Companies all over the world are struggling to decide whether to trust blockchain or not, which cryptocurrency to invest in and how to secure their cryptocurrency wallets from hackers.
It is in these times of chaos that a new cryptocurrency named Verge is knocking their doors, with new opportunities and privacy security! But what is this Verge? How is it different from others? Which wallet we need for this? We know several mind-boggling questions are arising in your mind and thus we suggest you read this blog and get sate your curiosity!
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What Is Verge?
It’s a cryptocurrency which was initially created in 2014 and was named as “DogeCoinDark,” but in 2016 it was renamed as Verge. It was designed for people and their everyday use. The experts have conveyed that it is improvisation of original Bitcoin cryptocurrency and aims to give efficient and decentralized way of making direct transactions without violating security guidelines. Also, it is not a company but an open-source software that is funded through an ICO.
What Makes The Verge Unique?
We know you were wondering this! There are too many cryptocurrencies in the market now and how choosing Verge will prove beneficial. So, let us get started and take a look at the list:
- The very first thing because of which Verge has been gaining popularity is that it allows to have a glance at the statistics but keep the meta transaction data anonymous. Impressive indeed!
- The transactions are faster. This is something that might persuade you to invest in this!
- If the investment professionals are to be trusted, then Verge will be the first privacy-focused cryptocurrency and integrated smart contacts functionality.
- The Verge is looking forward to mass popularity because it is suitable for all users as it has developed multiple wallet system.
- It implements wraith protocol that means it is not an uphill task to hide transaction in the private ledger.
Now you would be wondering why we cannot just use VPN (Virtual Private Networks), the answer to this is given below:
According to cryptocurrency professionals, if you use VPN, then your data is only encrypted till it reaches the receiver and from there onwards, the shield from your data is removed. To make sure that your transactions or the data are protected beyond this, you must pay a third-party service provider. On the flip side, if you are using Verge, you need not do the same!
Now if you are worried about the wallet, then we suggest you not to as you can use two types of wallets, QT and/or Electrum. If you are not a hardcore investor, then we recommend go with the Electrum.
In case you do not know about the Electrum, it is an open-source wallet solution, and Verge has tweaked and made it compatible with the Verge blockchain as well.
Electrum wallet is a special kind of wallet that lays its focus on low resource usage and high-speed transaction. Also, it uses a technology named “Simple Payment Verification” which facilitates the transactions without the requirement of downloading the entire blockchain!
If you are more interested in QT, then you should know that it is a cross-platform application. It allows the developers to write their code in C++ and later release their product to various software and hardware platforms. The downside of using the QT wallet is that you’ll have to download the entire Verge blockchain. Simply put, you’ll have to your system needs to download the entire record of transactions that have occured.
What You Need To Create A Backup Of Your Wallet?
Technically, nothing! You just need the 9 word seedphrase secure (For the Electrum wallet). Once you’ve created your account, you’ll be given your seedphrase. Also, we’d recommend you not to store this electronically because then it becomes vulnerable to getting hacked!
Keep your eyes on this one fellas! This might be a milestone in the history of cryptocurrencies.