Verge blockchain info

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Verge (cryptocurrency)

Cryptocurrency

Verge Currency (vɜːdʒ ˈkʌrənsi / vUHRj kUHR-ruhn-see) is a decentralized open-sourcecryptocurrency which offers various levels of private transactions. It does this by obfuscating the IP addresses of users with Tor and by leveraging stealth transactions making it difficult to determine the geolocation of its users.[1]

Verge Currency has a maximum supply capped at 16.5 billion XVG. It uses the Proof of Work (POW) mining principle with multi-algorithm support and 5 different hash functions: Scrypt, X17, Lyra2rev2, myr-groestl and blake2s.[2][3]

History[edit]

Verge Currency was created in 2014 and originally named DogeCoinDark. It was rebranded to Verge Currency in 2016.[1]

Following the bitcoin principle, Verge Currency has a transparent ledger that allows anyone to view all of its transactions, but protects user identities and locations. This was achieved by integrating both Tor to not expose IP addresses[1] and using stealth transactions, formerly known as Wraith Protocol, to hide the value of transactions.

In April 2018, it was announced that the adult entertainment provider MindGeek would begin accepting Verge Currency as a payment option on its website network.[4]

Also during April and May 2018, Verge Currency suffered from timestamp exploit on one of its 5 mining algorithms. This could have resulted in a 51% attack if it had only one algorithm.[5][6]

References[edit]

  1. ^ abcKoerhuis, Wiebe; Kechadi, Tahar; Le-Khac, Nhien-An (October 31, 2019). "Forensic analysis of privacy-oriented cryptocurrencies". Forensic Science International: Digital Investigation. 33: 200891. doi:10.1016/j.fsidi.2019.200891.
  2. ^Li, Jingming; Li, Nianping; Peng, Jinqing; Cui, Haijiao; Wu, Zhibin (November 14, 2018). "Energy consumption of cryptocurrency mining: A study of electricity consumption in mining cryptocurrencies". Energy. 168: 160–168. doi:10.1016/j.energy.2018.11.046.
  3. ^Li, Yannan; Susilo, Willy; Yang, Guomin; Yu, Yong; Du, Xiaojiang; Liu, Dongxi; Guizani, Nadra (September 2019). "Toward Privacy and Regulation in Blockchain-Based Cryptocurrencies". IEEE Network. 33 (5): 111–117. doi:10.1109/MNET.2019.1800271. ISSN 0890-8044. S2CID 86487140.
  4. ^Morris, Chris (April 17, 2018). "Porn Partnership Pumps This Cryptocurrency Up 22%". Fortune. Archived from the original on 2018-07-12. Retrieved 2018-10-08.
  5. ^Schroeder, Stan (April 5, 2018). "Verge cryptocurrency hack shows, no, blockchain isn't invincible". Mashable. Archived from the original on January 9, 2019. Retrieved January 21, 2019.
  6. ^Haan, Cali (May 25, 2018). "Verge, Bitcoin Gold and MonaCoin Hacked". Crowdfund Insider. Archived from the original on January 8, 2019. Retrieved January 21, 2019.
Sours: https://en.wikipedia.org/wiki/Verge_(cryptocurrency)

Verge (XVG)

What Is Verge (XVG)?

Verge (XVG) is an open-source, decentralized cryptocurrency that claims to offer completely anonymous transactions by obfuscating the location and the Internet Protocol (IP) address of the transacting participants. Verge trades on leading cryptocurrency exchanges with the symbol XVG.

Verge came into existence in 2014 under the name DogeCoinDark, but it was rebranded to Verge in 2016. DogeCoinDark was a fork of Dogecoin and was designed to provide an anonymous alternative to Dogecoin. Verge is in the class of "privacy coins" that also includes Monero, Pivx, and Zcash.

Key Takeaways

  • Verge (XVG) is an open-source, decentralized cryptocurrency that claims to offer completely anonymous transactions by obfuscating the location and the Internet Protocol (IP) address of the transacting participants.
  • Verge came into existence in 2014 under the name DogeCoinDark, but it was rebranded to Verge in 2016. (DogeCoinDark was a fork of Dogecoin and was designed to provide an anonymous alternative to Dogecoin.)
  • Many popular cryptocurrencies face challenges in protecting participants' complete anonymity; cryptocurrencies like Verge have led to an increase in the popularity of private ledgers that offer unique ways to hide users' identities.

