The debate of Verge vs Monero has been a buzzing issue nowadays on what should be considered the best privacy coins to be used. But first, what do we mean by privacy coins? How do they work? Privacy coins are unique cryptocurrencies that let the user hides their own identity. They play a vital role in the digital world.
These privacy coins users shall have leverage over their transactions and that is to remain untraceable. This enables business transactions to remain anonymous which makes privacy completely protected and safe. Becoming untraceable and protected, the privacy of users becomes the main objective of privacy pegged-coins.
Two of the most competitive privacy coins are Verge XVG and Monero XMR. They claim to be better than other privacy coins present in the market. But what do you think is the best among these currencies?
Now, let’s take a closer look at both Verge XVG and Monero XMR, with this, we can equate which is which among these two privacy coins works better.
Verge VS Monero Comparison Table
|Verge XVG||Monero XMR|
|Mining Algorithm: Scrypt, X17, Lyra2rev2, Myriad-Groestl, and Blake2S||Mining Algorithm: RandomX|
|Coinbase Origin: Dogecoin DOGE||Coinbase Origin: Bytecoin BCN|
|Mining Hardware: CPU, GPU, and ASIC||Mining Hardware: CPU and GPU|
|Project Team: Known and Visible||Project Team: Anonymous|
|Development and Marketing: Team-driven||Development and Marketing: Community-driven|
|Privacy Features: TOR and I2P||Privacy Features: Ring Signatures and Stealth Addresses|
|Fungible: No||Fungible: Yes|
|Decentralized: Yes||Decentralized: Yes|
|Circulating Supply: 16,370,089,543||Circulating Supply: 17,723,193|
The main difference between Verge XVG and Monero XMR currency is the technical privacy features that they have. The former utilized the two privacy technologies such as the I2P (Invisible Internet Project) and the TOR (The Onion Router) which make the user’s information remains hidden and obscured all the time.
On the other hand, the latter make use of also known as ring signatures and stealth addresses which helps to mask the transactions from both the sender’s and receiver’s individualities.
What is Verge XVG?
Verge Origin and History
Several cryptocurrencies were formulated and forked before giving birth to Verge currency. It started with Charlie Lee who duplicated Satoshi Nakamoto’s Bitcoin BTC programming language to generate his Litecoin LTC network.
The reproduction and editing of existing code are very prominent at that time which refers to and also known as a codebase fork. Later on, Luckycoin LKY founders did a codebase fork of Litecoin and the Dogecoin programmers copied the Luckycoin code.
Moreover, Dogecoin was forked into Dogecoin Dark in September 2014 aiming to create a total anonymity coin with true decentralization. Because of the progressive community and roadmap completed by the Dogecoin Dark developers, it was rebranded into the “Verge” coin.
In 2017, it evolved into a huge market player with a number of partnerships, where branding could not be mistreated any longer. Verge (XVG) has been featured in the news and media industry over the past year. This is because the Verge privacy coin was successfully 51% attacked on certain occasions.
Verge (XVG) has been buzzing all over the internet and made it as headlines in some crypto media institutions. This is also known for its linkage and in some major adult-content sites.
Verge Mining and Profitability
Mining algorithms for Verge coin provide a number of options.
You have 5 possibilities in choosing the ease of coin mining implementation such as Scrypt, X17, Lyra2rev2, Myriad-Groestl, and Blake2S.
You can also utilize CPUs, GPUs, and ASICs as mining media.
Unfortunately, all these mining algorithms and mining equipment are currently running at a loss unless they had a competitive advantage over other miners.
Verge Project Teams, Marketing, and Funding
The Verge team has the cutting edge when it comes to the branding and marketing strategy. They can easily grab the attention of the community and build trust with them because of the well-rounded team of developers, business executives, marketers, and advisors.
They also have the “mass-adoption” effect of which the crypto users can see the group of people who are accountable and responsible for a particular project. Subsequently, we feel like the Verge may not be the best technical product when compared with Monero but they do understand the correct mixture of social business and marketing very well.
Their roadmap is very clear when comes to project objectives. They have a list of sponsored Motorsports athletes, of course, which aims to increase brand awareness and adoption of their cryptocurrency.
