Verge asks community for donations to fund mysterious partnership
In a rather controversial move, the Verge development team took to Twitter on March 23 to request the community for donations amounting to a total of 75 million XVG, approximately $3 million.
Following the announcement, Verge supporters were almost immediately split on the issue, with some unhesitatingly pledging support and others offering a more conservative and skeptical view.
— vergecurrency (@vergecurrency) March 22, 2018
Since the developers behind Verge chose to not have an initial coin offering, or pre-mine a certain amount of XVG for themselves, they have been completely reliant on donations and other crowdfunding initiatives such as this one.
To some, that fact justifies Verge calling for monetary support and even signals strength in decentralization.
The donation tactic, however, is almost exclusive to XVG and has not been successfully pulled off at this scale by any other big name cryptocurrency.
The previous call for donation by Verge was in October 2017 and was supposed to be for pushing the development of blockchain atomic swaps forward.
Even while announcing the potential partnership on Twitter and the website, the Verge development team chose not to divulge much detail at all.
Their rather vague statement simply included:
“A global organization with a vast network of high traffic sites is looking to enter the cryptocurrency market and form a strategic business alliance with Verge as the preferred form of secure payment method, offering a quick and private means of a transaction to hundreds of millions of potential consumers daily.”
Objectively, it is unlikely that the Verge team will be able to raise 75 million coins in such a limited amount of time and the opinions of many in the cryptocurrency community seem to agree with that.
As such, most also believe that the project hinges on the goodwill of a few whales that choose to make altruistic donations towards the future of Verge.
If the funding goal of 75 million coins is not achieved by March 26, 2018, the donated amount will likely go towards the future development of Verge instead.
The donation section of the Verge website lists a few upcoming milestones for the cryptocurrency, including support for Ledger Nano hardware wallets, advanced marketing tactics and partnering with (other) large scale companies.
Like most digital currencies, anyone can use a blockchain explorer to instantaneously determine the balance of a wallet.
At the very least, if the development team manages to achieve its goal, the Verge community will be able to hold them accountable to revealing details about this grand and mysterious partnership.
As of the time of writing this article on March 24, the donation wallet has received only received 17,245,613.88 XVG, or just over $785,000.