What is Verge?
Verge is a new blockchain that runs solely on the TOR network. By further anonymizing transaction details via rerouting them through several different computers across the globe, Verge offers a layer of privacy not made use of by almost every other cryptocurrency. Verge offers advanced security by accepting several different mining algorithms to solve its “Proof of Work” problem and receive the block reward, making it harder for mining pools to grow to imposing sizes and conduct a “51% attack.” Verge also offers encrypted, peer-to-peer chat technology that runs on their network.
History of Verge
Verge originally started from the altcoin DogeCoinDark, launched in October 2014, before being rebranded as Verge in 2016. With a block time of 30 seconds and by running all their nodes on the TOR network, the original coin offered improvements in both speed of transaction and maintaining the anonymity of its user. It was announced in May 2015 on a bitcointalk.org thread that the coin was going to be rebranded. Holders of DogeCoinDark would be credited for Verge coins through certain exchanges.
In February 2016, a new bitcointalk thread started for the project, this time under the name Verge. The coin re-brand team collaborated extensively with the cryptocurrency community and its users, obtaining listings on a wide variety of exchanges, garnering support from the Electrum wallet team, and working to integrate itself with several vendors on a worldwide scale.
How Verge Works
Verge is a multi-algorithm Proof of Work coin, which means that it is mined like bitcoin but uses a wide variety of mining algorithms to further enhance the security of its network. Verge employs the use of “stealth addresses” which mask the details of senders and recipients during transactions. This works by having the sender transmit funds to a series of anonymous addresses which can only be recovered by the pre-determined recipient.
Verge features block times of 30 seconds, which are twice as fast as Dogecoin’s. This enables it to conduct transactions with an average speed of 5-10 seconds, when compared to several minutes or hours, as those found in bitcoin’s 10-minute blocks. Short block and transaction times mean a greater capacity for transactions per second, meaning the network has a tremendous capacity for transaction data, which would ease worries of strain under demand and adjustment to scale.
Verge also provides enhanced user security with its own Electrum wallet, an easy-to-use desktop wallet that is integrated with the TOR network. Wallet servers are continuously backed up and widespread, located in remote regions around the globe. This makes it harder for wallets to go offline or become compromised.
- Secure blockchain technology prevents threats of 51% attacks.
- Allows users to engage in direct transactions quickly and privately.
- Custom API allows for advanced options while sending and receiving payments.
- Designed for integration with both high and low volume merchants, easing the transaction process for both vendors and buyers of any size.