Verge Currency is a decentralized

open-source Open source is source code that is made freely available for possible modification and redistribution. Products include permission to use and view the source code, design documents, or content of the product. The open source model is a decentrali ...

cryptocurrency A cryptocurrency (colloquially crypto) is a digital currency designed to work through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. Individual coin ownership record ...

which offers various levels of private transactions. It does this by obfuscating the

IP address An Internet Protocol address (IP address) is a numerical label such as that is assigned to a device connected to a computer network that uses the Internet Protocol for communication. IP addresses serve two main functions: network interface i ...

es of users with

Tor Tor, TOR or ToR may refer to: Places * Toronto, Canada ** Toronto Raptors * Tor, Pallars, a village in Spain * Tor, former name of Sloviansk, Ukraine, a city * Mount Tor, Tasmania, Australia, an extinct volcano * Tor Bay, Devon, England * Tor ...

and by leveraging stealth transactions making it difficult to determine the

geolocation Geopositioning is the process of determining or estimating the geographic position of an object or a person. Geopositioning yields a set of Geographic coordinate system, geographic coordinates (such as latitude and longitude) in a given map datum ...

of its users. Verge Currency has a maximum supply capped at 16.5 billion XVG. It uses the Proof of Work (POW) mining principle with multi-algorithm support and 5 different hash functions:

Scrypt In cryptography, scrypt (pronounced "ess crypt") is a password-based key derivation function created by Colin Percival in March 2009, originally for the Tarsnap online backup service. The algorithm was specifically designed to make it costly t ...

, X17, Lyra2rev2, myr-groestl and blake2s.

History

Verge Currency was created in 2014 and originally named DogeCoinDark. It was rebranded to Verge Currency in 2016. Following the bitcoin principle, Verge Currency has a transparent ledger that allows anyone to view all of its transactions, but protects user identities and locations. This was achieved by integrating both Tor to not expose IP addresses and using stealth transactions, formerly known as Wraith Protocol, to hide the value of transactions. In April 2018, it was announced that the adult entertainment provider

MindGeek Aylo is a Canadian multinational Pornography, pornographic Media conglomerate, conglomerate owned by Canadian private equity firm Ethical Capital Partners. It is primarily involved in internet pornography, operating a number of video sharing web ...

would begin accepting Verge Currency as a payment option on its website network. Also during April and May 2018, Verge Currency suffered from timestamp exploit on one of its 5 mining algorithms. This could have resulted in a

51% attack Double-spending is the unauthorized production and spending of money, either digital or conventional. It represents a monetary design problem: a good money is verifiably scarce, and where a unit of value can be spent more than once, the monetary p ...

if it had only one algorithm.

References

{{Authority control Cryptocurrency projects