Verge is a privacy-focused cryptocurrency enabled by anonymity software
The Good: Allows more secure and private transactions with a transparent blockchain; Mobile device enabled while still maintaining privacy; Utilizes TOR and I2P to mask communication and data transfers on the Verge network
The Bad: Mass user adoption will be tough with competition from other anonymity-focused cryptocurrencies and without consumer education in data privacy / or marketing support
- Use of Tor or I2P (Invisible Internet Project) allows maximal privacy
- Growing community and supportive community
- Open source with dozens of active developers (as of 10/9/17)
Satoshi Nakamoto (creator of Bitcoin) noted that transacting over the internet relies solely on financial institutions. The creation of Bitcoin began the shift from centralized transactions to decentralized ones on the blockchain. However, Bitcoin has trouble with large, fast transactions, and has been built into many centralized businesses. Hence, Verge was created in 2014 as a solution for even further decentralized transactions that are swift and robust.
Use Case Example:
Consumers today give information freely to organizations, many times without even knowing it. Ask yourself, when was the last time you paid for something in cash? In today’s world, most of us simply swipe our credit cards or click a button online to make purchases. What little of us realize (or care to think about) is that these transactions are recorded by banks and monitored. While it may not seem like a big deal for banks to know your shopping habits, consider that nowadays you don’t even have the option to transact privately online. Assuming you live in a democratic country, the right to privacy is a fundamental right. Therefore, this right should technically include privacy of transactions. Enter Verge, the cryptocurrency-enabled solution to private transaction. Verge uses Tor and I2P to run transactions through a network of computers to prevent others from accessing data about you (such as your location, or that your computer belongs to you). This software ultimately allows transactions on the Verge blockchain to be truly private in a world that has become so open to consumer surveillance.
Verge focuses on a single problem in today’s financial world (private transactions) and makes it the heart of the project. However, as with any currency, Verge must see adoption to be deemed a success. It will be interesting to see if Verge sees adoption due to its integration of mobile devices and online privacy – something that has not been seen in other cryptocurrencies yet.