Verge Coin

Verge Coin Review

When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of Verge Coin consists of three chapters: origin & background, technology and pros & cons.

Origin & Background

Verge Coin started its life in 2014, going under the name of Dogecoin Dark. It was created to produce a fully private cryptocurrency. The founder of Verge rightly felt that Bitcoin is not anonymous. So, he decided to build a new blockchain where transactions could not be traced.

Interestingly, even to this day, nobody knows who created Verge, as the founder still goes by his username “Sunerok”. It is similar to the Bitcoin creator, who the public only knows by his/her pseudonym “Satoshi Nakamoto”.

Some people think that sending and receiving money confidentially is an imperative human right. Just like the Verge Coin founder thinks. For instance, when you go on holiday and use your debitcard, your bank knows each and every activity done from the debitcard. Furthermore, some people do not mind a private company storing lots of information on how they live their lives, whereas others believe it’s wrong.

Technology Specification

The Verge blockchain is also an open-source project, meaning that anyone can propose changes and improvements. It then goes to a vote, and if most people like the idea, the changes are made. Verge Coin’s trading symbol is XVG. The maximum supply is 16.5 billion coins.

In regular situations, the Verge blockchain will force miners to use a dissimilar algorithm for every block. This is in an attempt to avoid any mining pool from having control of the majority of the hashing power.

There was a situation once where an attacker successfully mined multiple blocks in one-second intervals by leveraging on different exploits in the code. To do this, the hacker only utilized the Script hashing algorithm for three hours. Verge responded to the attack through patching the code using an emergency commit to the repo. They also once initiated a hard fork, which invalidated the current snapshot. This led to an extensive failure in new wallets to coordinate as they built the chain from scratch.

Pros & Cons

We have not identified any obvious pros and cons with Verge Coin.

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