In recent months Verge has become popular with traders. This is not only because anonymous coins are becoming popular but because when it comes to this technology, Verge pushes it to the next level. And with the growing popularity comes price hikes. This popularity and price increases have however not slowed down the team behind the coin, if anything, it has motivated them to improve on the features and updates of the project. So, the question is, is it a good idea to invest in the coin? Let’s scratch the surface and find out.
Verge was initially launched in October 2014 under the name DogeCoinDark. The project was created from Doge and was long thought to be the “Private Doge Coin” or rather the more unpopular “Dark Doge Coin”. In February of 2016, the project rebranded itself to avoid its association to Doge. It was then that Verge was introduced and ever since the project has independently been pushing for mass adoption. Since its rebranding, the project has grown into a $1.5-billion-dollar currency.
This privacy-focused cryptocurrency shares the same characteristic as most projects in that it is an open source project. This means there is no company behind the project, no headquarter and anyone can suggest changes to the project, changes are then implemented if the suggestion garners enough votes.
Verge Pushes Privacy To A New Level
Verge is one of the most sort out anonymous coins in the market and the reason is clear. Where most anonymous coins depend on cryptography to hide transactions, Verge doesn’t. Verge depends on Tor technology most. This technology ensures that your IP address is hidden from the public ledger by pinning your IP address to multiple computers around the world. This makes it almost impossible to point out your actual location.
Transactions are however not private and anonymous by default. The project understands that while some people would like to keep their transactions private, others do not have a problem with their information being public. Because of this, the project has installed a new feature, Wraith Protocol. Using this protocol, users can choose to make transactions public or private. So, it’s clear from this that the project has a blockchain/public ledger, the transactions are just hidden. Having a blockchain is fundamental since investors can see the coins circulation and how many users the coin has attracted.
Recent Developments On Verge
In recent months, the project has been giving roadmap updates in an effort to keep in touch with its community. These updates have been essential in that they allow users to better understand the project, know what the project has been working on and what the project plans to achieve.
In the last month, the project has seen some wide adoption that has resulted in some major partnership deals. The coin has for example been listed in the following exchanges; ChangeNow, CoinSoda, Anycoin Direct, and Swap Lab. In addition to being listed, it has also been added as a payment option in several stores.
On July 22, Verge’s developer, Marvin Piekarek, announced the release of a new version of the Verge wallet. The new Electron (Light) Verge Wallet was to enhance security following some internal structure updates. The new wallet comes with a variety of new features including, decentralized, open source, reliable, community-driven, and secure. The announcement also saw the project update its codebase to Bitcoin v.0.13. The codebase makes it possible to create mobile payment systems.
Marvin also talked about the scalability of the project through the perspective of RootStock (RSK) smart contracts. This will involve sidechains hence freeing up the main chain to achieve faster and cheaper transactions. It would also provide extra security to the project and more rewards to miners.
Towards the end of August, the development team announced that it was working on how to securely store private keys in the latest version of the wallet. After giving a technical analysis of how this works and how it could be achieved, it was clear that there would be much research and testing involved and would take a long time to achieve.
According to the team, most of these projects are still ongoing and will be announced as soon as they are complete. The team has, however, most recently decided to remove all deadlines given. Instead, the team will be giving updates by percentage (how much is complete) and when an update hits 100% it means its ready for launch.