Hello and welcome to this Verge vs Monero comparison page. I put it together to explain some of the underlying principles behind these two intriguing, privacy-focused cryptocurrencies.
In this Monero vs Verge coin comparison, I’ll go through the fundamentals of each cryptocurrency and how they accomplish anonymity. I’ll discuss why privacy-focused currencies are vital and why each of these currencies has a distinct purpose.
We’ll next talk about the speed of the Monero vs Verge blockchains and how each currency intends to grow to meet possible future demand. We’ll go into the teams behind each project, their history, and some market pricing research.
As a result, at the end of this Verge vs Monero currency comparison, you’ll have a far better grasp of both coins. You should then be able to decide which to utilize or invest in. There’s a lot to cover in our Verge vs Monero comparison, so let’s get started!
The Difference Between Monero vs Verge
BitMonero was the currency’s original incarnation. However, developers quickly simplified this to just Monero. Monero has the same code as Bytecoin, another cryptocurrency. The decision to split Monero from Bytecoin was because of controversy surrounding the original distribution. Many people in the bitcoin community disagreed.
Monero, unlike Bitcoin, employs the CryptoNote protocol. CryptoNote is a mining algorithm that is distinct from Bitcoin’s SHA-256 algorithm. Don’t worry if you don’t know what these phrases mean; it’s unnecessary to understand them to use Monero! Monero, like Bitcoin, is a proof-of-work cryptocurrency. This means processing power is required to validate network transactions. Miners are the computer systems that provide this electricity. Many people in the bitcoin community disagreed, so they decided to fork Bytecoin.
Monero, unlike Bitcoin, employs the CryptoNote protocol. CryptoNote is a mining algorithm that is distinct from Bitcoin’s SHA-256 algorithm. Don’t worry if you don’t know what these phrases mean; it’s unnecessary to understand them to use Monero! Monero, like Bitcoin, is a proof-of-work cryptocurrency. This means that processing power is required to validate network transactions. Miners are the computer systems that provide this electricity.
It is a coin that is decentralized and open source. Its goal, like Monero’s, is to provide users with private transactions. It was first known as DogeCoinDark. However, in 2016, it changed its name to Verge. Verge and Dogecoin share a lot of the same code. However, the development team says it has nothing to do with the original “meme-coin.” There is a lot of disagreement regarding this in the bitcoin world.
The maximum supply of Verge coins is 16.5 billion. This is a lot more than many other cryptocurrency ventures have. That is why the price is low and has never exceeded one dollar.
Verge, like Monero, is a proof-of-work coin. It does, however, employ five distinct mining algorithms. The goal is to increase the decentralization of the network. Many different units can effectively mine Verge by applying so many diverse algorithms. The greater the number of miners on a blockchain, the more secure it should be! Do you want to learn more about Verge? Please see my guide here.
Verge vs Monero Privacy
Which cryptocurrency is more private, Verge vs Monero? Both, however, accomplish privacy in different ways. Monero employs several cryptographic techniques to ensure its secrecy. Ring signatures and the CryptoNote algorithm are examples of this. Unless you’re a programmer, you’ll have difficulty understanding how these work. I’ll simplify everything for you.
The Monero network aggregates transactions. It then transfers the appropriate amount of Monero to this group’s receiving addresses. This implies that no one knows who sent what to whom. Meanwhile, Verge’s privacy is entirely different manner. It has two ledgers: a public ledger and a private ledger. Transactions made on the general ledger are accessible to everyone.
However, the technology that enables anonymous dark web browsing, in conjunction with an unknown network layer, conceals the IP addresses and locations of people who conduct transactions. Verge’s private ledger operates in this manner.
Verge vs Monero: Speed
The block time on the Monero blockchain is two minutes. This means that Monero produces new transaction blocks every 120 seconds. This makes transactions around five times quicker than Bitcoin. On the other hand, Verge has a block time of 30 seconds. This makes it significantly faster to transact than Bitcoin and around four times faster than Monero. The above values assume that investors can accommodate transactions in the following block. If either network is overburdened with transactions, it will take longer to transmit Monero vs Verge.
Verge vs Monero: Scalability
Monero has what is known as a dynamic block size restriction. This implies that the blocks expand and contract when demand for Monero rises or falls. Larger blocks can accommodate more transactions, allowing more individuals to use the Monero network simultaneously. However, because the network has yet to reach the same level of popularity as Bitcoin, it is unknown how this scaling option will function in practice.
Verge’s developers believe that it is far more scalable than Bitcoin. They are now working on incorporating RSK into Verge. Rootstock is a second layer protocol that intends to function alongside Bitcoin. We expect this to increase the network’s capacity to roughly 2,000 transactions per second.
This is a significant increase above the current 100 transactions per second ceiling. Rootstock will also enable developers to build smart contract-based apps similar to those on the Ethereum network.
Verge vs Monero: The Conclusion
So there you have it! This Verge vs Monero comparison is complete. Did you get a lot of knowledge? I certainly hope so!
These are only two of the several privacy-focused cryptocurrency initiatives available today. Many development teams are vying to become the go-to privacy-focused currency for use in potentially sensitive transactions.
One point to consider is the legality of such currency. Already, authorities in Japan are attempting to outlaw the usage of anonymous cryptocurrencies such as Verge and Monero. While it would be impossible for global authorities to implement this completely, such a crackdown would be highly detrimental to the long-term price prospects of privacy-focused cryptocurrencies. This is something to be aware of if you intend to invest.
However, there are several legal applications for private currencies. For example, not everyone is comfortable with the government knowing their spending habits down to the last cent. Then, specific uses are banned on one piece of property but perfectly acceptable on the other. In an age where ideas and money can travel the world in seconds, it seems absurd to exclude some potential medications based on where you were born.