The Verge coin has been under the radar and overall pretty invisible to the average everyday investor since it was founded. When first released back in 2014 the coin went by the name DogeCoinDark, but this was eventually abandoned in 2016 when they re-branded it to Verge. Besides this it seems like the creators have put very little effort and resources into advertising and marketing their coin, especially considering it has been around for a number of years.
That being said though, this coin has recently made a pretty big splash in cryptocurrency news recently, with media organisations such as Forbes releasing headlines like "Verge (XVG) Price Climbs 800% In A Week".
Verge is know for its ultra fast transaction speed, completely anonymous design and uses networks such as Tor and I2P while hiding the users IP address making them untraceable. Now these key features are very interesting and desired by pretty much all cryptocurrency traders, but the main beneficiaries of these features will be the darknet marketplace.
Regardless of where you stand on the ethical dilemma of the darknet, with massive online eCommerce sites selling everything under the sun from drugs to guns, there is absolutely no question that they hold a massive amount of power based on which coin they decide to adopt and use as their predominant payment method. Bitcoin has always been associated with criminal activity being used as a payment method for illegal products and services, but as the years went on it became very clear that Bitcoin is far from anonymous. Now of course it is more private than sending a Paypal request but it was still far from perfect in terms of security.
At this point, desperate to find a safer option to address the privacy concerns, Monero entered the scene as a more secure option for transactions. As you can see in the rough chart below, the impact was noticeable.
By just looking at the success of Monero clearly there is a booming underground business network with enough illegal transactions that it can take a coin worth pennies and bring it up to the $400 mark just like Monero today. Now of course all that movement is not solely based on criminal enterprises, but it definitely had a significant impact on the coins success.
So the question comes down to, does Verge have what it takes to replace Monero?
Personally, I think there are some real respectable features that Verge offers regardless of who you are and what business you are in. With average transaction confirmation times of ~5 seconds I think that this alone could cause Verge to blow up, but we will have to see how it handles the massive increase in traffic. Whether or not you think this will be a coin of the future, the amount of publicity Verge has received over the last few days after jumping from $0.001 to $0.16 may be enough to get it off the ground. I think more than anything else, this is very exciting opportunity for investors. With the amount of potential this coin has along with the current publicity, it might be worth throwing down a few dollars to see what happens.
Let me know your thoughts on Verge, do you think it stands a chance in replacing Monero?
Thanks for reading.
Check out my recent post on Steemit's upvote system here:
Do Not Abuse the UpVote!! | What Happens and What to do if Overused?
Sincerely,
Grayson