Verge XVG: price and technical analysis | Bullbear Analytics

Currency name(s):  Verge (XVG); first launched in 2014 under the name of DogeCoinDark, but the team behind this currency decided to rename it in 2016
Genesis Block: October 9th, 2014
Total Supply:  ~16.5 billion; 15.7 billion is currently in circulation
Algorithm: Supports multi-algorithm and uses 5 different algorithms in total: Scrypt, X17, Lyra2rev2, myr-groestl, blake2s
Features:  anonymous, community-driven, fast, direct, fungible
Website:  https://vergecurrency.com/

What is Verge?

Verge is essentially a cryptocurrency that was conceived to be used every day, in a similar manner to how standard fiat currencies are used. It started with the implementation of the original Bitcoin blockchain, and the Verge network relies on that core idea today – to have a decentralized, efficient way to make purchases and other kinds of transactions without compromising the privacy of its users. There is another feature that the Verge network adopted from Bitcoin: it still relies on the idea that all transactions should be stored permanently on its blockchain and, once they are completed, they are visible to the public using the network. This is why the Verge network is said to be a fork of Bitcoin.

However, the sender’s and the receiver’s addresses themselves are not generally visible, so it can be said that this network is anonymous. Also, the purpose of the Verge network is to complete transactions over the web quickly, reliably and with ease for a very small fee, and the mission of the team behind it is to make Verge accessible to as many people around the world so it can be used on a daily basis.

Although the Verge network is based on the Bitcoin codebase we can say that this network actually has benefits similar to the Monero network, meaning that both Verge and Monero support anonymous transactions. However, we have seen in our Verge analysis that the Monero network may provide more anonymity for its users, but the Verge network is definitely easier to use.

Technology

While performing our analysis of Verge, we noticed that what makes it unique is its ability to be fungible, which cannot be said for a lot of other cryptocurrencies, Bitcoin included. In essence, being fungible means that the Verge network cryptocurrency is interchangeable, and one Verge unit holds the same value regardless of who holds it or where it is located, or where or what its been used for in the past.

The transactions themselves use dual-key stealth addresses as well as Ring Signatures. This means that in order to protect both parties’ privacy in a transaction the Verge network operates in the following way: the user’s information is routed through a number of randomly chosen servers located around the world and after one server receives the information that a transaction is being made, it removes the information from the previous server. This is done multiple times, and as a result, the end server which completes the transaction does not know where the funds came from. Another layer of privacy comes from the i2p technology the Verge network has implemented, which further encrypts the information sent from one user to the other.

Similar to Monero, Verge also uses Ring Signatures for verifying the users within its own network. The Ring Signature protocol is very complex in its nature and application, but it is also useful for authorizing transactions within a group of users and it operates in the following way: out of a group of 50 users, 2 want to make a transaction to one another. Instead of the sender directly signing the authorization for the transaction to commence, the group signs the authorization thus hiding the linkage between the sender and the receiver. The effect is a high level of user anonymity. 

Verge Markets

Even though recent market fluctuations occurred, our Verge network market analysis shows that this cryptocurrency has come a long way from its initial launch in October 2014. The price at its launch was only $0.000007 per coin, and the lowest price ever recorded was even lower than the initial one, during February 2015. However, during the price boom in December 2017, the price recorded was at an all-time high, and one Verge was worth aroun $0.30. The point to note is that early adopters have seen a 90x return or more on their initial investment.

The Verge network market cap is today valued at approximately $145 million, and all major markets support Verge trading. Investors can buy and sell their positions at Bittrex, Bifinex, as well as Binance, and can either trade both with fiat currencies and other cryptocurrencies such as Ethereum, Bitcoin or Litecoin

Currently, the price is sitting at $0.009, so at the moment interested investors can buy it cheaply and hold it, as the prices are expected to rise. The best holding position for this cryptocurrency is medium to long due to its price and the fact that markets are turning to those cryptocurrencies which guarantee anonymity on their networks.

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