Emin Gün Sirer, founder and CEO of the blockchain protocol Avalanche, spoke Twitter to explain why he believes that many blockchain projects continue to employ dubious strategies in the industry.
Sirer believes that some projects are based on “lots of advertising, lots of technical-sounding claims”, partnering with companies “too embarrassing to say they were misled” and also based on a novel system that works.
Usually, He says that everything is fair “Illusion about old technology” in most blockchain projects.
Sirer announced such views following a report released by a forensic financial investigation firm, Hindenburg Research. He gathered evidence of allegedly dubious business tactics by the US-based startup, led by Trevor Milton, Nikola, and accused them of running the business as “an intricate fraud”.
The Avalanche CEO added:
“We have now seen cryptocurrency projects where the old protocols from 1999 were simply renamed as if they had some new invention. We saw centralized coordinators that correspond to a hidden cable. Best of all, we’re beginning to see systems that won’t even tolerate Byzantine errors! “
Like Nikola did with Tesla, says Sirer, All of the cryptocurrency projects you referred to in your comment are “strong claims” and use “exactly the same language” as truly innovative projects by reflecting your every move.
The Avalanche Project recently closed a $ 42 million public token sale after raising $ 12 million in a private sale in June. AVAX, your native utility token, is not tied to any asset.