What Is VERGE (XVG)?
Verge (XVG) is an open-source cryptocurrency that people can use for everyday purposes. Verge (XVG) aims to provide a fast, effective, decentralized way of making direct transactions for individuals and businesses with safety.
The platform developer analyzed that there are challenges relating to no central control, the primary source of information, the central point of failure, and central management in the crypto environment, due to which they developed an easy-to-use decentralized structure: Verge (XVG). Furthermore, Verge (XVG) also claims to create custom-made applications that strengthen the electronic payment system to resolve this issue. Thus, the developers envisioned introducing Verge as an improved version of Bitcoin focused on empowering the community by using blockchain transactions in everyday life worldwide.
Let us understand how the platform works to resolve these issues, using various technologies as per the blackpaper:
Technology: Verge (XVG) ensures anonymity by using multiple anonymity-centric networks such as The Onion Router (TOR) and Invisible Internet Project (I2P). TOR safeguards users` identities by encrypting their data on a distributed network. I2P encrypts user data and keeps the network within the internet. This way, I2P provides reliable and safe service by routing the data and resolving congestion in the network. Further, Verge (XVG) aims to use the technology of TOR and the I2P network to achieve the goals of providing an open ledger to participants to verify their transactions. The platform also enables other participants to validate the growth on the blockchain.
Work on IP address: Verge (XVG) works on the IP address, a unique number connected to the specific computer network. This technique addresses the issue by keeping track of the transaction from the IP address.
The platform also uses atomic swaps, which implies a technology that provides cross-chain trading. This swapping ensures that trading happens on separate blockchains without a third party. It also safely ensures decentralization and keeps the funds in the wallet.
The Verge (XVG) project thus claims to provide the key features of quick transactions, multi-platform support to the users, and low fees and therefore aims to be adopted by the maximum number of people. Now to talk about the native token Verge (XVG), the token claims to provide fast, flexible, and secure transactions. The token also intends to be adopted by the masses as a payment method. In addition, the token provides the features of the immutable transaction, which means the payment gets credited to the wallet directly, and further, no reverse transaction can happen. The quick transaction speed with lower transaction costs, individual business practices, and exposure to blockchain technology helps the user acquire confidence in the platform. Also, this empowers users with a choice and control over how to take care of their security.
History of Verge (XVG)
The Verge (XVG) project is maintained by a community of volunteers from different fields. Multiple teams like the product development team, the business development team, and the marketing team contribute to the platform’s growth. In 2014, the team created the Verge (XVG) token with the name DogeCoinDark. Then in 2016, the token was rebranded to Verge (XVG) currency.
In January 2019, the publishing of the blackpaper's 5th edition took place. The maximum supply of the token Verge (XVG) is 16,500,000,000 XVG.
How Are New Verge (XVG) Tokens Created & Users Rewarded?
Verge (XVG) uses the mining process with a proof-of-work mining principle, which provides the users a fair distribution of benefits. Mining is the method of minting tokens for acquiring rewards.
Verge (XVG) uses a multi-algorithm mining system. This multi-algorithm system allows individuals to mine with different types of mining equipment, thus ensuring more security through decentralization and a fair distribution of tokens among the Verge (XVG) mining community.
