How does the Verge Crypto Blockchain Work?
Founded in 2014 as DogeCoin Dark, Verge (XVG) is a decentralized cryptocurrency blockchain. In the year 2016, it was renamed, Verge.
Verge is an open-source blockchain that promises to provide complete anonymity transactions by masking the transacting parties' location and Internet Protocol (IP) address.
Connecting your Verge Crypto Blockchain Address to ZenLedger for your Crypto Tax Forms
- To import your Verge Crypto Blockchain transactions into ZenLedger for your crypto tax forms, all we need is your public address.
- Select the proper blockchain or wallet from the dropdown list.
- Paste your address into the address field in ZenLedger.
- Select if the wallet is based in the USA or not.
- Then hit ADD COIN button
What is XVG?
XVG the symbol for Verge coin which is tradable on major cryptocurrency exchanges. Verge belongs to the "privacy coin" category, which also includes Monero, Pivx, and Zcash.
XVG is mostly used in two ways — firstly, as a global payment method, and secondly, as an investment tool.
Global Payment Method
You can send XVG using the Verge blockchain, and it will arrive in the recipient's hands in 30 seconds for less than a cent. You wouldn't have to go to a bank or a Western Union branch to fill out forms because you could do it all from the comfort of your own home.
When you spend fiat currency with notes or coins in the real world, you don't have to give anyone your contact details, and you don't have to provide any identity. This is similar to Verge, but instead of utilizing paper currency, you spend money digitally.
The value of the XVG was $0.000005 when it was initially purchased in 2014. However, over the next two years, it didn't actually rise above $0.00001.
But ever since it changed its name, the price has skyrocketed! Verge hit its all-time high of $0.29 in late 2017.
How does the Verge Crypto Blockchain work?
Your IP address is not exposed to anyone when you connect to the verge crypto network. They use two different strategies to accomplish this — TOR (The Onion Router) and I2P.
TOR (The Onion Router)
The first option is to use TOR (The Onion Router), a peer-to-peer network that hides your true location by using numerous servers.
TR is used to connect your IP address to the Verge blockchain. It protects your anonymity by altering the IP address that is delivered to the Verge network on a regular basis.
The second alternative is to use I2P, which is comparable to TOR but offers even greater anonymity. Unlike TOR, which uses the same path for both outgoing and incoming communications, I2P employs separate paths. In a real-world scenario, this would be similar to listening in on a phone conversation but only hearing one side of it.
The Bottom Line: How Secure is the Verge Crypto Blockchain?
Your Verge coins, like most cryptocurrencies, will be extremely safe if you keep them in a protected Verge wallet. Only a few wallets support XVG, so make sure you pick one that is trusted and secure.
The safest alternative is to download the official Verge wallet onto your computer.
Electrum is popular among those who seek to combine security and ease. The Electrum wallet will take up less space on your hard disk and is more user-friendly if you download it. The most important thing to remember is that you should never give out your private keys to anyone since they will be able to take all of your Verge coins if you do.