Verge
Crypto Overview
Overview
Verge (XVG) is a privacy-focused cryptocurrency that emerged in 2014, initially under the name DogeCoinDark before rebranding to Verge in 2016. It aims to provide secure, anonymous, and private transactions using multiple anonymity-centric networks such as Tor and I2P.
Intended Utility
The primary intended utility of Verge is to serve as a privacy-preserving medium of exchange, enabling users to conduct transactions with enhanced anonymity. The project utilizes various privacy technologies including Tor, I2P, and optional stealth addressing.
Actual Utility & Adoption
Verge has achieved some adoption for its intended purpose, with integration into various payment platforms and acceptance by some merchants. The cryptocurrency maintains active development, though at a slower pace compared to its peak in 2017-2018. The project has implemented Rootstock (RSK) smart contract functionality, expanding its utility beyond private payments.
Token Distribution & Governance
Verge was fairly launched with no ICO or pre-mine, meaning there was no initial allocation to founders or development team. The project is community-driven, with development funded through a community donation address. This approach aligns well with principles of fairness and transparency.
Technology & Revenue Model
Verge operates on a Proof-of-Work consensus mechanism, with mining rewards as the primary token distribution method. The protocol does not involve interest-bearing mechanisms or lending features, avoiding riba-related concerns. The core technology focuses on privacy preservation through legitimate cryptographic methods rather than facilitating prohibited activities.
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.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.