Surge is a cryptocurrency project that first began in 2014. It was founded by developers and entrepreneurs Justin Sun, who also created the Tron blockchain platform, and Dejun Qian, who previously worked at Google. The purpose of Surge is to create an open-source protocol for decentralized applications and digital assets.
The Surge blockchain uses a consensus mechanism called delegated proof-of-stake (DPoS). This means that instead of miners competing to solve cryptographic puzzles to secure the network as with Bitcoin’s proof-of-work algorithm, individuals stake their coins in order to become validators on the network. Validators are then chosen based on their stake amount and voting power among other criteria; they are responsible for verifying transactions on the network in return for rewards from transaction fees.
In addition to allowing users to send funds quickly without relying on intermediaries like banks or payment providers, Surge also offers features such as smart contracts which allow users to specify rules about how money can be transferred between addresses using code rather than relying on trust alone. These contracts can be used for things such as creating tokenized versions of real world assets or issuing tokens representing shares in a company or organization.
Since its launch, Surge has gained traction within the cryptocurrency space due its vision of being able provide fast payments while enabling scalability through its DPoS consensus model – it aims to process upwards of 10 million transactions per second compared with just 7 transactions per second currently handled by Bitcoin’s PoW algorithm – and robust smart contract capabilities which make it attractive both as a payment system but also as platform which allows developers build innovative decentralized applications (dApps).
