Verge | Is this privacy coin just all hype? Detailed review with SWOT analysis

hey there guys you with bow and welcome to my youtube channel cryptocurrency Australia now in this video we’re gonna be doing something called a SWOT review where we look at the strengths the weaknesses the opportunities and the threats facing verge now it is important to note that although a SWOT review is a standard business practice the review is still based around my experience and interpretation so first up guys what is verge what is it all about well vote is a crypto currency so it is important to note straight-up that a crypto currency should be differentiated from a utility token so Verge is a crypto currency now bert actually aims to improve upon bitcoins blockchain and aims to provide individuals and businesses with a fast efficient and decentralized method of transacting whilst maintaining privacy now Verge claims to have complete anonymity by obfuscating IP addresses and having ultra-fast transaction times using SPV technology whilst being decentralized and open-source SPV stands for simplified payment verification and is actually on the Bitcoin network so this is something that actually was implemented on the Bitcoin network years ago so there is no company behind Virge Virge is basically open-source all the code is on github that allows developers to review the code and to propose upgrades alright so that’s a bit about third now what about the strengths well verge has deliverables in terms of wallets that are available for multiple platforms such as Apple Android Windows Linux tour and more as you can see here there are a number of vendors that are listed that accept the verge cryptocurrency so vote is a really strong community of around eighty eight thousand followers on Twitter and around 24,000 600 followers on reddit it’s also an open source currency so the code is here available on github you can see you can download the node it’s got a variety of different white papers and different languages it’s got some programming language in Python so all the all the source code is there for people to go and check out whenever they want okay so that’s the strengths of Verge let’s go and check out the weaknesses so the white paper itself in my opinion contains some slightly misleading statements about Bitcoin being centralized through its use of third-party providers that’s that is quite misleading because the way Bitcoin works is any transactions it doesn’t whether it’s on a light client or it’s on a full node it’s still transmitted through the Bitcoin network which is decentralized so it’s proof-of-work and hashing algorithms and the use of miners and nodes scattered all around the world if a particular business decides to use Bitcoin in a centralized way by say storing the private keys to their wallet on a server or on a computer that doesn’t mean that the Bitcoin network itself is compromised it purely means at that point of transactions that they are conducting for their own business that is a central point of failure that does not impact the Bitcoin network itself now the verge wallet which is called the electron wallet sells itself what advertises that it has multi signature support and that in some way is unique to the platform or multi seek is not unique 2/3 it exists on many other cryptocurrencies out there now verge claims to have five different hashing algorithms that it uses for its proof-of-work mining process now what they claim is that this is going to be equal provide people equal access to earning coins now I’m not a developer but I do find it a little bit difficult to wrap my head around how the coin or the mining process could be equal when it’s using five different sets of hashing algorithms because each of those algorithms are different which would I assume use different amounts of processing power to actually confirm those transactions the white paper itself mentions implementing two bits the first bit is BIP sixty five and the second bit is BIP 37 well a bit stands for a Bitcoin improvement proposal so the first bit they mention here is called BIP 65 or check lock time verifier otherwise known as hash time locked contract well guys this isn’t unique this was actually released on the Bitcoin blockchain back in 2014 now the second bit they talked about implementing is called BIP 37 or bloom filtering now again BIP stands for Bitcoin improving proposal we can actually see that this proposal was implemented under the Bitcoin blockchain back in 2012 now another weakness that I found was the white paper appears to just been drafted by one person this crypto rekt which I assume is an anonymous person now there’s also nothing there about this paper being peer reviewed by anyone else another thing might also see as a weakness is a huge marketing team now I always get a little bit of red flags when I look at platform that have huge marketing teams because sometimes the marketing can be confused it can be hyper per platform without there actually being true value and substance another weakness is the huge circulating and maximum supply of 14.4 and sixteen point five billion tokens respectively now guys let’s put this into perspective for verge to reach two dollars for just one token it’s going to have a market cap of thirty three billion dollars that’s over double that of litecoin now the last weakness was I really couldn’t find any specific token value appreciation model or token onyx so the price really seems to be wholly dictated by the market at the moment and I think a lot of it is hype driven the way I like to look at crypto currencies that I invest in is there’s got to be some underlying value or some kind of model that’s going to ensure some token appreciation over time outside of just pure market speculation or what you and I are willing to buy and sell for in the markets the token is going to be used in a platform or something that ensures that over time as that platform becomes more successful that demand for that token will be driven up all right so that’s the weaknesses out of the way what about the opportunities well vote has the opportunity to out-compete or be the number one privacy coin other than Manero pivots – and z cash so basically it has the opportunity to be the leading privacy cryptocurrency that is an opportunity has but it does have some stiff competition and that leads on to the threats what are some of the threats facing Virg well they could be outperformed by Manero by pivots by – and Z cash which are all very strong alternative privacy coins so because there’s no underlying token value appreciation model the cryptocurrency could be subject to just pure market forces now as we can see here there’s been an absolutely massive pump of these cryptocurrency and then followed by a huge dump so a good example of a cryptocurrency being highly subjected just to market forces is this apparently this girl has a lot of Twitter followers his Twitter was hacked a tweet was sending out telling everyone to sell their Virg currency project falling apart serious tweet now this was a result the token itself has it been absolutely dumped the final threat just in my opinion and based on the research I’ve done in the verge is they could actually be over selling the value of the platform and the cryptocurrency so that’s pretty much it for Virg guys as with every review I do links down to everything discussed it’s down in the description below if you like the video likes are always really appreciated so thanks for watching guys I’m Bo and I’ll see you the next one Cheers

Leave a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.