Understanding Verge (XVG)

Verge focuses on anonymity by obfuscating users' IP addresses. An IP address is an identifying number that is associated with a specific computer or computer network. Using an IP address, it is possible to trace the user and the online activities they performed on the connected device; obfuscating IP addresses makes transactions completely untraceable.

Many popular cryptocurrencies (including Bitcoin) face challenges in protecting participants' complete anonymity. Cryptocurrencies like Verge have led to an increase in the popularity of private ledgers that offer unique ways to hide users' identities.

Verge ensures anonymity through the use of multiple anonymity-centric networks such as The Onion Router (TOR) and Invisible Internet Project (I2P). TOR protects users' identities by bouncing their communications over a distributed network of relays and tunnels. This network is run by volunteers spread across the globe. I2P encrypts user data and sends it through a volunteer-run anonymous peer-to-peer globally distributed network.

While anyone can view the various transactions occurring on the Verge public ledger, the use of TOR and I2P network layers hide the location—as well as the IP addresses—of the transacting participants.

While there are many other cryptocurrencies, like Monero and Dash, which also claim to offer higher levels of privacy and anonymity, they rely on cryptography techniques and implementation. Though such cryptocurrencies have achieved varying levels of success in securing user anonymity, their implementation has made their respective public ledgers secure but less transparent. This tradeoff at times makes it difficult to publicly verify transactions, which is a core requirement of decentralized cryptocurrency.

How Is Verge Different From Bitcoin?

Both Verge and Bitcoin are decentralized digital currencies. However, Verge was created with a special emphasis on privacy. As a virtual currency, Verge has a significantly smaller market capitalization than Bitcoin. As of Sept. 22, 2021, the market capitalization of Bitcoin is around $813 billion and the value of a Bitcoin is $40,693.68. The market capitalization of Verge is around $350 million and the value of a Verge token is $0.021.

While the supply of Bitcoin is limited to 21,000,000, the total number of Verge tokens is greater—it is limited to a total supply of 16,555,000,000. Both Verge and Bitcoin use a proof-of-work (PoW) system to verify transactions on the blockchain.

Goals of Verge (XVG)

Verge tries to tackle the problem of securing user anonymity technically. It does not rely heavily on cryptography; rather it banks on the existing and tested technology of TOR and I2P network to achieve its goals of user identity protection. Verge's founders say that an open ledger is mandatory for the participants to verify their transactions, and for other participants to publicly authenticate and verify the overall developments occurring on the blockchain without the need for a participant’s identity. Verge’s implementation helps it achieve both.

The anonymity of Verge was quoted as the primary reason for an adult website network to start accepting cryptocurrency payments exclusively in the Verge cryptocurrency in April 2018. As of September 2021, Verge is ranked 152 in the list of cryptocurrencies by market capitalization.

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. 

Sours: https://www.investopedia.com/terms/v/verge-xvg-cryptocurrency.asp
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Data related to Verge transactions, wallet addresses, balances and block contents can be traced back in the blockchain. By using a Verge block explorer, you can search through this data and find the relevant information you might need. There are multiple ways in which the Verge block explorer is vital during your cryptocurrency adventure.

The Verge block explorer functions as search engines to find data on the ledger. It enables you to search through blocks and find specific Verge transactions and Verge wallet addresses. Block summaries display data from a certain time period, such as the Verge transactions that were made, the coins rewarded to miners and much more.

wallet image 1

You can find your Verge transaction in one of the following block explorers:

Enter your transaction ID, or TXID (which can be found in your order overview) or your wallet address in the search bar to locate your transaction.

When you want to buy, sell or trade Verge, the Verge block explorer allows you to search through transactions. It is possible to double-check if you have sent the Verge successfully and if we received them. When buying Verge, you can search the blockchain to see if we already transferred the Verge.

Sours: https://anycoindirect.eu/en/blockexplorers/verge
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