If you don’t know what Verge (XVG) is yet, you really should. This anonymity-focused cryptocurrency has soared by more than 2,154% over the last 30 days. That kind of growth usually only happens after about one year in the crypto world.
But possibly more important than Verge’s trading value is its technology. This protocol is actually very impressive, and it tackles one of the biggest letdowns associated with Bitcoin (BTC) – privacy.
The basic concept of Bitcoin (BTC) is what was so exciting about it in the beginning. We could suddenly send money completely anonymously – none of our names had to be attached to the encrypted transactions. It was, of course, also appealing because of its use as a store of value and a high-growth investment option. But the anonymity and no longer needing a financial institution to facilitate cross-border transactions were what was so groundbreaking about cryptocurrency.
But, as most cryptocurrency traders know by now, bitcoin transactions don’t really guarantee anonymity anymore. The bitcoin ledger has been being tracked and analyzed for a long time know, and it’s not too hard to connect individuals to their anonymous bitcoin wallets or exchange wallets. There are firms all over the world recording this data. Even worse, there are now a lot of different ways find out somebody’s wallet address.
This means that bitcoin isn’t a true cryptocurrency when it comes to anonymity anymore. Apart from its inflated fees and super slow transaction verifications, the lack of guaranteed privacy has caused a lot of cryptocurrency fans to search for alternative coins.
In comes Verge (XVG). It’s the Crypto-Coin that Provides Real Anonymity
With the original head honcho, Bitcoin (BTC), leaving more to be desired, new cryptocurrencies have been emerging to tackle what its users feel is failing them. While Verge isn’t the first anonymity-focused coin, it’s certainly one of the best. It’s also one of the most valuable at the moment.
At $0.161 per unit of XVG, this cryptocurrency’s total market value is sitting at $2.3 billion. That makes it the 23rd most valuable cryptocurrency worldwide. That trend doesn’t look like it’s going to stop anytime soon.
This crypto-coin’s credibility as a facilitator of anonymous transactions is certainly what has driven its price up so much.
But how does Verge make its transactions more anonymous than other top cryptocurrencies?
Verge, which was originally launched back in 2014 as “DogeCoinDark,” boasts a lot more privacy-enhancing features than bitcoin. After rebranding to its new name, it became way more popular.
This blockchain protects its users from what is called “network surveillance.” Each transaction is sent through various servers worldwide. After passing through each one, some data is taken out of the transaction information. It is bounced around and altered so much that each individual node doesn’t even know where it was last passed through.
This innovative technology makes each transaction pretty much untraceable. No transaction trail can be followed to its source. Verge also utilizes Tor and i2P (two privacy solutions), which further strengthens its transaction anonymity.
This cryptocurrency is also more hospitable to miners. It supports multiple different algorithms (five, actually) so that people with different mining equipment can participate. There is more security because it is more decentralized than other blockchain communities. It also supports a more equally-distributed mining system.
But Will Verge’s Price Continue to Skyrocket – Or Is the Surge Tapering Off?
Yes, the technology is solid. But this coin’s price has soared so high that a lot of onlookers are calling it overvalued.
In the past week, however, it has demonstrated a pretty clear peak and valley trend. At the moment, it has bottomed out yet again near the 15-cent mark. If the trend continues, it looks like it’s about to get boosted back toward the 20-25 cent range – possibly even further.
Remember, this cryptocurrency hasn’t gotten nearly the same amount of media attention that even more valuable altcoins have gotten – like Ripple (XRP). As more and more people catch on, the price of Verge could absolutely swell even further.
If you aren’t sold on this top-25 altcoin yet, check out their website and read their black paper. The technology is exciting, and it may even turn you into a more enthusiastic investor. Investing is, after all, best when you truly support and believe in the product.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.