocol

I2P is the next generation of Internet protocols that will add to the anonymity factor and strengthen it more. While Tor uses directory-based routing of the IP address, I2P enables dynamic routing of information packets. Since there are no directories in the protocol, congestion is minimal.

I2P also uses two separate tunnels to receive and send information. Thus, the messages sent are on a different route while the messages are received through a separate path. This protocol provides a more robust anonymity factor to the Verge network.

The end user has the final word about the protocol he / she wants to use, Tor or I2P. however, IP anonymity is standard. Since anonymity is normal, the whole community is harder to trace or we can say that the transaction on the Verge network is relatively safer.

You can also read: Beginner's Guide to Zilliqa

Wraith protocol

The protocol wraith on the Verge network offers the user the possibility to choose between public blockchain and private blockchain for their transaction. On the one hand, a public transfer would have greater transparency and speed, while the private one would not be able to be reviewed. Thus, it is a win-win situation for the consumer.

Verge Cryptography is based on a famous elliptic curve cryptography, which took its critical parts from Bitcoin. The protocol allows users to share and agree transaction keys without the need for a third-party observer.

How does One Mine Verge Criptovaluta?

Verge is planning to incorporate various algorithms consent, which would allow users to extract XVG (Verge Cryptocurrency) in 5 different ways. All protocols are based on Proof Of Work (PoW). Mining equipment will favor both ASIC-based and GPU-based hardware. The five the algorithms are Script, X17, Lyra2rev2, myr-groestl and blake2s.

There will be a total of 16.5 billion XVG coins, of which 9 billion would be minible in the first year and 1 billion each year. ICOs were not conducted for the supply of coins and the developers bought it like any other member of the community.

Verge is currently among the top 30 cryptocurrencies and listed in major cryptographies in the world. Verge uses the Electrum wallet initially designed for Bitcoin. Electrum Portfolio provides support for both the Tor and I2P protocols.

You can also read: Beginner's Guide to Bitcoin Diamond

Final thoughts

The focus on true decentralization along with anonymity for the transaction inevitably drives the case of Verge upward in the crypt realm, especially among the privacy currencies. However, the absence of any centralized authority can be problematic in the future. Verge has implemented many high quality protocols and methodologies with the main goal of transparency.

The Verge without a major wonder also loses several resources that capital can bring. However, their new approach of hiding the IP address to provide anonymity is undoubtedly receiving the attention it deserves.

Here are some other articles for you to read the next:

Prashant Jha

As a content writer, Prashant believes in presenting complex topics in simple terms such as laity. He is passionate about technology and an avid reader.