Verge is a crypto currency which promises to focus on privacy and anonymity. This all sounds really good and in a world where banking secrecy and cash is dieing more and more every day, so this is more important than ever. The first time I heard from Verge I was really optimistic. Do we get a new big player next to Monero and Zcash?
However, I realized very fast that this is not the case, but why not? Let's start at the beginning. If you go to https://vergecurrency.com, you see that the project is saying about itself: "Verge is a secure and anonymous cryptocurrency, built with a focus on privacy.". Well, this sounds not bad and I can confirm that the project focus on privacy, but I can confirm too that it is not more secure and anonymous than Bitcoin is. I will explian why.
The first point is, that Verge is simply a fork from Bitcoin. You can verify this by looking at the projects source code on Github. Ok, well, Zcash is a fork too. Only Monero is a complete new implementation, so maybe this is not the most important point.
Let's come to my second argument. On the Verge homepage you can see this quote: "Verge uses multiple anonymity-centric networks such as Tor and I2P. The IP addresses of the users are obfuscated and the transactions are completely untraceable.". Well, Tor and I2P are great projects which help you to anonymise your internet traffic. But, they are not unbreakable. The past showed us that the FBI is able to take down darknet market places like Silk-Road, which was protected by Tor. However, the most important fact here is, that you can use Tor and I2P also with Bitcoin and any other crypto currency. Every professional Bitcoin wallet software like Mycelium for Android and many more, have implemented the possibillity to use Tor easily. So where is Verge's benefit here?
The third and most important argument is, that Verge's transactions are in the same way public as Bitcoin's are. It does not matter how often you obfuscate your transaction through Tor or what ever. In the end, you anonymity is simply in the same way pseudonymic than it is for Bitcoin. Of course, there are rumors that Verge will implement the magically Wraith Protocol. I'm not sure if someone is out there who can explian what this is, or what this should be. I also could not find a professional white paper about this "revolutionary protocol". And if you are searching for wraith in the official code, you find nothing (date: 2017-12-31).
There are several more mystic facts you find on reddit and other platforms why people are thinking Verge is only scam. I'm not sure if it is really scam, but what they promise is currently worth nothing.
So why this upcoming hype to Verge? In my opinion, it's just marketing to push a coin which has no innovations to make quick money. John Mcafee can say what he wants. At this point, I'm absolutly not interested in using Verge or investing in Verge.