Privacy-focused currencies have attacked the encrypted market. Coins have become popular among users as they offer anonymity on the Internet. While some crypto users may be comfortable making their transaction details public, some prefer to remain anonymous. For this, there are coins focused on privacy. Although the coins have been criticized for having been used to finance illegal activities, it has been shown that for the better part; they are used for legitimate transactions. Some experts even recommended them because user transactions in the public could be risky.
Leading the race for these coins are Verge XVG and Monero XMR. These are two of the most popular coins that guarantee that user transactions are anonymous and untraceable. However, there has been much debate about which of the two is better. It is Monero, one of the oldest coins focusing on the private, or Verge, the coin considered the Dogecoin focused on privacy. Well, let's see if we break them down and get a winner.
The technology of Verge And Monero
First of all, they are concentrated private coins, so how good are they? Verge uses Tor technology and the i2P network to allow users to hide their location and keep them private. The project also involves the development of a completely anonymous portfolio using Tor technology. However, the project did not give an adequate measure and although the transactions are very private compared to the encrypted ones like bitcoin, there are still few others like Monero. According to reports, the first 100 transactions are publicly listed and this list provides information / address of users. Although the project has even developed its own "blackhole technology" to increase privacy, it was not enough to keep the transactions hidden.
As far as Monero is concerned, the project uses a Cryptonote protocol which allows the system to give an address once for each transaction. Using this protocol, the blockchain will register new blocks but the blocks can not be combined with users. This makes it completely safe and anonymous. According to reports, the currency is 10 times safer than the bitcoin, making it the ideal anonymous currency. It is assumed that the WannaCry hackers exchanged the bitcoins they stole from Monero because he offered maximum anonymity.
Although Verge is beaten regarding anonymity, the coin compensates for this in other characteristics. For starters, the currency takes a fraction of the time spent by Monero in transactions. The transactions on the Verge network take 30 seconds while Monero takes 2 minutes. Verge also comes forward when it comes to maximum supply. Monero did not set a maximum supply for the coin while Verge set his maximum supply at 16.5 XVG. This means that once the maximum supply of Verge is reached, the demand will increase and prices will increase. Moreover, in recent days, Verge has begun to stipulate more partnership agreements than Monero, in particular in May the currency was added to the Bitfinex crypt exchange.
The Verge project nevertheless had its rocky moments in the year as it was violated twice in two months. The hack targeted the mining pools and during the two attacks the project lost more than 35 million XVG (about $ 1.4 at the time).
The comparison between the two coins shows that Verge is better in almost every aspect, well, except what is actually designed for, privacy. Monero, although late, seems more stable and reliable. This point is clear when you observe the price changes of the last 24 hours. At the time of the press, Monero traded at $ 112.30 down 1.75% over the last 24 hours while Verge traded at $ 0.012949 down 4.98%
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