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Verge is a decentralized open-source cryptocurrency that offers anonymous transactions by obfuscating the IP address and geolocation of its users so that they are untraceable using technology including Tor and I2P.[1] It trades under the symbol XVG.

Verge
Verge logo.svg
Verge Logo
Demographics
Date of introduction 2014; 4 years ago (2014)
User(s) Worldwide

Originally named DogeCoinDark when it was created in 2014, it was rebranded Verge Currency in 2016.[1]

The price of Verge skyrocketed from under $0.01 to $0.28 in a matter of days in late December 2017.[2]

Market Cap —$352 669 923 USD (53 831 BTC) [3]

Contents

PrivacyEdit

Verge has a transparent ledger that allows anyone to view all of its transactions, but claims to protect user identities and locations by integrating both Tor and I2P to not expose IP addresses. As for the specifics of how Verge offers that anonymity, it’s an open source project that leverages Tor, which hides your IP address by encrypting your traffic and bouncing it through a chain of computers around the world, and I2P, which differs in practice but offers the same broad strokes peer-to-peer routing. I2P is not currently implemented and this form of anonymity is pseudo-anonymity at best as IP addresses are not what are used to identify unique transactions but instead, a link between transactions is used to identify unique transactions and owners of said transactions. In fact, using Tor on the blockchain is known to deanonymize Tor. [4]

Wraith ProtocolEdit

Verge has adopted a different approach as compared to others to become private and anonymous.

Unlike its many peers, it doesn’t use cryptography as much to become an anonymous cryptocurrency. Instead, they use Tor and I2P network(yet to be coded)to achieve their goals.

Wraith Protocol was first advertised as a toggle to switch from an open ledger to a private ledger. But, the Verge development team did not have the expertise to implement this. So, they changed the documentation involved with Wraith Protocol. In its current form, Wraith does not provide anonymity or fungibility.

On their website, they say it is so because they believe that an open ledger is something that is required by the users to verify and see where their transactions are getting received/used. This can be done even with a private ledger so this point is invalid. They also have some other unique features such as atomic swaps or fast transactions and some of them are listed in the below infographic.[1]

Partnership with MindGeekEdit

Verge asked for 75 million in donations from its userbase to unveil an unknown partnership. Most of the amount needed was donated by TokenPay and about 16 million Verge was donated by Verge's userbase. Verge announced partnership with the adult entertainment giant MindGeek on April 17, 2018.[5] This partnership was one of the largest cryptocurrency adoption cases by an industry to date. Pornhub the number one adult entertainment website in the world along with MindGeek's other top platform Brazzers began accepting Verge cryptocurrency payments. Verge's focus on providing user anonymity,the platform's user's specific demands and the payment of Verge coins to Pornhub were said to be the reasons for the integration of Verge on to the platforms as a payment method. This could simply be construed as buying an ad but perhaps might be more than that. Recently, a couple other coins have also been adopted by Pornhub, this time with no sort of donation.

ReferencesEdit

  1. ^ a b c Emsley, Jonnie Emsley (2018-04-01). "Introduction to Verge". CryptoSlate. 
  2. ^ Russo, Camilla (2017-12-20). "Bitcoin's Smaller Cousins Lead the Crypto Rally". Bloomberg Technology. 
  3. ^ X, X (2018-07-10). "Market Cap". CoinMarketCap. 
  4. ^ Jawaheri, Al (2017-06-01). "Tor deanonymization using blockchain transactions". QSpace. 
  5. ^ de Havilland, Paul (2018-05-06). "Mass Adoption Awaits: One Small Step for Vergeans, One Giant Leap for Cryptokind". Bitsonline. 

Additional SourcesEdit