The start of the cryptocurrency world began with the need for privacy and a coin that doesn’t depend on any centralized system prone to the rules of a given country. Different cryptos rose from this idea with only a few making this dream a reality. The first to emerge as a decentralized blockchain cryptocurrency that promises its users of uttermost privacy was of course Bitcoin.
However, the users and developers quickly figured out that there was a possibility of following through transactions in the network. This was because even though bitcoin claimed to be decentralized it still has building blocks based on centralized e-business and e-commerce. This building blocks run in individual computers which can be traced and face legal actions.
Soon afterwards, different groups started to create their own cryptocurrency that would bring a new age into the crypto world. Verge, based on the bitcoins code base, was then after founded. Well, as any rational investor would do, everyone was a bit skeptical about this new crypto and most people didn’t believe it.
Fortunately, a few did and when they tried the crypto, it was evident that the long awaited sense of privacy was completely possible. In this article therefore, we are going to discuss how Verge makes its privacy possible, its history and a few relevant information that will give you a better understanding of this revolutionary coin. Shall we start with a proper introduction?
History of Verge Coin
Verge is a cryptocurrency that aims to improve on the promises that bitcoin was supposed to offer. These include being a cryptocurrency that offers fast, affordable, decentralized system which at the same time is able to maintain absolute privacy of its clienteles. Verge started off with the name Doge Coin Dark founded in 2014 which was later changed to Verge in 2016. This change of name was aimed at showing its users that the coin doesn’t support illegal activities and it is a serious coin capable of changing the entire cryptocurrency world. However, the crypto only changed its name. The support team and its technology is still the same. The Verge crypto coin is created for everyday use.
The Verge cryptocurrency has taken the privacy level of cryptocurrency into a whole new level. The primary focus of this cryptocurrency is basically anonymity in every transaction through the platform. Most cryptocurrencies that have been introduced since bitcoin promise to give its users anonymity but none truly has the solution you would expect (even bitcoin). The only other crypto that almost has the same sense of privacy is Monero.
To get a better understanding of how Verge achieves complete anonymity of its users, there are a few things we need to discuss about the coin. Before starting to invest in any cryptocurrency, you will need to study its white paper first. Interestingly, the Verge calls its white paper; Black Paper, which I must admit is contrary to their re-branding purpose. The paper is composed of about ten pages which you need to go through thoroughly.
Verge has been able to achieve being completely decentralized as compared to other cryptocurrencies. This makes the dream of making a coin that is completely off the rules of any centralized government a reality.
How Does Verge Achieve Privacy?
In most cryptos, they use a peer to peer network which is presumably a decentralized system that is not traceable. This has over the years been proven not to be entirely true. Verge on the other hand uses Tor (Onion Router) and Invisible Internet Project that ensures complete anonymity. Both of these protocols use layers of encryption which sum up to total anonymity during normal surfing. Additionally, Verge uses DHTs (distributed hash tables) which help in operating the protocols of the network hence resulting to a decentralized network.
Both I2P and Tor are completely safe as compared to VPN services where the privacy of the users may be compromised by the VPN company. This is because the company is able to track the log in activities of their users. To top it all up, the anonymity of the users depends entirely on the VPN company since the only encrypted network is between you and the VPN while from the VPN, the communication is basically the same as it would be without involvement of any VPN network connection.
Privacy will always be an issue in the cryptocurrency world. Most critics argue that privacy is something that people planning to do illegal businesses are concerned with. But that is not the case. Let’s say your bank statements were made public to everyone in your life including your competitors and debtors that you may have but you wish to pay them at a later date since you have more urgent needs like capital to a new business venture.
The public display of your statements will most likely bring your business down. More and more cryptocurrencies are opting for the high privacy levels since it is still very essential in the crypto world. For example, Ethereum has introduced new upgrades to boost its privacy levels; ZK-SNARKS.
The Verge developers have created different wallets to cater for all the needs of their clienteles. So whether you use iOS, Android or Windows, you are sure that there is a software to deliver what you wish. The Verge team have also gone out of their way to develop an application that supports both Tor and I2P hence you are able to create your anonymity around this app. The most recommended software would be Electrum which provides native support for both I2P and Tor.
In conclusion, the current prices of this cryptocurrency is still low so this is the best time to invest in it. Obviously, the growing need for privacy and anonymity will most likely to drive crypto enthusiast to the Verge way. With the rise in legal issues, most cryptocurrencies that offer complete anonymity. for example Verge and Monero, are finding themselves among the top 50 cryptocurrencies in the world. Make the wise choice and cross your fingers. As you have figured by now, the crypto world has high levels of uncertainties which you must be ready for.