Verge currency separates itself by being an open source community lead currency. Which means that the that there is no company or foundation behind it. In fact, there is no white paper instead there is a BLACK PAPER, and the core teams only signed it with their usernames. This small thing is what creates the basis for the privacy coin Verge.
The coin was first branded as DogeCoinDark back in February 2016. But wanting to distance them self from dogecoin and the dark connection they have over the last two years rebranded them self as Verge coin. And with their community is racing to be top privacy currency.
The anonymous connection
Verge is looking at how users connect to ensure privacy.
You might know that the internet is straightforward where a connection is established from your computer through your ISP (internet service provider) to the site you are trying to reach. For regular internet surging this is an okay way to connect. It combines a smooth solution with a speedy which is what the average internet user is looking for. And if you want to take it one step further, you can use a VPN to gain another level of privacy, and you can read more about it by clicking here.
The next level of privacy comes in the form of the Tor Network also known as ONION routing. This is where no one node knows who you are and what you are doing at the same time and much like an onion, your surfing is protected by layers upon layers of routing. And we have a simple illustration of the TOR network.
The entry guard knows who you are but not what you are doing. The middle relay knows nothing more than to send between the other relays. The exit relay knows what you are doing but not who you are. It is a simple explanation of the onion network. And whey it will give you an added layer of security, but we will move on
The next level of privacy is in I2P where just like TOR on steroids there is a cloud-like TOR. But there is no dedicated path to the data takes one way from you to the end address and another way back so now no one knows more than they revive from point A and send to point B making it harder to identify who is doing what
As the diagram shows one route out and another back. Then just imagine that the data can take a million different ways and still end up on your computer.
Where TOR was intended to create a way to browse the internet privately I2P is just taking it indeed one step further, and leveraging on this technology VERGE is creating a genuinely private transaction, and whether you send it over TOR or I2P, you get IP anonymity as a standard on VERGE.
It is a protocol that gives you the option of making a public or private transaction. So for speed and transparency, there is the public blockchain which provides speed, and the private transactions are not public reviewable.
Verge is using stealth address to send privately making the recover the only one who can redeem the transaction. They then added the routing through the TOR network as an added security feature.
Verge is utilising the Electrum wallet which was initially designed for bitcoin. The benefit of Electrum is that it supports TOR and I2P integration. Besides that, it is possible to create a transaction offline signing it with your private key then transmit it from an online computer. So the software can, in fact, be used to create both a hot or a cold storage.
Electrum also supports passphrase key recovery and multi-signature, meaning you could require multiple confirmations to send a transaction, increasing security. Finally, the Electrum wallet connects to decentralised servers that index the blockchain. There’s no need to operate a full node or download the entire blockchain transaction history
A networking coin
Verge has implemented options for messaging transactions, as well. You can send XVG via Telegram, Discord, Twitter, or IRC. It’s simple to send tokens using only a person’s username. A bot will process the transaction and place the funds in a holding address. It’ll then send a message to the recipient with instructions on how to claim the funds. Verge is not the only cryptocurrency to implement messaging payments, but it represents a significant leap forward in user experience from an ease of use standpoint.
When looking at the mining option Verge has adopted a multi-algorithm consensus. Making the coin more decentralised since different machines can come in on the mining process.
They use the following five algorithms Scrypt, X17, Lyra2rev2, myr-groestl and blake2s. They are not the only coin making use of more than one algorithm but there are currently few coins using it, and it was DigiByte that started using it.
Returning to Verge. It has a target 30-second block time, split between the five algorithms. In total, there will be 16.5 billion XVG, with 9 billion mined in the first year (2014) and 1 billion every year after that.