What is Verge?
Verge is a privacy-focused cryptocurrency that aims to keep transactions anonymous and untraceable while allowing for high throughput and fast confirmation times.
The project is an entirely open source and community led. There is no company or foundation behind Verge. In fact, the core team signed Verge’s black paper with only their usernames. The community is committed to privacy, anonymity, and decentralization. Buy Verge (XVG) India.
Making User Connections Anonymous
Verge attacks the issue of privacy from the vantage of how a user connects to the network. The internet we all recognize is fairly straightforward. To send information between computers, you use an Internet Service Provider (ISP) or other middlemen to facilitate the message. When you send a message, your ISP can see your unique identifier on the internet – your IP address. Your ISP also needs to know the IP address of the destination computer so it can route the message.
This is okay for normal internet traffic, but it’s not anonymous. Over time, an ISP learns a lot about the IP addresses you’re contacting. They also know where you’re sending messages from. In many cases, signing up with your ISP associates your identity with your IP address, causing multiple anonymity and privacy issues. Verge uses two approaches – Tor and I2P – to address connection anonymization.
Verge has several future plans that could make the project more compelling as a complete privacy solution.
Starting in 2018, Verge hopes to implement support for atomic swaps with most major cryptocurrencies. Atomic swaps use hash-locks and time-locks to freeze tokens on one blockchain in exchange for the release of tokens on another chain. Verge hopes interoperability with other chains will make it a go-to privacy provider.
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The Rootstock project plans to add a sidechain to Verge that processes smart contracts. It will be Turing complete and comparable to Ethereum. It hasn’t yet launched, so those claims are unverified as yet.
RSK tokens on Rootstock can be pegged to Verge tokens so they’ll have the same value. You can deposit XVG on Verge and spend the corresponding RSK on the Rootstock side chain.
Rootstock claims they’ve made a breakthrough in smart contract scalability. Their goal is 2,000 tx/s using off-chain settlement solutions similar to Lightning Network.
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