Verge (XVG) Explained

Founded in 2014, Verge is a cryptocurrency that prioritizes the privacy and anonymity of its users. The coin operates on a decentralized, open-source network that improves upon Bitcoin’s blockchain technology, and is designed for people to use in their everyday lives.

Cryptocurrency has become an increasingly popular investment over the past several years. But before investing in Verge or any other digital currency, it’s important to understand exactly what you’re buying into. Keep reading to learn about Verge’s history and mission, as well as how you can invest today.

What Is Verge (XVG)?

Verge is a cryptocurrency founded in 2014 by Justin Valo to improve upon Bitcoin’s original blockchain technology. The coin was founded under the name DogeCoinDark but rebranded to Verge Currency in 2016. On Aug. 13, 2021, Verge had a market capitalization of $519 million.

Valo founded Verge currency with the mission of empowering people around the world through blockchain. It’s intended for everyday use, according to the company’s website, and allows for direct, secure, and efficient transactions.

Special Features of Verge

Unlike Bitcoin and many other cryptocurrencies, which are designed with transparency in mind, Verge is designed as a privacy coin. Verge uses Tor—an internet privacy tool created by a nonprofit organization in 2006 to advocate for free and private access to the internet. Today, it’s the strongest online privacy tool and is what Verge uses to allow investors to maintain anonymity.

How To Mine Verge

Verge is mined using a proof-of-work (PoW) protocol, which is when miners use computer hardware to solve mathematical problems. Whichever miner solves the algorithm first receives the block reward. This is the same mining mechanism used by Bitcoin.

Verge uses what is called multi-algorithm mining support, which allows individuals with different types of equipment to mine the currency. This system makes mining more decentralized and secure, and ultimately allows the coins to be distributed more fairly.

Verge’s block time, or mining time, is 30 seconds. When a miner solves the mathematical equation to uncover more Verge coins, they receive a block reward. The reward has been gradually reduced as more coins have been mined. The reward started at 200,000 coins and is now 100 coins.

How To Buy Verge

Unlike many other cryptocurrencies, Verge isn’t available on some of the more popular U.S. cryptocurrency exchanges such as Coinbase or Kraken. That said, it’s still not difficult to find. You can buy Verge on exchanges including Binance, Bittrex, and Huobi Global.

Wallets

If you’re going to buy Verge or another cryptocurrency, you’ll need a crypto wallet. Your wallet is where you’ll store the private keys necessary to access your coins. Verge has its own digital wallets that can be downloaded, as well as a paper wallet.

You can also use a third-party wallet if you’d prefer. For cold storage, Verge currency is compatible with Ellipal. For third-party digital wallets, you can use Coinomi, Guarda Wallet, Atomic Wallet, and Voyager.

Transaction Times

Verge has significantly shorter transaction times than many other cryptocurrencies. A typical Verge transaction can be completed in as little as five to 10 seconds, while many coins take up to 10 minutes.

Fees and Expenses 

Verge has its own transaction fee of 0.1 XVG, but cryptocurrency exchanges also charge their own fees. To find out the fees you’ll be subject to, visit the website of your crypto trading platform of choice.

Notable Happenings

Verge has been gaining more exposure in 2021, specifically in the sports world. First, in late June, MMA fighter Reena Norville joined Fueled by Verge to help build awareness of the Verge currency. Just a few weeks later, winners at a Motocross event in Alberta, Canada, were paid their winnings in Verge coins.

In addition to these positive and noteworthy events, however, Verge has also made the news for some less-positive happenings.

In 2019, Verge founder Valo was the subject of a lawsuit that alleged Valo and other parties had engaged in “intentional, reckless, or negligent acts.” The lawsuit, filed on behalf of several plaintiffs, was in response to a case of theft in Verge coins from crypto wallet CoinPouch. The lawsuit alleged the theft was a result of improperly stored and captured private keys perpetrated by another defendant in the lawsuit.

As a result of the theft, CoinPouch users lost in excess of 126,000 Verge coins, equating to a value of more than $9 million as of Jan. 22, 2018. It was determined that the losses were caused by intentional conduct of Valo and the Verge Partnership, according to the court filing. In a Dec. 10, 2020, finding, a judge concluded that the plaintiffs in the lawsuit should be granted $516,100.55, along with interest costs and attorney’s fees.

The 2019 lawsuit wasn’t the only time Verge was the subject of hackers. In two different instances in early 2018, Verge confirmed on its Twitter page that it had been the victim of hacking. Some media outlets, including Coindesk and Cointelegraph, reported at the time that hackers had been able to steal more than $1 million worth of cryptocurrency.