Hello Steemians
In this series of articles I want to put a spotlight on a specific cryptocurrency and write about the details in all these aspects:
Aim of the currency
Technical details
Market position
Forecast
The cryptocurrency in focus currently will be one of the so-called "private" coins. Coins that create the possibility to be more or less in private while doing transactions. How private you are is one of the main questions to be answered in this articles.
In this 4rd article of the series, the spotlight will be on Verge
PictureSource
Aim of the Currency
What is this currency about? What does it do differently than the rest?
Where is the unique selling point and at what audience is this coin targeted.
All that questions and more will be answered in the following paragraph.
Verge is basing on the original Bitcoin Code but has improved this significantly in regards to being able to keep your privacy. The coin was created already in 2014 under the name DogeCoinDark and has been rebranded in 2016 to Verge Currency. Verge is not run by a private company, not funded through ICO or premine, but is 100% an open source project, developed and supported by the Verge community.
The maximum supply of coins is capped at a high 16.5 billion XVG.
This coin's primary focus is on keeping sender and receiver anonymous, including obfuscating the IP and location.
Technical Details
Verge incorporates into his standard wallet already the support for both TOR and I2P, there is nothing else to be setup to be able to obfuscate the IP address. The complete Network Traffic with TOR or I2P is encrypted and therefore the data is not accessible for any third party.
Transaction times are fast (~5 Seconds) while using the Simple Payment Verification (SPC), this works only with the Electrum wallet that has been forked and customized for the use with Verge.
Transaction capacity, on the other hand, is with 100 transactions per second quite low, a new development called RSK (projected go live in December) should raise this up to 2000 transactions per second.
Mining XVG is possible, it uses a multi-algorithm mining support. The following algorithms are supported: Scrypt, X17, Lyra2rev, myr-groestl and blake2s. Current calculations show that mining XVG can not be run in a profitable way, taking into account normal PC hardware and Central European electricity prices.
The main improvement over Bitcoin is basically the possibility to send or receive money in a private way and being able to obfuscate IP and therefore location as well using TOR or I2P.
The Smart Contract module called RSK is set to be launched in December.
Market Position
At the time of writing this article (12/08/2017), Verge is placed 75th in market capitalization, with the total value of 121.026.793 $. The 24h Volume was $7.826.470 which is a rather high number compared to the last month.
Marketing team around verge is quite active and posting regularly on Twitter and other social media, the coin is also available on quite a few exchanges with Bittrex being the biggest one.
Looking back 1 month we see that verge has had quite a low in the middle of November only to recover nicely, being today quite close to the ATH.
GraphSource
If we are taking a look at the 1 year graph it is clear that the ATH has been met in the beginning of November and that the price is nicely regaining from this.
GraphSource
Forecast
Just like all the other private coins Verge for sure has a valid point in trying to keep the privacy of the sender and receiver. This alone is for sure not getting Verge a significant rise in price, what could maybe help in this is the planned release of the smart contracts module on the Verge Blockchain. If the developers can hold their deadline and implement this in December we might see a nice rise in price.
Conclusion
With Verge, you are enabled to keep sender and receiver data private, including the IP. This is achieved by having support for both TOR and I2P built into the standard Wallet. This is a huge advantage compared to Bitcoin, where all transaction details are stored readable on the blockchain.
Verge is backed by the community and has no company that runs it, so no founders fee, ICO, or premine was necessary.
Last but not least there are also some drawbacks and they should not be unmentioned:
PoW Coin, mining can be seen as a waste of energy.
Development relying on the community, entries in the ANN on bitcointalk are recent, the dev is reacting directly.
Privacy of transaction has been also viewed with criticism.
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Did this post pump verge recently? lol... I was unable to gain from the pump though as wallets werent showing addresses.
Thanks for the breakdown. Keep up the good work. Followed and upvoted.
Hey adsactly,
Thanks for sharing
Thanks for these articles, @adsactly. About Verge itself, I hold a few myself and have gone through those lows of November you spoke about. That was because the development team had announced they were going to release a Wraith protocol but ditched badly on the deadline before claiming that was never their deadline but one that was created by their marketing team. Tanked badly after that before riding on this BTC rally. Hoping for a better 2018 from them.
