Verge is basically a fork from DOGE, previously called DOGECOINDARK - Since it was a fork from DOGE, its exactly the same in almost every aspect except for the privacy protocols.
Consensus is supposed to be achieved by Proof of Work just like DOGE (who is also a BTC Fork)
As far as I know VERGE was distributed or has been distributed Fairly. No premine, and the developers that took over the project bought their stakes on the market. (this is the claim at least)
As far as I know there has been no scammers in the dev team, but there have been hacks and those numbers are numbers are up in the millions and this has happened more than once, which makes one wonder what is really happening.
The dev team overpromised and under delivered a few times. The wraith protocol was delayed over and over and it made a lot of people lose faith.
As far as I can tell, the project is not a scam, but its not managed properly. At least in my opinion. I would not be a long term holder of the token as the only use case (paying for porno) is pretty silly imo.
Ok but doge is not private, so can u explain the difference? I understand doge pretty well as well as bitcoin.
Check out this report: https://intelligenttrading.org/guides/research-report-deeponion/. It is on DeepOnion but it gives a good overview of the different ways that coins seek to achieve privacy. Taken with some of the comments regarding Verge, you may conclude that what Verge is doing is not that effective, comparatively speaking.
According to the report, IF DeepOnion is successful at doing what they are setting out to do, they would be one of if not the most comprehensively private coins out there. BTW the website has only produced one other coin-specific report that I have seen, and it was on Cardano.
Back to Verge, here is the second in a series of articles in response to the two 51% attacks earlier this year (link to the first one available there): https://blog.theabacus.io/lets-do-the-time-warp-again-the-verge-hack-part-deux-c6396ab36ecb.
I cannot speak to the accuracy, but what is described is certainly concerning. It seems more like incompetence than scam.
Having said all that, I have successfully speculated on Verge price and continue to do so. In fact, I just posted a Verge price analysis (short term) if anyone is interested.
can u please post a top level comment so I can give u part of the bounty
Sure, will do, thanks!
Oh yes, important little detail...
When a transaction is done it uses anonymity centric networks like TOR (the dark web). So that the addresses, the IPs are obfuscated and that makes it of course untraceable.
So their trick is to run parallel on the Dark Web network... I think they also use I2P as well.
However, some claim that's not good enough, hence why the wraith protocol was to be the "big difference" however... as I've said they under delivered.
Verge has a transparent ledger that allows anyoneto view all of its transactions, but protects user identities and locations by integrating both Tor and I2P to not expose IP addresses. As for the specifics of how Verge offers that anonymity, it’s an open source project that leverages Tor, which hides your IP address by encrypting your traffic and bouncing it through a chain of computers around the world, and I2P, which differs in practice but offers the same broad strokes peer-to-peer routing. And using the so-called Wraith Protocol, Verge users can make either public or private blockchain transactions.