In addition, Verge has an impressive list of vendors and exchange markets, which allow consumers to utilize XVG to purchase their products. The team started raising funds through donations brought by the community.
Verge Privacy Features
Verge might not be your best choice for doing some illegal activities like money laundering or financial hacking. Someone can trace and prove that you’re the one doing those things. This is due to some privacy imperfections embed in its algorithm architecture.
The Verge privacy feature utilizes two varying technologies which create hidden and obscure user data information in all times such as the TOR (The Onion Router)and I2P (Invisible Internet Project).
I2P uses highly anonymous and obscured tunneling services that create an unsigned data sent into the Verge blockchain with layers of encryptions per packet. TOR (The Onion Router) is an IP service that allows hidden communication within the network. The TOR also complicates anyone who wants to analyze traffic data and other tools for surveillance.
Every transaction that was made in the network is very visible and can be seen by any entity, but protects user characters and positions by integrating both TOR and I2P to not depict the IP addresses. If a user either sends or receives funds, their wallet address is available to the counterparty that somehow similar to a public ledger.
The counterparty has the ability to review and investigate the address. It can also identify the number of available funds; examine where all the funds were obtained previously and where other funds were previously spent.
In short, anyone can check and have surveillance with your financial movements across the Verge blockchain. This would relate to giving access key to all your past and future credit card statements which will be a nightmare for some reason. Fortunately, we have some turn-around and tweaks with the Verge blockchain to minimize and avoid being the suspect.
Scatter your coins on different blocks could be the answer by using the Samurai wallet that has a Staggered Ricochet protocol. You will do all of this stuff but it will drag you some time and it will cost transaction fees associated with those extra steps.
Whale’s wallet or the rich list can be also visible and can be tracked their transactions within the Verge blockchain. They might be careful with the transactions made that many watchers online as well as the whale bot trackers focus attention on their fully-bagged wallets.
Verge Pros & Cons
The marketing and brand promotions brought guts for the Verge currency to reach more community as well as the progressive updates within the network.
The privacy feature of Verge makes the user information data (identity and location) hidden and obscured in the blockchain.
In addition, it has a highly scalable and much faster transaction per second so as to compare with other cryptocurrencies and it has numerous crypto markets and wallet solutions that support XVG.
The Verge currency is associated with adult-content sites and other dark web applications which make it very suitable for that aspect.
It is not a total privacy feature as few other cryptocurrencies just like Monero, Zcash, and others.
What is Monero XMR?
Monero Origin and History
Cryptonote was created to resolve specific glitches in the Bitcoin algorithm. A number of cryptocurrencies utilize the Cryptonote layer protocol but Bytecoin BCN was the first and original anonymous coin. It is advantageous and authentic because it was created from line to line of codes and it was not a fork from any other crypto algorithms.
Way back in times, the implementation of pre-mined currencies has negative effects. This is due to the fact that crypto marketing is a community-driven action, the success lies in the hands of the crypto geeks that utilize the currency. Bytecoin received backlash from the community because 80% of its coin supply was pre-mine.
Groups of individuals gather to forked and create a new currency “BitMonero” which is a combination of “Bit” Bitcoin and Monero which means “a coin” in Esperanto. Due to some poor developments and problems arising from the algorithm, it has been fixed by the community led by Johnny Mnemonic.
Later on, the name was changed to “Monero”. It was launch in April 2014 with no pre-mine coins from the total supply and no portion of the block reward goes to development. Monero has seen numerous improvements since it was launch. Mostly, all of its improvements provide sophisticated security, privacy, and platform use case.
The team remains to develop with goalmouths of privacy and security at first, the comforts of usage and efficiency at the latter.
Monero Mining and Profitability
On the other hand, Monero developers keep updating its one and only mining algorithm (now RandomX) to avoid the Application Specific Integrated Circuit (ASIC) manufacturers.
They are also willing to fork the Monero blockchain whenever it is needed. This does not mean an ASIC miner is not available for Monero but more likely, they will do this in secret. Monero coins can be mined only using CPU and GPU to provide more decentralization.
