Curious about Verge (XVG)? Here’s our overview of what it is and how to buy it.
Verge is a cryptocurrency primarily focused on two types of advantages:
- Security. The number one focus is complete anonymity and privacy in transactions where desired.
- Functionality. The number two focus is extra functionality in the form of compatibility across multiple blockchains and future smart contract functions.
Where can I buy Verge in Australia?
What are the unique features of Verge?
Verge (XVG) is designed to offer completely private and untraceable transactions where desired, similar to the successful Monero cryptocurrency. But for an extra edge, it also offers a range of distinct features:
- Optional transparency. Verge offers “Wraith Protocol” as an option where desired. This lets users decide whether they want to have a transaction kept entirely invisible, or recorded on a publicly visible blockchain.
- Stealth addressing. This feature lets senders create an unlimited number of one-time addresses for recipients. These can only be accessed by the recipient, and cannot be linked to either the sender or the receiver. This lets senders easily offer more security and privacy for receivers.
- Multi-algorithm mining. Verge is one of the first cryptocurrencies to offer multi-algorithm mining, supporting 5 hash algorithms on one blockchain. This means a greater variety of people and devices can profitably mine it.
- Atomic swap inter-chain operability. When fully implemented and operational across multiple blockchains, users will be able to seamlessly convert and transact currencies across multiple other blockchains that offer Atomic Swap functionality. The bitcoin blockchain is expected to get this with the Lightning Network upgrade.
- Rootstock smart contracts: In the future Verge is planning to offer integrated smart contracts with the Rootstock project.
Through a Tor or i2P wallet, users can quickly and easily send encrypted transactions and communications on the Verge network.
This essentially involves running encrypted transactions through a chain of Tor relays in a randomly selected way. On the way, the encrypted wrapper of each transaction is only decoded just enough for a Tor relay to identify the previous link in the chain and the next one, then each relay will re-wrap the transaction before sending it on.
Should I buy Verge?
Verge’s main strengths might be its flexibility and first-ever features. For example, Virge is one of the first cryptocurrencies to use Wraith Protocol to let its users decide whether they want to have their transactions kept completely private, or recorded on a transparent and public ledger.
Previous high-security cryptocurrency successes like Monero (which has reached highs of over AU$450) have shown that there’s a clear demand for currencies that offer extra-secure and completely private blockchain transactions.
However, Verge has also taken steps to enable quick and wide uptake, by being relatively user-friendly with its features, offering the choice of transparent and public-ledger transactions where needed. Its unique multi-algorithm mining is also likely to help with early adoption, getting a wider pool of potential users involved more quickly, while simultaneously offering a more secure and durable network.
Verge could potentially see very rapid uptake across an exceptionally wide user base, especially after the introduction of Rootstock smart contracts.
The value of XVG is also likely to benefit from atomic swap functionality when available, as users on other chains can quickly swap bitcoin (BTC) to XVG in order to take advantage of its high security transactions.
However, Verge might not be designed to hit the astronomical prices of other coins. Supply is capped at a high of 16.5 billion XVG, and it has a relatively fast half-minute block time. Furthermore, the lack of transparency can go both ways, and the lack of information on existing owners could turn off some speculators.
But more importantly, Verge is still under development. It has yet to perfect its privacy measures, and there might be challenges involved in bringing in new features. Also, atomic swap stands to change the entire cryptocurrency topography. Any Verge price predictions made before its release will not necessarily hold true.
Verge is an extremely forward-looking cryptocurrency which might do very well in the future, but there are never any guarantees. The further ahead you plan, the more potential there is for things to go wrong in the meantime.
If you buy Verge (XVG), it might be worth keeping a close eye on its developments.
Check out our Best Verge wallets guide for storing XVG
Image source: Verge
