I’ve honestly been feeling a little guilty about my latest tweets on Verge (XVG) – they kind of look like the brainless shilling I’ve seen in Discord groups and 4chan. But, from my first “shill-like” tweet, XVG has gone up in price for about 50 percent or so. So, I don’t feel too bad about my XVG tweets :D.
That said, I’ve decided to look back on XVG. After some cursory research, I realize it’s actually a huge gold mine because of its revolutionary potential.
What is Verge (XVG) and Who Is Behind It?
Okay, don’t scream – but XVG may or not actually be a fork of Dogecoin. XVG may share similarities with other coins. Most articles online say that XVG is a fork of dogecoin, simply because XVG’s original name had dogecoin in it — but some XVG enthusiasts have significant proof that XVG may have started out as an original coin. I don’t have enough technical knowledge to go through the proof and come to a concrete conclusion whether XVG started out as an original coin, or of it were forked from some other coin.
Before I digress too much, if XVG really did fork from dogecoin, then I’d like to say that dogecoin has a bad rap, but it’s not a scam coin – it was just abused by so many opportunistic scammers because of the coin’s “free spirit” nature. I may write more on dogecoin someday, when some huge XVG-like event happens.
Anyway, XVG was originally called “Dogecoindark” and was the creation of Justin Vendetta from New Jersey. Justin, who takes the pen name “Sunerok”, has humble beginnings as a hacktivist in the early 2000s. He found his way to crypto and found his purpose and life’s dream in creating a truly private way for people to exchange funds without the whole world and governments being able to snoop into someone’s simple financial dealings. No doubt his angst towards the pitfalls of the financial and governmental systems in place influenced his desire to create XVG.
Dogecoindark rebranded to Verge (XVG) for many reasons, some of which, I imagine, are to distance the independent coin from dogecoin’s bad rep and different goals.
XVG’s main philosophy is for a true, decentralized financial system where sending and receiving funds should be a matter between the involved parties, and not something anyone can look up or browse. Basically, the idea is – if I send money to you, and you get it, then no one else needs to know about it, ever.
What Makes Verge (XVG) so Different From Other Similar Cryptocurrencies?
Crypto is all about privacy and decentralization, right? So what exactly makes XVG different?
Let’s take a look at bitcoin, the father of all crypto. Bitcoin was lauded as an anonymous way to send funds, even though that really wasn’t bitcoin’s main mission – it was just a nice perk. Is it true today? No. If you’re not careful, your bitcoin address could be linked back to you via multiple ways:
- If you use the same address, people can see how much money you have and have spent.
- If you use your exchange’s bitcoin address as a primary way of sending and receiving bitcoin for personal and business purchases – it definitely can be linked back to you because your exchange bitcoin address is unique to your account, and your account must be verified with your government identification.
- If you use some kind of browser-based wallet, cookies and IP addresses can be subpoena’d to reveal your identity.
How does Verge (XVG) compare? If you’ve been following my tweets, XVG’s price spike was due to it releasing the full Windows version of Wraith. XVG’s Wraith Protocol obfuscates your true receiving address and your IP – it also doesn’t store or send any kind of cookies.
Why XVG Is Destined to Bloom – Because of Monero
Monero’s (XMR) current price is $431.69, while XVG is only $0.22. Yet XMR’s anonymity features are exponentially crude compared to XVG’s.
XMR’s solution to cryptocurrency transaction anonymity is to simply mix transactions up in a particular block! A transaction in question is anonymized by mixing its value, sender, and recipient address with other legitimate transactions. But recent groups have determined that XMR’s mixing methods are easily unencrypted because the true transaction follows a certain pattern – or that with enough analysis of a particular block, the true transaction’s details can be uncovered.
XMR currently does not have intricate methods to help users hide their IP addresses or hide from cookies.
XVG, on the other hand, uses Tor and i2P to actively hide your IP address – if you’re not familiar with either, they basically reroute you through several servers and other machines before you reach your destination to make it almost impossible to trace you back through all the different IPs.
XVG also hides your crypto address by creating as many stealth addresses as you want for sending and receiving coins. You hold one temporary password, and the person you’re sending coins to gets the other half of the password – when you give him your password, the coins get released from the stealth addresses to his real address.
XVG’s new Wraith Protocol also allows users to switch to a public ledger where all transactions can be seen for accounting purposes – making it versatile, and not just a privacy-only system.
If XVG is superior to XMR, what does that mean? You’re literally looking at a 20000 percent increase in price within the next few months. Now that Wraith has been released, with other operating system versions close behind – it’s just lacking mainstream adoption, which should happen fairly soon.
Why Isn’t XVG Worth as Much as XMR Already?
As I said, Wraith just came out for Windows less than two days ago. It’s going to the moon when the word spreads, and when people use the system and start preferring it to XMR.
But also, it’s worth noting that XMR and other coins have teams of developers. XVG has only one or two contributors, but the main development is done solely by Sunerok. If a coin is slow, then the crypto community (being riddled with ADHD) loses interest fast. And XVG’s Wraith wasn’t ever fully operational. Now that Wraith is finally accessible to Windows users, and soon to all other operating systems – it’s no longer about the development, but about adoption.
I’m going to re-open a position in XVG as soon as the price dips again after the buzz wears off from last night’s release and all the ADHD investors move back to PotCoin or something! Woot!
(EDIT: Had to make one edit after someone pointed out that XVG may not have forked from dogecoin.)
Do not follow me or rely on my word for your own crypto trading. This is not investment advice – it’s a blog post about my own adventures in trading cryptocurrencies. If you choose to copy my decisions, you do so at your own potentially probable financial peril. I’m not an expert in cryptocurrency trading and do not purport to be.