Verge

Halal Rating :
Comfortable
Last Price $0.01 Last updated:
Rank 407
1D Change 0.33 %
Market Cap $104.24m
Circulating supply 16,521,951,236
Maximum supply None
Crypto Overview Crypto Impact Justification for our Halal Rating

Crypto Overview

Categories
  • Mineable
  • Multiple algorithms
  • Medium of Exchange
  • Privacy

Overview

Verge (XVG) is a privacy-focused cryptocurrency that aims to provide anonymous transactions through integration with TOR and I2P networks. Originally launched in 2014 as DogeCoinDark, it was rebranded to Verge in 2016.

Intended Utility

The primary stated purpose of Verge is to enable completely anonymous transactions while maintaining fast confirmation times and low fees. It implements multiple anonymity-centric networks like Tor and I2P to hide users' locations and IP addresses.

Actual Utility Assessment

Current usage data shows limited adoption for its intended privacy-focused payments use case. While the network remains operational, development activity has been sporadic with long periods of inactivity. The most recent major update was in 2021.

Token Distribution and Governance

Verge had no ICO or pre-mine, suggesting a fair launch. However, there have been concerns about centralization of mining power in the past. The project relies on community developers with no clear leadership structure since 2020.

Technical Implementation

Verge uses a Proof-of-Work consensus mechanism with five different hashing algorithms. The multi-algorithm approach is designed to prevent mining centralization. The privacy features are optional, allowing users to choose between transparent and private transactions.

Crypto Impact

To assign a comfort level investing in Verge from a halal perspective we need to determine whether it has a net positive or negative impact.

Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Verge.

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Justification for our Halal Rating

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