Verge (XVG) is a digital currency that has been getting a lot of attention lately and many are wondering if it could make a serious challenge to the dominance of Bitcoin.
XVG was founded in 2014 under another name, DodgeCoinRank. This name was changed in 2017 to Verge and since then the digital currency has enjoyed a steady increase in reputation among traders.
A big reason for its rise in popularity is anonymity – XVG is virtually untraceable which allows its users to make instant transactions in a veritable an anonymous environment. XVG has brought this new level of anonymity by layering on top of the existing blockchain technology and tying XVG architecture into Tor and I2P, two of the most powerful encryption and anonymity platforms ever invented for the web.
But it’s not just anonymity that makes XVG popular among digital currency traders. Unlike a lot of digital currencies, XVG is 100% open source. Lots of currencies claim to be open source but when you dig deep enough you find that there is some degree of property technology lurking. XVG does away with that completely, allowing members of its community to make inputs about changes. You could call XVG a truly democratic cryptocurrency!
Verge (XVG) is no slough in the transaction processing space either. Using Simple Payment Verification (SPV), XVG has managed to keep transaction processing times to around 5 seconds on average.
And talking about breaking the mold, digital currencies like Bitcoin have a somewhat limited circulation; in the case of Bitcoin actual circulation is around 21M coins. This cap of course drives demand, but it also allows a few buyers to corner the market and snap up the majority of the coins. XVG takes a different approach, opting instead to have a cap of 16.5B coins. This has the advantage of allowing more and more players to join the game, a fact that bodes well for the future of XVG as a digital currency.
XVG’s bold new take on the digital cryptocurrency has started to pay dividends. The currency climbed 800% in the latter part of December 2017 and has carried much of its momentum into 2018. Currently XVG is trading at around $0.16 and is up around 8% in recent trading. This price valuation is nothing like the $14,000 or so currently enjoyed by Bitcoin; but unlike Bitcoin, XVG coins are better5 distributed. As a matter of fact a recent report suggested that 90% of all Bitcoins are resting in the wallets of just 5% users.
XVG also enjoys significant one-day volume, seeing over $160M worth of trading in 24 hours. Market cap is $2B and climbing and it’s plausible that this could change significantly as more and more traders warm up to the currency. The solid architecture coupled with the rising tide of optimism for digital currencies is bound to play in the hands of traders who know and engage in the trading of XVG. There’s also a good chance that XVG could potentially reshape the way blockchain is deployed. It’s all shaping up quite well for Verge (XVG).