Verge is a cryptocurrency that introduces a much-needed reconnection with the core essence of blockchain technology and that is fast transactions in a secure network. It is designed to offer robust transaction processing services to individuals and businesses alike. Within the Verge ecosystem, transaction speeds are optimized and the maintenance of anonymity and privacy is always ensured.
There is currently no way to buy XVG directly. So the only way to buy XVG is to purchase BTC to use on an exchange, and then switch it to XVG.
Step 1: Choose Your Trading Platform
Firstly you will need to decide on your cryptocurrency trading platform and create an account there. The choice of platform isn’t very important as a beginner, what really matters is a trading platform that you are comfortable using..
Choose one of these platforms and complete the follow steps to get started:
Go to Binance and create a new account if you do not already have one.
Once your account has been confirmed, log in to your Binance account and click on funds at the top right, then “Deposits Withdrawal”.
Look in the “Bitcoin” list and click the Bitcoin deposit button. Then a series of numbers appears in the “BTC Deposit Address:” field. You must copy this series for the next step. This is your bitcoin wallet address.
STEP 2: BUY BTC
The second step is to get your Bitcoin, you can do that at a broker such as BTCdirect .
If you’re buying BTC for the first time from these brokers, you will be asked to confirm your bank account.
Upon payment you will be asked to enter a bitcoin address. You must fill in the address that you have copied at Binance.
STEP 3: WAIT UNTIL YOUR BTC HAS ARRIVED
Once you have purchased Bitcoin and entered the correct BTC deposit address with the payment, you have to wait until the BTC arrives in your wallet.
This process can take up to ½ hour, so don’t worry if it’s not immediately visible on the exchange.
STEP 4: BUY XVG
Once your Bitcoin has arrived at your trading platform, it’s time to buy some XVG.
Go to the Binance trading exchange (click the top left on exchange and choose Basic) and use the search function within BTC Markets to find the XVG/BTC trade.
Once on the XVG/BTC trade page you can look in the left box marked with Buy XVG. Here you can decide how much XVG you want to buy using your Bitcoin.
If you then press Buy XVG your order will be placed. When the order is filled you will see your number of XVG on the right-hand box or on your balance page.
Congratulations you’re now the proud owner of XVG.
What is Verge
2017 has for all intents and purposes been a breakout year for cryptocurrencies. The exchange price and market capitalization of many cryptocoins have increased tremendously. Initial Coin Offerings (ICOs) have also become the most popular choice for crowdfunding blockchain-based projects. It hasn’t all been about successes and increase in price though as the popularity of the industry has brought a renewed interest from Government and Financial Regulators. China placed a blanket ban on ICOs and cryptocurrency exchanges, the SEC of the United States classified some tokens as utilities, while other countries tightened regulations on the market.
Amidst the developing stories and the monumental hype that surrounds the industry, it is easy to lose focus on the core technology which supports the market. That technology is called blockchain and it was originally designed to make digital transactions easier and less expensive to carry out by eliminating the need for a third-party authorization service. Also, the blockchain was designed to make transactions anonymous thus ensuring maximum security. However, a lot of this core function has been left behind in the pursuit of other blockchain-based applications.
The Verge Concept
Unlike many ICO campaigns that are actually private startup companies using the unregulated cryptocurrency as a crowdfunding means, Verge Coin is a completely open source project. This means that developers and community members get to have a say in the progress of the initiative going forward. The success of the Verge Currency protocol is the based on the combined efforts of developers and a multitude of community members.
The Verge Currency was originally developed in 2014 but under a different name; DogeCoinDark. The decision was made in 2016 to rechristen it to Verge Currency. In that period, it has undergone a number of significant updates and upgrades, all of which have been based on consensus agreement within the Verge community. Since its inception, the funding of the project has majorly been from donations from the community. There are however significant steps being taken to introduce more avenues of generating funding for the project. Some of these potential avenues include the creation of an official merchandise store and a mining pool.
The Verge Ecosystem
The Verge ecosystem supports a complex multi-algorithm blockchain protocol which provides robust coverage for nodes running different mining clients to have theoretically equal access to the mining process. This is the first of its kind in the blockchain industry as mining quickly becomes centralized and monopolized, case in point, Bitcoin which has seen the emergence of mining cartels.
Where other cryptocurrency ecosystems are majorly composed of interactions between end-users, be they individuals or merchants, the Verge Currency ecosystem is quite different. The emphasis is on the interaction between the constituent protocols that support the functioning of the blockchain. Some of these constituent protocols include:
Android Tor + I2P
One of the key value propositions of the Verge Currency blockchain is the revolutionization of the mobile cryptocurrency market. One of the biggest issues surrounding the use of mobile wallets has been the space constraints experienced by mobile users when attempting to access the full copy of most blockchains. By combining Android Tor and I2P wallets, transactions can be processed using SPV (Simplified Payment Verification) techniques. SPV has the advantage of not requiring the full copy of the distributed ledger of a blockchain in order to authenticate transactions.
Apart from providing lightweight transaction verification protocols that enable mobile cryptocurrency operations, the Android Tor and I2P protocols enable Verge to introduce even more security features to the network. These wallets have robust security features that include biometric locks and pin codes.
P2P Platform-Integrated Portals
The Verge Currency offers P2P solution transaction solutions over a multitude of social platforms. P2P transfer protocols simplify the transaction process, especially for mobile cryptocurrency users. Using enterprise-level security encryptions funds can be sent and received on the go thus improving upon the portability of the system.
Another important aspect of the Verge Currency blockchain is the Wraith Protocol which allows users to switch between public and private ledgers. The business process always requires a level of flexibility with regard to issues such as privacy. It is necessary sometimes to not have transaction details being viewable on a public blockchain. This can be due to the sensitive nature of these transactions. However, anonymous and untraceable transactions provide an avenue for illicit dealings.
Verge Currency aims to solve this seemingly mutually contradictory problem the wraith protocol setup. Users can be assured of complete anonymity within the network that is safe and secure. With features like Stealth Addressing and IP obfuscation via the Tor Network, users can maintain a high level of security and anonymity when carrying out transactions.
The native currency of the Verge blockchain is called XVG. The maximum total supply of XVG coin is set at 16.5 Billion XVG. The rationale behind having such a considerably high supply of XVG is to make it difficult for ‘Whales’ to emerge. Whales are effectively holders of a large percentage of a cryptocoin who can manipulate and control the money supply within the ecosystem of that particular cryptocoin. With the capping of the maximum supply, the likelihood of XVG becoming an inflationary currency is materially diminished.
Based on current projection, the maximum supply of 16.5 XVG coins will be attained sometime between 2025 and 2027 (i.e. in 8 to 10 years). XVG can be acquired from a number of reputable cryptocurrency exchanges.
The Verge Currency is certainly full of intuitive features and protocols which make it an interesting proposition. Being an open source project, there is a lot of transparency in the way the project is moved forward and the resources are utilized. The drive for mainstream adoption and the focus on social media is also another laudable aspect of the project as it will provide a platform for users to monetize their social media interactions.