The start of a Currency
How the end of mining rewards will stabilize the Verge currency.
TLDR:dis
As the maximum supply of Verge (XVG) is reached, new coin minting will cease, marking the end of mining rewards. This reduction in supply pressure can enhance Verge’s tradability. Remaining rewards will stem from transaction fees, incentivizing miners to maintain the blockchain’s security.
Watch here: https://vergecurrency.network/d/VmzuEE5Mk/verge-blockchain?orgId=1
Full text:
The Verge Currency Network Observer reports that mining of Verge (XVG) is nearing its end, indicating the maximum supply of Verge is about to be fully minted, preventing the creation of new Verge coins. Drawing parallels with Bitcoin, which pioneered cryptographically secured blockchains and spawned all subsequent cryptocurrencies, it’s essential to understand that coins like Bitcoin, Verge, and Ether are minted from blocks on the chain, while tokens are issued as a smart contract within a block.
Now lets go back to Bitcoin and supplies.
When the elusive Satoshi Nakamoto engineered Bitcoin, the intent was clear: establish a digital currency impervious to inflation, much like gold. This digital ‘gold’ is designed with a hard cap at 21 million Bitcoins, each divisible into 100 million smaller segments, known as satoshis, enabling even the smallest of transactions.
The process called “mining” governs the creation and distribution of new Bitcoins. Miners use powerful computers to calculate complex mathematical puzzles, their solutions leading to the addition of a “block” to the Bitcoin blockchain. This blockchain is a transparent record of all Bitcoin transactions. For their efforts, miners are rewarded with a pre-determined number of newly minted Bitcoins.
That’s why we say: ‘Hodl Bitcoin, Spend Verge.’ As the 77th crypto built, Verge was designed with a clear vision — to safeguard user data while ensuring transactional speed. It’s all about ease of transactions. Imagine paying with 100 XVG instead of wrestling with 0.00001 bitcoin. (Please note, this is not an actual valuation)
As seen at the start, less than 2 million Verge remain to be mined, a testament to its growing adoption. It operates on 5 algorithms — Blake 2s, Groesl, Lyra2rev, Scrypt, and X17 — a unique method also used by Digibyte. Ready to mine Verge? Gear up with the right hardware. Remember, once all Verge are minted, the count is set. Aside from accidental losses, no new Verge will be created. This scarcity? That’s the charm of Verge.
CoinMinerz, a close ally of Verge, peers into what lies ahead. Verge, being one of the most profitable mining chains due to its sub-30 second block times, attracts miners. But when the max supply is hit, some miners might seek other opportunities, while others compete for the mining rewards.
Consider the mining rewards as gas fees, paid to those who secure the chain. These fees, typically around 0.2 xvg per transaction, along with the block reward, compensate miners who then sell it on the market.
Let’s picture this in terms of NFTs: you’re at a digital auction bidding on a unique NFT. Suddenly, the creator announces they’re releasing 100 identical copies. The original NFT’s value might drop due to the increased supply.
Similarly, when no new Verge is created, it’s easier to trade — there’s no new supply exerting downward pressure on the price. Fewer miners will be needed to secure the chain, and the more Verge is used as a currency, the more rewarding it becomes, attracting more miners.
What is Verge
Verge isn’t just a cryptocurrency, it’s a community-driven project designed to be utilised. It’s more than just a blockchain or a form of currency — it’s a vibrant ecosystem shaped and sustained by its community.
There are numerous ways to get involved and contribute to the Verge community. If you have technical skills, you can head to our GitHub repository and contribute to the development of the Android wallet, or create bridges for people to use Verge on decentralised exchanges.
For those with a flair for content creation, consider making videos demonstrating the ease of using the Verge wallet. Get a micro merchant kit from vergecurrency.business and promote Verge locally, or educate people on how to transact using Verge.
Verge takes compliance seriously. It has undergone the Howey test to ensure its legality within the USA as a non-security. Our community members have even funded the creation of ISO20022 compliant wallets, allowing institutions to list Verge side by side with traditional fiat currencies.
Remember, Verge is what it is today because of you — the community. Your involvement and contributions continue to drive its growth and success.
Github, Discord, Telegram, Facebook, and Twitter.
You can read more about the Verge History and our partners here: https://medium.com/vergecurrency/verge-changenow-navigating-the-future-with-a-dynamic-crypto-ecosystem-835e7620ceb4
Ready to use Verge as a currency?
Verge Wallet technologies:
Protecting our users.
We’ve crafted an iOS wallet experience that is simply out of this world. Integrated with Tor, synced with our Micro Merchant offering, it can even process NFT payments. No more fiddling with addresses or QR codes. Just tap, pay, and move on.
Verge Pay Wallet: https://apps.apple.com/us/app/verge-currency-wallet/id1459928869
Merchant solution: https://vergecurrency.business/micro-merchant/
Android enthusiasts, we’ve got you covered with our Android wallet + Orbot.
Desktop Wallets:
Our QT wallets, available for Windows, MAC, and Linux users, do more than just transactions; they act like a Node, reinforcing the chain, but also giving you varying levels of protection. Such as Public protected addressing. A public transaction, from which only the receiver would know the sender.
Our ISO 20022 wallets are also available across platforms, making it an inclusive experience.
All our wallets are available on vergecurrency.com/wallets
Cold Storage:
In collaboration with Ellipal, we’re bringing you a cold storage solution that marries superior user interface with uncompromised security. With Verge and Ellipal, your cryptocurrency is in safe hands.
Welcome to the future of currency. Welcome to Verge. It’s not just a transaction; it’s a revolution. Be a part of it.
Visit VergeCurrency.com
