Privacy-focused coins have taken the crypto market by storm. The coins have become popular with users as they offer anonymity over the internet. While some crypto users might be comfortable making their transaction details public, some prefer to remain anonymous. For this, there are privacy-focused coins. Although the coins have been criticized for being used to fund illegal activities, it has been proven that for the better part; they are used for legit transactions. Some experts have even recommended them since having user transactions in the public could be risky.
Leading the race for these coins is Verge XVG and Monero XMR. They are two of the most popular coins that ensure user transactions are anonymous and untraceable. However, there has been much debate over which of the two is better. Is it Monero, one of the oldest private-focused coins, or Verge, the coin considered the privacy-focused Dogecoin. Well, let’s see if we break them down and get a winner.
Verge And Monero’s Technology
First things first, they are private focused coins, so how good are they at it? Verge uses Tor technology and i2P network to enable users to hide their location and keep them private. The project is also in plans of developing a fully anonymous wallet using Tor technology. However, the project hasn’t put adequate measure and although transactions are much private than cryptos like bitcoin, it is still short of others like Monero. According to reports, the top 100 transactions are listed publicly, and this list gives information/address of the users. Although the project has even developed their own “blackhole technology” to boost privacy, it has not been enough to keep transactions hidden.
As for Monero, the project uses a Cryptonote protocol that enables the system to give a unique one-time address for each transaction. Using this protocol, the blockchain will record new blocks but the blocks cannot be matched with users. This makes it completely secure and anonymous. According to reports, the coin is 10 times more secure than bitcoin, making it the ideal anonymous coin. It is alleged that the WannaCry hackers traded the bitcoin they stole for Monero as it offered the most anonymity.
Although Verge is beaten when it comes to anonymity, the coin makes up for this in other features. For starters, the coin takes a fraction of the time taken by Monero in transactions. Transactions on the Verge network take 30 seconds while Monero takes 2 minutes. Verge also comes ahead when it comes to maximum supply. Monero has not set a maximum supply for the coin while Verge has set its maximum supply at 16.5 XVG. This means that once Verge’s maximum supply is hit, demand will go up and prices will increase. Additionally, in recent days Verge has been getting into more partnership deals than Monero, most notably, in May the coin was added to the Bitfinex crypto exchange.
The Verge project has, however, had its rocky moments of the year as it was hacked twice in two months. The hack targeted mining pools and during the two attacks the project lost more than 35 million XVG (approximately $1.4 at the time.)
Comparing the two coins shows that Verge is better in almost every aspect, well, except what it’s actually designed for, privacy. Monero, although it is lagging behind, looks more stable and reliable. This point comes out clear when you look at the price changes from the last 24 hours. At the time of press, Monero is trading at $112.30 down by 1.75% in the last 24 hours while Verge is trading at $0.012949 down by 4.98%.