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XVG is a cryptocurrency launched by the Verge. Just like the entire community, this coin is focused on anonymous transactions and high speed of confirmation.
This digital currency appeared in 2014 and was originally called DogeCoinDark. In 2016 it was rebranded to Verge because the community wanted to separate themselves from the famous Doge meme and the “dark” connotations.
The technologies behind Verge are mostly focused on privacy. To ensure anonymous user connection, Verge uses I2P and Tor. Verge uses Tor as the standard for the network transactions that ensure anonymous connection to the blockchain. Therefore, interactions between users and Verge network are difficult to link to an IP address. I2P is used for dynamic information routing, preventing interruptions and congestion. Tor allows an anonymous access and I2P creates a private segment within the global web.
Due to these implemented encryption technologies, Verge’s blockchain is impossible to track.
Users have a choice whether to make their transactions anonymous or not due to the Wraith Protocol. Public transactions ensure speed and transparency, while private blockchain is not reviewable at all. Verge developers implement stealth addresses to accomplish private transactions. Stealth addresses send money to one-time use addresses. Only a receiver can identify them. Currently, this technology is used by the leading anonymous currency Monero.
The main cryptographic technology of Verge coin is an elliptic curve. This type of cryptography allows parties to agree on transactions using private keys and signatures without any third parties and control.
Verge has options for messaging. XVG coins can be sent via Twitter, Telegram, IRC, Slack, Steem, and Discord. To send tokens, one has to know only the username of a receiver. All transactions are processed by bots and transferred to the required addresses. Then the recipient gets a message with instructions on how to claim the money.
Verge is testing out multi-algorithm consensus and therefore allows users mine XVG coins in various ways. The algorithms are based on the proof-of-work principle. The main difference between them is that some require ASIC and the others are suitable for GPU.
The algorithms are X17, Scrypt, Lyra2rev2, blake2s, and myr-groestl. The main benefit of multiple algorithms is better decentralization and an opportunity for different rigs to take part in mining.
Verge’s aim is a 30-second block interval, split between these algorithms.
Verge is going to cooperate with Rootstock adding it as a sidechain to process smart contracts. This combination is going to be Turing complete. RSK and XVG tokens can be pegged on Verge and they will have the same price. Users may deposit XVG on Verge and spend RSK on the Rootstock.