Verge is a secure, open-source cryptocurrency built for everyday transactions. It was launched in 2016 with no pre-mine by the developer Justin Valo also known as u2018Suneroku2019. The project aims to create a fast, efficient, and decentralized way of making direct transactions for individuals and businesses.
Verge as a privacy-focused digital currency aims to generate a new layer of securing user anonymity. It relies on the existing and tested technology of anonymity-centric networks, The Onion Router (TOR) and the Invisible Internet Project (I2P) to achieve its goals of user identity protection. Specifically, anyone can view the various transactions occurring on the Verge public ledger but with the use of TOR and I2P layers, all network traffic is encrypted with the assurance that the currency trail (the user's IP address and location) is virtually untraceable.
Moreover, to ensure complete privacy in its system, Verge relies on dual-key stealth addresses protocol. Stealth addresses are a method by which additional obfuscation can be implemented to further protect the receiving party when transacting with Verge. In this case, when multiple users send funds to a stealth address, rather than these transactions appearing on the blockchain as multiple payments to the same address, they instead appear as multiple payments going to different addresses.
The Verge Project is open-source and community-driven by volunteers and dedicated individuals who wish to make a difference. The token's maximum supply is capped at 16.5 billion XVG.
Verge is a multi-algorithm Proof of Work-based cryptocurrency that supports the hash functions Scrypt, X17, Lyra2rev2, Myriad-Groestl, and Blake2s. This feature enables the use of different types of mining equipment, engaging more individuals to have equal access to the mining community and participation in network security.
Verge ensures anonymity by obfuscating users' IP addresses using The Onion Router (TOR) and the Invisible Internet Project (I2P). TOR is a peer-to-peer network that protects users' identities by bouncing their communications by constantly changing the IP address through multiple servers that are sent to the Verge network. While I2P is built to provide hidden services which allow people to host servers at unknown locations Both TOR and I2P allow anonymous access, make use of a peer-to-peer structure, and operate using layered encryption. This network is run by volunteers spread across the globe.
Verge is an open-source project, all of the development work is funded by the developers and community donations.
Transaction time varies between 5 and 10 seconds with 100 transactions capacity per second.
Dual-Key Stealth Addressing
To solve the problem of overuse of private spending key, Verge uses a Dual-Key Stealth Addressing protocol which allows senders to create an unlimited number of one-time destination addresses on behalf of the recipient without any interaction between the parties. The protocol utilizes two pairs of cryptographic keys, a u201cscan keyu201d pair and a u201cspend keyu201d pair, and creates a one-time payment address per transaction.
Atomic Swaps, or atomic cross-chain trading, is a technology that enables direct peer-to-peer trading across different blockchains on DEXs with BIP65 support and eliminates the need for trusted third parties.
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