I still dont get cryptocurrency...
Its like says you "still dont know Jesus Christ."
but I do know Him. I'm confused even more.
I honestly think its jut a matter of time when people stop riding the prices and start to look into the actual technology. We just need to get more accustomed to cryptos and the focus will shift to how cryptos can benefit and make our everyday life easier.
The crypto market is growing everyday. Sooner or later the prices of all these alt coins will be too high for regular people, so always have your favourite altcoin(or better yet your top 3) and try to put some money in it each month, each cent counts int crypto :)
It looks promising though, must be given a chance within the crypto space to grow, who knows someday, it might be at the verge of prominence. Hahaha!
I’ll definetly have to show this to my class! We are doing a project on crypto currency. We are eventually all going to invest into differing currency and see how it works out. Go check out our class account! @shsibecon
Verge looks very interesting and promising ... I had a look at it some days ago
Thank you for the big informations :-)
this is so awesome. Really great work. It's fun to see it in action so quickly as I know you've been working on this for a little while. Great stuff.
Great !
great post. my friend @adsactly
interesting write!
Really friggin' neato.
I've been thinking someone should ICO a coin which is basically just this but then build a drug-market exchange into the thing itself. If you can do trustless transactions + have anonymity doing transactions then the system would be really hard to attack. You could make a little cut iOS front-end for it too!
Here's to DrugCoin being the world's leading currency in 2020! Jai. Praise Jah.
sir. i am wating for your blog. your blog always great. @adsactly
Very interesting read, thanks for the insight.
great work @adsactly (y)
I like your posting .post is good. i want to be like you are a lot of fans. and i need your support in achieving the ideals in order to become a good artist. i need support from you.
good like
I’ve heard about it first time thanks for it!
Great post! Thanks for the heads up, will keep an eye on this one :)
That is some highly impressive and super materialzed post you have written bout verge in here my friend.
But i think if mining for any cryptocurency is placed right then it is not a waste of energy :)
Interesting article 👍
upvote & follow, also bought some verge.
Thank you for reviewing Verge.
I have just discovered it a few days ago but so far I was only able to buy a very small amount of coins.
If it gets adapted more it seems it might have a very bright future and can stand next to Monero.
Let's give it some time!
Thank you for sharing this @adsactly ! Very informative.
Resteemed!
muy bien explicado tratare de comprar mas y guardarlos para largo tiempo
So informative. feels good to be a part of steemit:)
hey good post, very interesting, you have my vote and I follow you to continue reading your publications, go through my profile, maybe you find a publication that you like, I post about the chances of bitcoin falling
Absolutely correct analysis ... But how to understand it's block structure ??
Nice
adsactly,
Thanks for sharing
restemed your post
sir plz restem my post i need your support to begin my steemit channel
https://steemit.com/in/@ahmermalikuuuuu/bitcoin-is-rising-so-greatly-at-the-peak-just-stay-holding-and-seee
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🐒
Haven’t heard of this one. Thanks for sharing.
I think it’s also worthwhile to take a look at Monero (XMR). It’s private by design and their site goes over a few of the techniques used such as ring signatures.
Thanks for sharing and keeping it short and precise!
Quick Question: What us ATH? I see it mentioned in the article a couple of times.
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Your post is very nice
Verry good content. Thank you for sharing!
This is very effective analysis post.In this you did detailed information thankyou
Verge, Iota, waves, and then bitcore is growing!
Amazing, I am holding some verge, I hope I will take my profit from it
Congratulations @adsactly!
Your post was mentioned in the hit parade in the following category:
excelent post.
check out my profile https://steemit.com/@urtq1996
Awesome your posts continue grabbing my attention upvoted & resteem
Thanks for this analysis. When I first saw Verge at CoinMarketCap, I liked this coin very much but didn't know how to buy it. I think it has a good original name. I will consider to invest some in it :)
+55.82% in the last 24 hours.
Thank you.
Verge is gonna moon !