Verge has had a year of up and downs where the price made it to the top in December 2017 appreciating by over 3000% in a fortnight. The early investors and the developers had a field day late last year. However, the celebrations were short-lived when Verge (XVG) began the downside roll and lost more than 90% of its value. In an effort to save the dwindling coin, the developers launched a crowdfund that would help it secure an undisclosed “partnership.” The crowdfunding campaign dubbed “the “largest partnership crypto to date!” has indeed spiked some growth in the price of XVG. The cryptocurrency has since recovered at least 40% of its value from lows of $0.03 to highs of 0.042.
XVG Transforming Anonymity in the Crypto Market
On the other hand, Verge XVG has always stood out from the rest of the cryptocurrencies when it comes to privacy. Many other digital assets have been questioned over anonymity as well as centralization. Bitcoin has been in the limelight of privacy-related issues where evidence has shown that users identity can be connected to their wallet addresses.
According to the Verge website, it is a decentralized digital asset that was created to improve the original Bitcoin blockchain. The enhancement was done to ensure that anonymity remains as was envisioned when blockchain was released in 2008. Furthermore, Verge blockchain was developed to achieve faster transaction speed for personal use as well as cooperate usability.
Recently, cryptocurrencies are constantly faced with issues of privacy. The government has been known to infringe on peoples personal data both in the country and abroad. There is a need for privacy when handling individual matters. Experts are currently advising investors to shift to the more privacy-focused coins like XVG to ensure that their identities information and other vital data remain safe. Verge aims to bring flexibility and privacy to ordinary people. The company believes that in a cryptocurrency market where regulation is inevitable, anonymity is very essential. Besides, there is need to “bring blockchain transactions into everyday life”.
The multiple layers of anonymity are made possible by the use of Tor and 12p. The team say that both these platforms keep the IP addresses of users hidden. The user location is also hidden for it to achieve private transactions that are entirely untraceable. To increase the speed of transactions, Verge utilizes the Simple Payment Verification (SPV) technology. All these features work hand in hand to make the transactions private while the confirmations are completed in less than five seconds. In addition to that, the wallet used for XVG is the highly secured and privacy enabled Tor Android Wallet. This wallet grants users with topnotch anonymity and security when making transactions and storing their coins.
The Wraith Protocol on Verge XVG
This software was released in 2015 and it is known for its ability to hide IP addresses as well as transactions on blockchain when using Tor and stealth address. Users can decide to operate public or private ledgers when making transactions. Verge stands out because there are no other digital assets that give their users the opportunity to either go private or public. When the protocol is switched on, the data is hidden and makes it untraceable using the blockchain explorer. It has revolutionized the cryptocurrency anonymity in 2018.
Verge XVG has achieved more in terms of anonymity of users on the blockchain. However, the currency still has a long way to go especially if it has to compete with the top coins in the market.
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Also read : The rise of Privacy coins: Edward Snowden