Verge (XVG) Up By 600% In One Month, Could It Be The Next Monero?
A cryptocurrency that has been soaring for the past month is Verge (XVG), up by 600% over the last 30 days, now trading at $0.131028 as of 2 p.m. CST.
What Is Verge?
Verge is a blockchain-based cryptocurrency that emphasizes on completely secure and anonymous transactions. It uses multiple anonymity-centric networks to achieve this.
Originally created in 2014 under the name DogeCoinDark (not to be mistakenly associated with the meme-based Dogecoin), the coin was rebranded into Verge last year.
What made investors attracted to Verge is how unique its technology is, especially in a world where user privacy is held in high priority.
How Verge’s Technology Works
With the Verge coin now updated with the Wraith Protocol technology, users can seamlessly switch between public and private ledgers on the Verge blockchain.
Prior to this, both types of ledgers were mutually exclusive, as in they could not co-exist on the same blockchain. But users are now free to choose which ledger they want to use.
For example, when Wraith Protocol is turned ON — the transaction data is hidden and not visible via the blockchain explorer. In cases where transparency is required, Wraith Protocol would be turned OFF — allowing the transaction data to be viewable on the public ledger.
In addition, Verge provides total obfuscation of IP addresses in both cases. In combination with Wraith Protocol, this makes Verge the only truly untraceable cryptocurrency.
The Next Monero?
Another thing that differentiates Verge is that it’s not a private company funded by pre-mined coins, but a 100% open-source project, meaning its community members can all give input into any future changes to the coin. For instance, a thread on Reddit has already been made to redesign the coin’s logo.
Because of these features, Verge has often drawn comparisons to Monero (XMR), one of the top 15 cryptocurrencies by market cap.
Also, compared to more well-known cryptocurrencies like Bitcoin and Ethereum, Verge has a faster transaction speed by using a Simple Payment Verification (SPV) technology to keep confirmation times to around 5 seconds on average.
How To Buy?
As mentioned on its official website, investors are recommended to use a list of the most reputable exchanges — such as Bittrex — to buy the Verge coins.
Users with Android devices can take Verge on the go and send or receive coins with their mobile Verge wallet app.
Advantages of Verge Coin
As mentioned, Verge is all about safety and preserving user anonymity like Monero, so that’s its potential upside. Its unique technology is also being applauded by those in the industry.
Also, Verge is scheduled to make further announcements and launches this year, as well as external audits on the cryptocurrency, according to its development team.
What Are The Risks?
Like with every cryptocurrency, Verge has its own underlying risks that investors should be aware of:
- Verge has a large supply, which could put a downward pressure on its price (this is likely what happened to Ripple)
- Its price goes through short periods of high variance
- Increasing number of competition
Featured Image: twitter