Verge - a cryptocurrency whose price increased 5000% in a month

Verge - a cryptocurrency whose price increased 5000% in a month. Initially, it was created in the darknet. There, it was to act as a cryptocurrency used for anonymous transactions. She changed the name, copied the source codes, its creator is accused of unethical benefits from digging the first blocks, and then she collaborated with a porn site. And there are still many people willing to buy Verge.

We continue the Forex Club portal cycle, in which we describe the largest, most important, most known and most controversial cryptocurrency projects in the world. Today is time for Verge, whose second name should be the word controversy.

The Verge cryptocurrency (XVG) was created to ensure the possibility of quick payments while anonymizing their sources. Admittedly the network blockchain it is fully public, as in the vast majority of cryptocurrencies, but the addresses of users are secret. Thanks to this, Verge can be classified as a privatecoin, including Zcash, Monero or Komodo. During the operation of Verge, the Wraith protocol was introduced in it, which allowed for an anonymous record of transactions.

The controversial creator of Verge

The creator of cryptocurrency Verge is Justin Erik Valo, who likes to use a nickname Justin Vendetta, which he signs not only in online discussions, but also on some documents.

From the beginning, he aroused much controversy when it was discovered that the first 450 blocks were dug up in four hours from the start of the network. No one has any doubts (although Justin Erik Valo himself never admitted it) that the network developer did it. What's more, the blocks contained a very high reward for the solution, which in the following ones has already significantly decreased.

As if that wasn't enough, Verge was based on cryptocurrency code Dogecoin, which in turn was based on code Bitcoin. The first name of the project is DogeCoinDark, but here it was not without ambiguities. For a month there was a cryptocurrency with the same name, which was also based on the BTC code. Everything seems to indicate that Justin Erik Valo combined the code of the existing DogeCoinDark with the Dogecoin code and ruthlessly took the name of a not very popular cryptocurrency.

Darknet and PornHub as hallmarks

On October 09.10.2014, 2018, we had the premiere of DogeCoinDark. Back then, no one knew who was behind it. The cryptocurrency was primarily advertised on the darknet as ideal for anonymous "all-in" payments. However, it was anonymous only in name, because the Wraith protocol, which allows for a parallel and anonymous register of transactions, was not introduced until XNUMX.

The cooperation with the website with pornographic films - PornHub added oil to the fire. Previously, investors had been promised a landmark deal for a long time, which resulted in Verge's price increase. When it turned out that it was about accepting payments by PornHub, the rate dropped by 30% one day.

Verge units can be dug up, just like in Bitcoin. Despite similar security measures, hackers managed to bypass them twice and take over some of the new blocks.

Verge cryptocurrency quotes (XVG)

The target number of Verge units is 16. The vast majority are already in circulation. Currently, it can be traded at 555 Cryptocurrency exchanges from around the world. The daily volume exceeds USD 3 million, and capitalization reaches over USD 61,3 million.

From 2014 to 13.12.2017, the Verge exchange rate did not exceed USD 0,01. However, in December 2017, it soared up at an amazing pace. In less than a month, the cryptocurrency has increased by 5000%, setting 23.12.2017 to this day an unbeatable price record of USD 0,30. Capitalization of XVG at the time reached an astronomical amount of USD 4,3 billion, which placed it on the 12th place among all cryptocurrencies in the world.