At the time of article creation, mining in RandomX algorithm can be profitable if you have cheap to free electricity as well as a minimal maintenance cost. This is due to the low price of Monero in the cryptocurrency exchanges.
Monero Project Teams, Marketing, and Funding
The Monero currency team is quietly different from the above mention when it comes to business and branding strategies. They have less to no information for their business organizational structure which in turn the responsible group of individuals is unknown and anonymous.
While they don’t visibly have business executives, marketers, and advisors, they all have active community-driven support that performs all of these roles. However, Monero has an extremely competent development team, who fully understands the technical aspect and complexity of its code most of the time.
Whenever you look back into their planned roadmap, it is really impressive and it clearly defines the project use case and objective. The absence of conventional brand marketers doesn’t mean that they don’t have online events.
None the less, they do sponsorships and they also accept donations from the community.
Monero Privacy Features
Anyone thinking Monero privacy algorithm is better than Verge currency? Yes, and it has a whole lot more when it comes to security and remains anonymous in its blockchain network.
In Monero, you don’t have to do some extra steps just to spread your coins in different wallets. It will not also entail you any time and transaction fee to do so. For whale wallets, it is also a comfort zone and nothing to worry about because no one can trace any of your transactions.
Monero has more unique privacy features such as the ring signatures and stealth address which helps to cover the transaction data of the sender and recipient. In its blockchain, the ring signature creates a mixture of the public keys and the user’s account key.
Thus, third parties are unable to assign the keys from either public or the user key and is also unable to link the user and the signature altogether. All of these things are very advantageous for any illegal activities that can be done within the Monero network.
Hackers would prefer Monero other than Verge for this reason. Time ago, Problems arise with Monero because hackers use it for crypto-jacking and browser mining. Prominent ransomware attacks utilize Monero as ransom money in exchange for your decrypting keys and bring back access to your files.
Though it offers you to bring back access to your files, always remember that they should not be paid because they will use it over and over again. They might think that they can always get money for doing such illegal activity. Also, the website malware steals your computing power and mine some amount of Monero while your browser has a tab open for their website.
Technically, if a hacker compromises and takes control of a website, they can inject code into the website, while your browser is on that page, your computer will be trying to solve the next block on the Monero blockchain, and this reward will be paid to the hackers.
Adversely, it can be done to any website without strong security measures. Due to the advancement of cybersecurity individuals, companies, and other start-ups, ransomware, malware and other hacking activities have been minimized by doing system upgrades and update.
Monero Pros & Cons
Monero is considered one of the most private cryptocurrencies. It is impossible to trace or identify the transaction and to link it into a person’s identity.
The Monero blockchain has dynamic scalability which means that the transaction fees remain the same even if it is being utilized at peak rates.
The community developers are also great in doing some network improvements that add to the huge edge of Monero over other currencies.
Several major cryptocurrency exchanges do not support Monero because of its privacy features and compliance with AML and KYC procedures.
It is difficult to deal with storage other than cryptocurrencies because of a limited number of hardware and multi-crypto solutions that support Monero.
There is large centralized mining which roughly estimated 43% of the hash rate came only from three mining pools, despite being ASIC resistant.
See Also: How to Buy Monero
Verge VS Monero: Conclusion
Monero has an advantage on all metrics for some reasons versus Verge. The market price per coin is a criterion and also proof of how project development is going on. It also reflects with the market capitalization, trading volume, and network hash power which all give Monero the stronger protocol.
The all-time high, compared against the current price, shows Monero did better in this bear market against Verge. In addition, Monero lost 92% of its value while the Verge lost 99% and the number says it all. Both Monero and Verge cryptocurrency has very unique features and has different use case scenarios.
They all have the same objective which aims to provide more dynamic and decentralized financial systems that are community-driven, secure, and private coins. But we can’t just disobey and be invisible to the government because it is considered to be a civil forfeiture and this is happening globally.
All government worldwide sees it as a violation in Anti-Money Laundering (AML) and Know-Your-Customer (KYC) procedures in return you might be facing imprisonment or death depending on the country you live. These assume that you are found guilty of illegal activities you made utilizing either Monero or Verge currency.
For professional criminals and political activists who have to hide for a living, they have enough information to risk their lives and technically know what’s better for them.