When it comes to controversial cryptocurrencies, Verge is a name which often pops up in conversations. Focused on privacy and anonymity, XVG had quite a vision when it launched. When the Wraith Protocol was announced, there was a lot of hope around the currency and the investors showed great faith in it. However it has since been marred by controversy.
It was recently discovered that the recent updates to Verge have made the system behind the coin quite complex. The code is written in such a manner that it appears it will take quite some time to update it and improve upon it when needed. It appeared rushed.
While Verge has been dodging the bullets and avoiding to comment on most of these controversial incidents, their latest tweet indicates they are working on a way to fix things.
we've made a ton of updates, and we will be launching a new set of binaries shortly, that will improve upon the existing release.
— vergecurrency (@vergecurrency) January 2, 2018
Controversies Verge (XVG) is Dealing With:
- Delaying the Wraith Protocol: The Wraith Protocol is the most attractive thing about XVG – which was supposed to make transactions truly untraceable and anonymous. However, the protocol has been delayed multiple times and Verge is yet to announce it’s arrival.
- Manipulation by Whales: Whales are basically people who hold a large amount of a particular currency, enough to manipulate the market movements. An obscene amount of XVG is alleged to be held by these ‘whales’ who manipulate the markets as per their will.
- Not Obfuscating Ledgers and IPs: While the company prepares for the Wrait Protocol, it appears that they might not be staying true to their promise of obfuscating ledgers and hiding the IPs.
- IP Addresses Leak: A third, major controversy broke out today as the IP addresses of users transacting in Verge leaked. Many of these IP addresses were shared on a website with the promise to add more soon. This is a major jolt for a currency which is all about ‘privacy’.
While Verge is yet to release an official statement on all that’s been going on, with this latest announcement they have brought some sort of an assurance. It would be interesting to see the kind of changes Verge brings along in the days to follow. Stay tuned with us for more info on this.