Verge price

XVG

#495

Valo first became interested in Bitcoin in 2011, later getting with Dogecoin after its late 2013 launch. He began working on Verge because he that none of the altcoins being developed at the time were adequately functional as digital currencies and that the only other serious privacy coin projects --- Bytecoin (BCN) and Monero (XMR) --- were not sufficient.

In 2017, Valo was to the advisory board of TokenPay (TPAY), a privacy-focused cryptocurrency.

According to its "blackpaper," Verge was as a way to fulfill Bitcoin founder Satoshi Nakamoto's vision of a decentralized, trustless electronic payment system while also providing more privacy than is available with Bitcoin.

In order to accomplish this goal, Verge relies on a series of key privacy features. It automatically routes all traffic to and from its vergePay wallet through the Tor network, anonymizing the traffic and masking IP addresses. It also offers dual-key stealth addressing, through which senders can create one-time wallet addresses on behalf of recipients to help protect the recipients' privacy, as well as using atomic swaps to power trustless peer-to-peer cross-blockchain transactions.

The Verge Core team often crowdfunding and community support to be able to scale, market and pursue partnerships. In April 2018, the project 75 million XVG (approximately $7 million at the time) to cover the costs of integrating with a major payments processor.

The cryptocurrency did not have an initial coin offering, nor was there any premining of tokens. As such, the Verge development team has said it does not hold a significant amount of XVG. Rather, all currently circulating XVG was introduced through the Verge blockchain's proof-of-work mining process, which is multialgorithmic and supports Scrypt, X17, Lyra2rev2, Myr-groestl and Blake2s.

The Verge network is secured through a proof-of-work consensus algorithm similar to that of Bitcoin, on which Verge's code is based. At least 51% of all full nodes in the network must agree that a transaction is valid in order for it to be added to the blockchain, and new blocks are created through the mining process, in which users compete among one another to solve complex, energy-intensive problems. However, unlike Bitcoin, Verge supports five different mining algorithms. According to the development team, this makes the network more secure, as more people are able to participate in the mining process.

In April 2018, Verge an attack on its network that used an exploit related to the Scrypt mining algorithm to instamine a 20 million XVG. In response, the project initiated a hard fork to patch the issue. While it was widely referred to as a 51% attack, founder and lead developer Valo this, saying it was actually a timewarp attack, which involves manipulating block timestamps in order to reduce mining difficulty.

XVG is available to purchase on many exchanges including Binance, HitBTC, Bittrex and Huobi Global. It can be traded against fiat currencies such as the U.S. dollar and the euro, cryptocurrencies such as Bitcoin and Ether (ETH), and the stablecoin Tether (USDT)

Are you interested in buying XVG or other cryptocurrencies such as Bitcoin? CoinMarketCap has a simple, step-by-step guide to teach you all about crypto and how to buy your first coins.

Learn about Monero, the largest privacy coin by market capitalization.

Learn about Zcash, another privacy-focused cryptocurrency.

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