Cryptocurrencies have gained a lot of popularity because of the transparency they offer. However, while a good chunk of users does prefer the transparency that centralized intermediaries cannot provide, others have concerns. There is a fine line between transparency and the lack of privacy. With the increasing acceptance of cryptocurrencies, concerns regarding the complete lack of privacy, and accompanying cyber security issues, have become rampant. A solution to this problem may exist in the form of privacy coins. Privacy coins is a distinct class of cryptocurrencies that offer the same provisions of cryptocurrencies but with privacy. Today, we will discuss the privacy coin Verge.
What is Verge?
Verge was founded in 2014 by Justin Valo. The cryptocurrency was designed with Bitcoin in mind. It improves on the design of Bitcoin and offers a privacy-focused version of BTC to curb the growing security and privacy related concerns in the market. Initially, the coin was called DogeCoinDark but was subsequently rebranded to Verge in 2016.
Verge is a privacy coin and privacy coins obscure the IP addresses of the users involved in a transaction so that the transaction cannot be traced back to them. This provides the much-needed privacy to the cryptocurrency market. Verge operates on an open-source and decentralized network. It was created with the aim of empowering people by making the Verge suitable for everyday use.
Verge employs Bitcoin’s Proof-of-Work consensus mechanism for mining purposes. It also does not rely heavily on cryptography – operating on TOR and I2P. TOR – The Onion Router – is one of the leading internet privacy tools. The use of TOR and I2P enables Verge to protect the identity of its users all the while maintaining the transparency and decentralization of its blockchain.
The bull run of 2021 was not as good for Verge as for most cryptocurrencies. Verge could not skirt even close to its all-time high of $0.30. The cryptocurrency was only able to establish a 52-week high of $0.084. XVG coin has been suffering immensely as the slowed bullish momentum died down. It has been going downhill since August. At the time of writing, XVG coin stands at a price level of $0.018. It stands at a market rank of 156th in terms of capitalization.
While the current performance indicates a bearish outlook of XVG, the future outlook is still bullish. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $0.038 in a year’s time while the price is expected to reach $0.11 in five years’ time. Digital Coin Price projects the coin will end the year with a price level of $0.028 and reach towards $0.065 by 2026.