The cryptocurrency world is quickly becoming more and more regulated, which has made more and more investors turn to privacy-focused cryptos as they are all immune from legislative interference.
One of these said cryptocurrencies is Verge, which is the only one that incorporates identity obfuscation technologies to protect user privacy. It works in a similar way to Bitcoin, focusing on decentralisation, immutability, globality and speed. The big difference with Verge is that it was created with privacy as the primary goal. On top of this, it also delivers a multi-algorithmic mining support that allows miners to use a huge range of hardware to mine and maintain the network.
Like we previously mentioned, Verge is very much focused on making all transactions and ownership completely private. It does this by using two different methods of identity obfuscation, which ensures that identities are kept hidden. On top of this, users can use the Wraith protocol, which allows them to switch between a private and public ledger. This is unique to Verge, and makes it the only completely untraceable cryptocurrency.
One of the reasons that people feel that cryptocurrencies will not take over fiat currency is the transaction speed and fees. Currently, Verge is able to process between 5 and 10 transactions each second, which is far more than Bitcoin can, and it costs the equivalent of just $0.06. Verge is also due to launch RSK tech integration in the latter end of this year, which claims to be able to carry out more than 2,000 transactions per second.
There really is great potential for this virtual currency, and because of that, it is easy to see why people are hailing it as a potential alternative for Bitcoin. They currently use five different Proof of work algorithms, which all have a target block time of just 30 seconds. Using these five algorithms mean that Verge can offer the security that it can. Verge can also be transferred quickly and easily via Telegram, Discord, Twitter and IRC.
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