I recently conducted a poll on my Facebook group (Altcoin Investing) on which coin would members want to learn more about, the coin with the most interest was Verge. So without further-wait, here is my brief review of verge.
Quoted directly from their website: “Verge is a secure and anonymous cryptocurrency, built with a focus on privacy”. Dissecting what that means, by using verge you will have a more secure, private, and fast transactions. This is made possible by putting some systems in place such as TOR (The Onion Router) integration, I2P (Invisible Internet Protocol) integration, and Electrum.
TOR is a very popular and powerful browser known for notoriously allowing you to surf the web with complete anonymity by bouncing your communications (pings) around a distributed network of relays run by volunteers all around the world. Initially, it prevents people who are watching your internet connection (Internet Service Providers/Hackers) from learning what sites you visit, and it further prevents the sites you visit from learning your physical location. Verge chose TOR due to the various routing of communication that is partly concealed at every hop in the TOR circuit which essentially eliminates websites and services from knowing your source and destination of browsing.
I2P allows for a simple peer-to-peer (you to me/me to you) layer that identity-sensitive applications or services can use to securely communicate. All information is wrapped with several layers of encryption. Verge uses I2P’s latest networking technology to anonymize all XVG data being sent over their network i.e. Sending a transaction to you the reader using the verge network.
Electrum is simply a bitcoin wallet where you can store cryptocurrency that is decentralized – quoted from Electrum’s website, “No single entity controls the network”. Electrums key features that is highlighted by Verge is (1) Deterministic Key Generation: You can recover your wallet from the seed if you were to lose your wallet, (2) Locally signed transactions: your private keys are not shared with the server, (3) Instant on: blockchain ledger does not need to be downloaded so there are no delays, and finally (4) Freedom and Privacy: Electrum server does not store user accounts. You own your address and you can export private keys.
The question then comes, is verge a wise investment? Personally, I like the project and the way the systems are implemented to achieve their goal of fast, secure, and anonymous crypto experience. It surely has a place in my diverse portfolio.
Disclaimer: The opinions presented here are of the Author’s. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. CoinScenario.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.