Unlike most cryptocurrency ratings published online, the Wise Crypto ratings have nothing to do with the current or future price of the currency. Whether or not a crypto is over or undervalued or priced today is completely irrelevant. Our research focuses on the sustainability of each project, the security, the use case, decentralisation, environmental impact, the technology, the scalability and the developers and teams behind the projects.
Verge (XVG) Rating = 81/1000
Technology (0 to 300) = 119
- Speed (0 to 50) = 35
Depending on the network load, Verge transaction speed varies between 5 and 10 seconds. The network can support 100 transactions per second. However, there is a plan to implement RSK technology, which will boost transaction speed to 2,000 transactions per second RSK platform is projected to be launched in December 2019. Going forward, the speed will get better. The question here though is if the network can really handle these speeds if the currency ever achieves real useage.
- Cost (0 to 50) = 45
Verge network charges a minimum of 0.1 XVG per transaction, which translates to over 90% savings on the transaction cost given that 1 XVG=$0.00344498. For merchants and people alike, using Verge as the means of payment translates to a huge reduction in expenses.
- Scalability (0 to 50) = 30
According to Verge developers, the network is more scalable as compared to Bitcoin. The planned implementation of RSK technology will make the platform even more scalable. Rootstock (RSK) is a second layer protocol that will enable the platform scale to 2,000 transactions per second and even support more users. Whether the team can achieve these lofty aims remains to be seen.
- Reliability (0 to 50) = 2
Verge has proven not to be very reliable and even the claim it can be used as a private coin for total anonymity has been disputed many times. Verge employs theoretically advanced blockchain technology built on top of services such as Tor and I2P, to hide your personal data, including IP-addresses and geolocation. And with the coming implementation of RSK technology, Verge will offer smart contracts functionality while still maintaining the theoretical total anonymity of the user. This will be the first cryptocurrency to accomplish both features if it can really pull them off, currently that looks like a very big IF.
- Environmental Impact (0 to 50) = 2
Verge employs proof of work consensus, therefore, can be mined. Mining leads to heavy electricity consumption, which has some impact on the environment. Nonetheless, Verge requires smaller amounts of hashing power to be mined, therefore translates to minimal environmental impact compared to Bitcoin. Should Verge ever achieve any serious level of adoption however the destructive force of POW would surely come into effect.
- Decentralization (0 to 50) = 5
Verge is claimed to be a fully decentralized cryptocurrency based on an open-source platform. There is no central control over the coin. Unlike Bitcoin (which is slightly centralized), Verge is one of the 100% decentralized crypto available today thanks to its commitment to deviate from Bitcoin’s design and implementing a new layer of anonymity to realization. The mining ussue however means it is always at thread of centralisation and the 51% hacks have proven Verge is failing this key point.
Security (-250 to 0) = -245
- 51% Attack (-100 to 0) = -100
In April 2018, Verge Coin suffered a 51% attack. This kind of attack occurs when a group of miners takes control of more than 51% of the world’s mining power for a single cryptocurrency. The majority of nodes make these miners perform fraudulent actions on the network with the intent of generating enormous profits. During the attack, Verge XVG was mined at a much faster than normal rate by the mining consortium that took over the network resulting in enormous loses. Close to $ 1 Million dollars were stolen. Such attacks are common in the crypto space and greatly damage their reputation.
Verge has since suffered a few more 51% attacks.
- Potential for Being Banned (-100 to 0) = -95
Verge, being a private coin, faces a huge potential of receiving a ban, especially from governments that are strict about cryptocurrency. The coin enables users to carry out transactions anonymously. This makes it prone to manipulation by perps who can abuse it to accomplish illegal business such as money laundering and drug trafficking.
Aside from the privacy issue, Verge also uses the environmentally disastrous proof of work technology and has questionable developers.
- Network Vulnerabilities (-50 to 0) = -50
Verge (XVG) has some serious network vulnerabilities which seriously impact the usability of the network. The recent 51% attacks exposed the network vulnerabilities causing the community members to be embroiled in chaos. The network vulnerabilities have caused Binance and Bittrex to suspend XVG deposits in the meantime.
Use Case (0 to 500) = 201
- Initial Main Use Case (0 to 100) = 1
Verge (XVG) was launched as a cryptocurrency, focused on total anonymity and privacy for its users. The coin is claimed to be virtually untraceable, and its users are able to make instant anonymous transactions. Verge improves on Bitcoin scalability and transaction speed.
Verge (XVG) can be used as an anonymous means of payment to merchants accepting XVG as a payment means (although on launch of the Verge payments at Pornhub, users reported transactions failing and the system not working properly if at all). The platform claims to offer an efficient, fast, and reliable cross border payment, allowing users to send money and value across borders without having to involve central authorities.
- Mainnet (0 to 200) = 200
Verge (XVG) has quite a long history. It was first originally created in 2014 as DogeCoinDark. In 2016, it was rebranded to Verge Currency, successfully launching its mainnet. Verge is an open-source project and not a private company funded through an ICO during the initial loss.
- Additional Use Cases (0 to 100) = 0
- Additional working products (0 to 100) = 0
The Verge team has not yet developed other working products apart from Verge (XVG) platform.
Core Team, Developers & Partnerships (0 to 200) = 6
- Core Team & Developers (0 to 100) = 4
Verge is an open-source project, meaning that it’s open to opinions from its community. The founder of Verge remains anonymous and uses the alias Sunerok. He claims over 20 years’ experience in network security and has worked on blockchain development for over six years.
Sunerok a.k.a. Justin Vendetta however has been revealed to be Justin Vela, a grafitti artist with at least 8 offences listed on his criminal rap sheet. Vela has also been involved in at least 11 previous cryptocurrency projects, none of which have succeeded.
Until recently the whole Verge team was listed completely anonymously on their website although recently some profile pictures have emerged even if real names are still hidden.
- Partnerships (0 to 100) = 2
Verge has “partnered” with other firms to increase their usability. One notable and controversial “partnership” was with MindGeek, owner of the planet’s leading pornography website, Pornhub, to accept Verge as a means of payment.
Prior to the announcement Verge asked it’s community to raise $3 million dollars in order for the team to secure a world changing deal. After the fund raising it turned out Verge would be added as a payment option on Pornhub alongside all the traditional payment options. Worse would happen when the Verge payment system failed on Pornhub and a couple of weeks later more cryptocurrencies were launched on Pornhub.
Verge also partnered with Token Pay, a young digital currency firm (with no solid credentials themselves) that is looking to make crypto payment cards. The pair were to partner up and buy WEG Bank AG, a German “bank” which didn’t even have an SSL certificate on their website. All in all a very worrying set of crypto friends.
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