Read News For Me
What makes Verge (XVG) a secure and anonymous Cryptocurrency? Is it worth buying in 2021?
XVG is a decentralized and open-source crypto that aims to offer complete anonymity in transactions by concealing the participants' location and IP address. The current market price of XVG is $0.0448 after a decrease of 7.7% in 24-hours.
We know that many of the popular cryptocurrencies still face challenges when it comes to protecting the participants' anonymity. Here, Verge comes with the solution. It is becoming popular because it offers a unique feature of hiding the identities of the transacting participants. It primarily focuses on concealing the IP addresses of the users. Notably, IP addresses are used to identify the specific network or computer associated with it. So, Verge makes it impossible to trace the users and online activities they are performing by hiding the IP address.
The unique thing about Verge is that it doesn’t rely on cryptography to secure privacy. To ensure complete anonymity, Verge makes use of multiple anonymity-centric networks, including Invisible Internet Protocol (I2P) and The Onion Router (TOR). Here, I2P helps in encrypting the users' data while TOR helps protect the identities by bouncing the communications of users' over a network of tunnels and relays.
Verge Currency was launched in 2014 under the name DogeCoinDark and was renamed in 2016. It is the currency designed for the people for their everyday use whose market price is expected to rise in the coming months this year following a bullish trend. Verge (XVG) might reach $0.1 by the end of the year because of its developments and increasing popularity. Although it can be traded on Bittrex, Bitvavo, and HitBTC, the current most active trading market for XVG is Binance.
Talking about the transaction speed, it uses Simple Payment Verification Technology, making it faster to transact. There are five different Proof-of-Work algorithms offered by Verge for mining including, Scrypt, X17, myr-groestl, blake2s, and Lyra2rev2. Option of five different algorithms helps users to mine and influence the network where users can switch to other algorithms according to their choice.
Verge is not the only cryptocurrency to claim high anonymity and privacy levels, but indeed is a currency that is successful in offering user anonymity and making it a transparent public ledger, which is the central requirement of any decentralized cryptocurrency.