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Many blockchain projects have ‘smoke-and-mirror’ strategies: Avalanche CEO

Many blockchain projects have ‘smoke-and-mirror’ strategies: Avalanche CEO

Emin Gün Sirer, founder and CEO of the blockchain protocol, Avalanche, took to Twitter to elucidate why he considers that many blockchain tasks hold making use of doubtful methods within the business.

Sirer considers that some tasks are based mostly on “a lot of hype, a lot of technical-sounding claims,” partnership with corporations “too embarrassed to say they have been duped,” and in addition with no precise working novel system.

Total, he says that every one is simply “smoke and mirrors round previous tech” inside most blockchain tasks’ operations.

Sirer issued such opinions within the wake of a report revealed by a forensic monetary analysis agency Hindenburg Analysis, which compiled shreds of proof on alleged doubtful enterprise techniques employed by the US-based startup headed by Trevor Milton, Nikola, accusing them of operating the enterprise as an “intricate fraud” scheme.”

Avalanche’s CEO additionally added:

“In the meantime, we’ve seen crypto tasks that simply rebranded previous protocols from 1999 as if they’d a brand new invention. We have seen centralized coordinators, equal to a hid wire. Better of all, we’re starting to see methods that do not even tolerate Byzantine faults!”

Like Nikola did with Tesla, Sirer says, the entire crypto tasks he referred on his remark make “sturdy claims” and use the “similar actual language” because the genuinely innovating tasks by mirroring all their strikes.

Lately, the Avalanche undertaking accomplished a $42 million public token sale after elevating $12 million in a personal sale in June. AVAX, its native utility token, isn’t pegged to any asset.

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