Trading in common currencies has in the recent past become very unpredictable. The fiat currencies are affected by multiple factors that compromise their stability. When political interference compounds these factors, the need for an alternative becomes dire. The best alternative is cryptocurrencies. These are digital currencies traded through complex blockchain technologies. One such blockchain platforms is Verge that has been designed to guarantee users of full anonymity and decentralization. In this post, we look at this blockchain platform to establish what it is, how it operates, and core features.
What is Verge and its main mission?
Verge is a decentralized currency created for users who want to invest in great privacy. The cryptocurrency was designed to help improve the Bitcoin blockchain by adding layers of anonymity-centric networks like the i2p and Tor.
Verge was founded in 2014 by Dogedarkdev and was called Dogecoin before it changed to Verge in 2016. Verge limits the total coin supply to about ~16.5 billion. The first 9 billion coins were released when the platform started operating in 2014 while 1 billion more are released every year. This trend will continue until all the coins have been released into the market.
How does verge work?
Verge uses complex multi-algorithm mining support system. This means that the individuals in possession of various mining equipment can mine verge that guarantees extra security via decentralization and fair distribution of coins in the entire mining community.
By applying the algorithm, Verge is able to support multiple hashing algorithms including Scrypt, Lyra2rev2, X17, myr-groestl and blake2s. The algorithms have made it easy to apply unique PoW (proof of work) systems that mainly help people with more coins make more. Though this has been an issue with fiat currencies, it is replicated in verge as the system encourages users to get more coins for higher profits.
To start trading using Verge, you have to download the Verge wallets and buy its coins (XVG coins) on the support exchange. You could opt to download the desktop verge platform or go for the mobile app.
When compared to other coins, XVG are very many in circulation. This was an issue and remains a concern especially to new investors because they could cause price fluctuations. However, Verge prefers to ride on one positive side effect of high supply; bringing the Verge coins close to fiat currency supply especially the UDS and GBP.
To maintain extra privacy and success, Verge uses a transparent ledge system that makes everyone on the platform to see the transactions taking place. However, it uses TOR and i2p to fully protect all users. This is different from other blockchain systems that utilize IP address masking which is not enough to guarantee everyone total security. By applying this type of technology, Verge has managed to protect its users from Denial of Service attacks or ability of central administrations retrieving Masternode logs that can expose others in the community.
The main Verge features
This is a wallet solution run by Bitcoin. It has been forked by Verge to help users access the Electrum codebase and allow it to operate within the Verge Blockchain. The wallet utilizes the SPV (simple payment verification) to make it possible on both slow and speedy usage.
This is a special wallet that requires users to download and install the complete verge block chain to do any transaction on the network. Users are required to ensure that their computers have ample storage when carrying different transactions. When you open a QT wallet, it downloads the latest Verge blockchain.
The community chat
Verge has gone a step further to ensure that all users can follow the latest performance on live radio. The feature also comes with a 24/7 community chat that traders use to share ideas in various markets. People with issues can also get help from peers on the community chat.
Pros of using the Verge wallet
- Verge focus on keeping all users synonymous has yielded fruits by avoiding masternodes and operating an open ledger.
- New users find the Verge platform easy to use because it comes with creative features especially for liaison with the community. Even pro traders can share ideas on the market using the community chat.
- It is very easy to follow the Verge and other coins performance in the market using the community radio.
- The system is highly effective for mass adoption: By offering multiple wallets and operating in layers placed on top blockchains especially Bitcoin, Verge is capable of handling multiple adoption and transactions.
- The transactions are ultra-fast: By using SPV technology, it is possible to complete transactions and deliver conformation within 5 seconds.
Disadvantages of Verge
- Verge is lowly priced. Therefore, picking several thousand coins is very expensive.
- Though Verge has put a lot of emphasis on making the platform more private, it has become very complex to understand and trade.
- The chain of linking Verge with the fiat currencies is lengthy and very expensive.
Where to Buy and Sell Verge in Australia?
Crypto Currency for Fun recommends buying Verge at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Verge and they offer Instant Delivery or your coins right into your account.
Joining a blockchain platform today is mainly informed by the desire to move away from the unpredictable fiat currency market. Verge has managed to create a reliable system for users to trade anonymously and maintain high security. While there are serious shortcomings of the system especially the lengthy chain for integration with fiat currencies, Verge’s is no doubt one of the most promising cryptocurrencies.