Verge is a virtual cryptocurrency that was developed with the principle of providing an alternative to fiat money and to ultimately become a competitor of Bitcoin and other cryptocurrencies.
Verge is a decentralized, 100% open-source platform that was created in 2014 under the name DogeCoinDark and rebranded to Verge in 2016.
Verge originated directly from Bitcoin, with the Verge team making a number of changes to the original Bitcoin tech to support faster and more efficient transactions while ensuring personal privacy.
Unlike fiat money, there are no physical Verge Coins, just balances that are recorded on Verge’s decentralized, public ledger.
Verge was founded by Sunerok in 2014. The maximum supply of Verge coins is capped at 16.5bn Verge Coins (“XVG”).
The creation of each individual Verge comes from mining, where Verge miners are able to mine on CPUs, as well as GPUs and ASICs hardware. Verge’s proof-of-work algorithm addresses the issue of mining centralization faced by the likes of Bitcoin.
Verifications are carried out by decentralized nodes in Verge’s multiple anonymity-centric networks including TOR and I2P. Each node connects onto the network over TOR (The Onion Router).
TOR is a global network of servers that enables users to browse the web anonymously. Each search is bounced across a number of servers that masks user IP addresses, ensuring that each transaction on the Verge blockchain is untraceable.
Verge blockchain is the key driver behind Verge coin, a decentralized ledger that is updated instantaneously across all users. An additional feature, called Wraith Protocol was released in January 2018. The protocol allows users to switch between public and private ledgers that address regulatory issues surrounding anonymity.
Some distinct differences and characteristics of Verge include:
- There was no Verge ICO at launch and no pre-mining, with all contributors being unpaid volunteers who donate their time and effort to the project.
- Verge has a block-time of 30 seconds and is capable of 100 transactions per second, significantly more scalable than Bitcoin’s 10-minute blockchain and 7 transactions per second.
- Verge Coins can be mined with CPUs as well as GPUs and ASICs hardware, leveling the mining field.