The worries faced by most cryptocurrency investors in keeping their coin safe has now become a thing of the past as verge coin enters into a new era. Right from when verge coin was rebranded from DogeCoinDark, it has been termed the coin of user’s anonymity because of its privacy feature. Its rebranding process began in 2016 when the need to create a more secure network arose. The Verge Cryptocurrency team was pioneered by Justin Sunerock who is a network security and blockchain expert. He was supported by four other team members to see that verge coin became a reality. Verge coin was launched as an open source software, rather than a company that was funded through an ICO (as is typically the case with crypto coins). Its network was able to address the needs of the public by giving its users the opportunity to remain anonymous thereby making their transactions secure. Verge was able to maintain a flexible network to enable the sending and receiving of its coin between a peer to peer system.
Their current ranking in the coin market has shown that verge coin has gained massive recognition within the crypto network. This has happened within just two years. Its market capitalization of over $91 million has made Verge a coin to reckon with. Let us take a look at some of the benefits of Verge coin.
High transaction speed in confirming blocks
The confirmation of blocks during transactions has been one lagging feature when it comes to cryptocurrency and blockchain. The implementation of Simple Payment Verification (SPV) was used to reduce the time used in confirming blocks. SPV allows a lightweight client to verify the transaction without downloading the entire block. It helps users to download the block header which can easily be accessed because of its smaller size.
The use of multiple anonymity networks
The privacy of Verge users is a serious concern to the team behind its branding process. This concern was raised in order to give users the right to implement privacy protection by making their transaction anonymous. Thereby making it difficult for third parties to trace. By so doing, they were able to implement TOR and ip2. These two systems within the network were able to mask the IP addresses of the users making it untraceable. TOR which is the acronym of “The Onion Router” is available as an open source which allows for anonymous communication across a layered circuit-based network. i2p, on the other hand, performs packed-based routing. This allows i2p to route around congestion thereby providing reliability within the network. The overall process of communication between peer to peer was designed to present flexibility to users to choose to use its privacy option for the security of transactions.
On-chain cross-trade
Trading between different currencies is one of the significant breakthroughs of the Verge platform. This on-chain cross-trade uses Atomic swap trade. Atomic swap trade is known to be efficient in placing faster trades with other currencies and eliminating delays in deposit or withdrawal. Verge’s Atomic swap trade feature provides the user with the ability to secure their funds by reducing network breaches, retention of wallet private keys while also keeping users anonymous.
The use of AE-256-CBC algorithm for message encryption
Message encryption is a way of communicating between parties to keep their message private. Verge coin uses the AE-256-CBC algorithm that helps to encrypt messages and is distributed between the nodes. When these messages are sent through encryption, Verge ensures that the original content of the message remains untouched, uncorrupted and from the source. By so doing, verge employs elliptical curve digital signature to implement the overall sending process around its network. Its encryption technology has been an effective way to protect the entire sending process as the message travels through the internet thereby ensuring greater privacy of user information.
Removal of Chargebacks
Chargeback is the reversal of a payment that comes directly from a network. Chargebacks are quite common in the traditional banking system. Chargebacks are used to dispute card transactions and secure refunds for purchasse. Chargebacks operate by withdrawing funds that were initially paid into the merchant’s accounts and crediting the payer or consumer. Chargebacks can be very frustrating using the traditional banking system as a merchant. But with the use of Verge network, chargebacks are a thing of the past. Verge entirely eliminates chargebacks and reversal of funds from your account.
Reduced cost of transactions
High transaction costs is a challenging area that uses face when performing transactions with another payment system like banks. These high costs are as a result of the maintenance of network and the settlement of other third parties. But with the Verge cryptocurrency network, users and investors enjoy a reduced cost of transactions. Its decentralized peer-to-peer network has removed the requirement of third-party charges and a much-reduced maintenance fee. Using the Verge network as an individual or merchant gives you 90% savings from all transaction costs. Users can enjoy as low as $0.1 XVG when performing transactions within their network.
Easy mining process for miners
Every miner welcomes an easy mining procedure to add blocks. Verge cryptocurrency network has made its network very flexible to mine blocks. Verge uses a multi-algorithm system of mining making it highly flexible using any mining equipment. Its proof of work consensus encourages an open mining opportunity to everybody – as a way to grow its network.
A diverse wallet system for storage of its coin
The Verge cryptocurrency team has been able to develop a wide variety of wallet systems with privacy option for users. With their Core QT wallet (wraith wallet) users with different devices can trust the safety of their verge coins. Its wallet has been developed in both desktop and smartphone.
With its electrum wallet system, users have another option to store their coin. Its electrum wallet was also developed to run on different devices including desktops and smartphones.
