Review on Verge by Danh Huỳnh Ngọc Công
Is Verge secure and anonymous?
Verge is one of the biggest privacy coin on the market right now. By generating stealth address and hide the IP address, it protects the information of the transactions. Its verification time and miner fee are really impressive when it comes to everyday payment. It is supported by a large number of enthusiasts. However, people should consider the security issues of this coin before investing in it
Updated 5 years ago
Rating has not been changed
Negative point: Although Verge is built using multiple algorithms to make it more accessible to the community, it is now facing all the problems of those algorithms which explain a lot on the constant attacks on its blockchain.
Pros
- - Verge is a well known privacy coin among the cryptocurrency community. Its name is very famous on social media networks (especially Twitter), top-tier publications (like Forbes, Wired, or Fortune), and technologies forums. This coin popularity means that it is legit and will survive for a very long time
- - It is a hard fork of Dogecoin, originally named Dogecoin Dark. A short time later it was rebranded as Verge. It inherits and improves some of the most significant features of Dogecoin: fast confirmation time and very low fee. Every transaction on XVG blockchain is confirmed within 5-10 seconds(thanks to Simple Payment Verification (SPV) technology); additionally, the fee that users have to pay for miner is only 0.1 XVG
- - Verge is a community-driven project. There were no ICO hosted and pre-mined coin was minted; leading to the fact that no company is working behind and control any funds. Besides, it is open-sourced so the community can verify the source code and conduct the development around this project.
- - The maximum supply is capped which means Verge is a inflationary coins
- -It is possible for many people and types of devices to mine this coin as Verge is designed to support 5 algorithms including Scrypt, X17, Lyra2rev2, myr-groestl and blake2s. From it, we can infer the reason why it is backed by a very big community.
- - Verge can be used to purchase physical goods via Coinpayments service. The number of merchants accepting this service has been increasing day by day
- - Its volume is quite high and organic as it is listed on many exchanges including big exchanges such as Binance, Houbi or Hitbtc. It is a sign that this coin price is very hard to manipulate
- - Currently, it protects users privacy by creating a stealth address to cover the true their true identities and transaction information. Also, anonymity-centric networks such as TOR and I2P are the technologies that eliminate the traceability of transactions on XVG blockchain More privacy features will be implemented in the future
- - They are known to establish partnerships with big corporations such as Pornhub
Cons
- - To perform a 51% attack on this network is not so costly, only about $168. There have been several successful attacks on this blockchain, letting the hackers mint tremendous number of XVG that worths millions of dollars
- - Although the supply is fixed at 16,555,000,000 XVG but it is still a very big number and it is very hard to know if this is a sound investment for the future
- - The peer-to-peer network of Verge can be exploited to track the IP address of the transaction. Users' privacy will be risked if there is a "spy" node in this network
