Verge (XVG)

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Verge
Verge currency logo.png
Founded 2014
Key People Justin Sunerok, Founder
Twitter @https://twitter.com/vergecurrency
Facebook https://www.facebook.com/VERGEcurrency
Website https://vergecurrency.com/

Verge is a privacy-focused cryptocurrency. According to the Verge project's website, there is no entity behind the development of the currency and it depends wholly on voluntary contributions of effort.[1] In mid June 2019 Verge (XVG) was the 57th largest cryptocurrency according to CoinMarketCap, an online cryptocurrency industry data aggregator.[2]

Background

Working alone, Verge founder Justin Sunerok designed and launched DogeCoinDark in 2014. It was later renamed Verge. Its unique selling point was its elimination of the IP addresses of users from the network. [3]

Overview

Pumping on Porn

Pornhub, an adult entertainment website, announced on April 17, 2019, that it would accept Verge in payment for its premium services.[4] The relationship was initiated by Pornhub as the result of a search by the firm for a cryptocurrency appropriate to its business.[5]

The introduction of the payment alternative was accompanied by a publicity campaign which involved porn industry stars distributing plastic Verge tokens redeemable for real Verge. It was also reportedly preceded by Verge incentivizing the partnership with donations of the equivalent of more than $5 million.[6]

McAfee Endorsement

In a tweet on December 13, 2017, John McAfee, the eponymous founder of a computer software security company, said, "If you would use your heads you would figure out that the privacy coins (anonymous transactions) will have the greatest future. Coins like Monero (XMR), Verge (XVG), or Zcash (ZEC) cannot lose."[7] Later it was reported that McAfee charges firms $105,000 for each promotional tweet, which comes out to $.13 for each of McAfee's 810,000 followers.[8]

The Verge price went from half of a U.S. cent to $.25 after the tweet. Sixteen days after the initial tweet and after a reported firestorm of controversy about the Verge endorsement, McAfee tweeted, "I recommended Verge when it was less than a penny - saying it might rise 100% to two pennies. The price has been wrongly pumped beyond reason by referencing fake Twitter accounts and Instagrams which I have never had and then I am diss'd when I point out the fraud. Please stop."[9] Shortly thereafter, a large holder of Verge, whose Twitter name is XVG Whale, provided emails that indicated that the endorsement from McAfee had been paid for by XVG Whale and the repudiation of Verge resulted from the deal souring.[10]

References