On the Verge: Looking at XVG and What It Means for Crypto
In the world of crypto, you’ll see new acronyms popping up for currency when you least expect it. Trying to keep track of each individual platform can be exhausting, and before you know it, you won’t have to worry because one goes belly-up.
That’s why we are here to keep you informed on XVG. They’ve been around for a bit, but not entirely synonymous with the crypto world. Who is behind XVG, and how have they fared in the shark-infested waters of cryptocurrency? Let’s have a look at the company behind the letters.
What is XVG, and What Do They Do?
XVG is the collective term for The Verge, a cryptocurrency designed for consumers and usage in the outside world. They want to improve upon the original blockchain established by Bitcoin and come through on that company’s promise of giving business and people an easy way to pay.
The ultimate goal of XVG is the same as other crypto companies: engage in direct transactions with as much privacy as possible.
XVG started as DogeCoinDark back in 2014. The name was changed over to Verge Currency in 2016 as they expanded and wanted to be taken more seriously. Their mission, however, remains the same: they want to give people the power involved in blockchain transactions. Verge wishes for people to engage in the quickest and most efficient transactions possible.
Using XVG, everyone has flexible options for receiving and sending money. All it takes is one company to help integrate and provide tools enabling transactions for massive amounts, and much smaller amounts between two individuals.
XVG is completely open-source, and volunteer community members contribute to the marketing and promotion of the company.
What Kind of Tech is Used in XVG?
XVG and Verge use a number of different features to keep the company ahead of the curve in the crypto world. We’ll highlight some of the features available to adopters of XVG below.
The Wraith Protocol is an upgrade which allows users of XVG to send and receive payments with an even higher level of stealth addressing. Furthermore, the update to existing XVG software takes QT wallet users out of the Clearnet, and puts them in the Tor area, enabling SSL at all times.
With this in place, all XVG users have an extra layer of IP protection and encryption. On top of this, they can use stealth addressing service for every single transaction without any restrictions. Using Wraith Protocol ensures that users of XVG maintain total and complete anonymity throughout their business.
Tor IP Obfuscation
The name Tor is taken from the original software project that XVG created, known at the time as “The Onion Router.” Tor acts as an anonymous communication conductor spread across a circuit-based layered network.
Three different wallets – Core, Electrum, and Android – all take advantage of the Tor obfuscation. This way, every point that would see communication between peers is stealthed. It is virtually impossible for network surveillance to determine a source or destination in any transaction run through XVG.
Utilizing the Ipv6 data that completely shadows all Verge data that gets sent over its network, I2P is the XVG company’s priority network for communication. I2P is quickly turning into one of the main technologies for exchange of information between users.
As the industry continues to move in this direction, XVG will stay at the forefront by maintaining I2P as its go-to form of interaction. Each piece of data is considered sacred, and XVG understands the importance of anonymity between users.
Mining with Multi-Algorithms
The Verge company uses Proof of Work (PoW) mining principles when distributing XVG currency. With this practice at work, it is one of the only cryptocurrencies on the market that uses support with a multi-algorithm. This is refreshing to see, and it’s nice that XVG knows its strengths instead of trying to spread itself too thin.
There are a total of 5 unique hash functions used by XVG. You’ll find X17, Lyra2rev2, blake2s, Scrypt, and myrgroestl being used throughout your interactions with software associated with Verge.
Thanks to these has function options, you have much more equal access than other companies. Without any need for ICO’s or pre-mined coins, you can be sure that XVG is a publicly-sourced company.
Also known as atomic cross-chain trading, the term “Atomic Swaps” applies to a technology enabling direct trading. The blockchains in this area are separate, supported with BIP65. With this in place, you won’t have to rely on any third-party support.
Usually, you’ll find that centralized exchanges are easily replaced by superior decentralized versions. This way, you’ll hang on to the funds in your wallet without having to stash them in an intermediary. With Atomic Swaps in play, you’re making the decision to push toward a future in decentralized currency.
Direct App Integration
XVG is striving toward mainstream appeal. The simple term “cryptocurrency” can be intimidating to those who haven’t been following the industry from day one. By integrating Verge across multiple social media platforms, they intend to introduce as many people as possible to the idea of crypto wallets.
No installation is necessary by either party to send currency through several different platforms. Twitter, Discord, and Telegram are already compatible with XVG coin exchange. In the future, Verge intends to include even more social media outlets in their availability.
What is XVG Planning for the Immediate Future?
Verge recently put out a Twitter poll, asking what XVG users wanted out of the Verge experience. They were operating under the impression that a desktop wallet was the most important and requested feature.
This came after they released the new codebase, but they were wrong. Far and away, the most requested feature after the codebase was a mobile wallet, with 34% of people asking for an iOS version as opposed to an Android app.
While they are not abandoning the Android version, it has been shifted to a priority for 2019. The iOS platform is not their main priority, right along with the new codebase.
Because of the usage of insight API within the most recent iOS and desktop wallets, Verge needs to figure out a method to securely store private keys. This brought up the question of how they were going to solve a new issue, and Verge admits that they don’t yet have an answer.
They are promising research into how to keep secured keys since they are the main link to the value of your wallet. Verge is also assuring their users of the adoption of the BIP39 format. This lets you recover private keys using a customized word combination. They’re allowing users to try out this new feature inside a virtual playground to identify how the coding process works.
As mentioned above, their current priorities are wallets for the iOS platform, as well as desktops. The desktop has a snazzy new interface, and we like how it resembled a non-tech design. The desktop version promises a stable release of electron framework, along with an even more secured environment.
Meanwhile, the iOS version is still in need of a recipient selector and a screen for sending XVG transactions. Verge feels good about their progress but wishes they could provide more feedback. They’ve already made the necessary desktop upgrades in this area, and thanks to the Twitter poll, they plan on shifting to the iOS version as soon as time allows.
Thoughts and Conclusions about XVG and Verge
We’ve been through so many different proposals for crypto formats and new ideas about secure transactions that they start to bleed together. Each week, another startup wants to join with the public and take back their financial security. We’ve heard the same song and dance ever since Satoshi Nakamoto first presented the idea of BitCoin.
Thankfully, The Verge appears to know what they’re talking about. While it won’t be easy to track their success until they put their product out there, we feel confident about the direction of the company.
One thing we admire is their openness and honesty about feedback and development. Openly stating that they don’t enjoy negative feedback is a cute wink-wink-nudge-nudge nod to the readers, but it tells us that they care deeply for public perception.
If you are new to the world of cryptocurrency and need an introduction, XVG might be a good option for you. They give a detailed history of the state of the crypto world and how you can first establish a line of currency. They let you begin the mining process as soon as you download the tools that you need, and provide all the necessary documents to guide you.
XVG is a collection of three letters to watch out for as the world of cryptocurrency finally sorts itself out over the next few years. The graveyard is starting to resemble the dotcom apocalypse of the early 2000s, but we see no reason why XVG will appear on any tombstones.