Is BlockDAG Trustworthy? Audits, Personnel, and Transparency Suggest Authenticity
BlockDAG, a new Layer 1 blockchain platform, has made headlines with its recent fundraising success, having raised over $341 million during its presale. The platform, which combines Proof-of-Work and DAG technology, promises high transaction throughput, EVM compatibility, and advanced mining hardware.
The platform's leadership team is composed of industry veterans with expertise in fintech, cybersecurity, blockchain research, AI, decentralized systems, data engineering, policy, partnerships, decentralization frameworks, and distributed computing. Notable members include Antony Turner, the CEO and Founder, who brings experience in fintech, cybersecurity, and blockchain research; Dr. Prof. Youssef Khaoulaj, the Chief Security Officer, a well-known name in cybersecurity circles; Jeremy Harkness, the CTO, with deep experience in AI, decentralized systems, and data engineering; and Dr. Maurice Herlihy, the Blockchain Advisor, an award-winning computer science professor and a leading figure in distributed computing.
BlockDAG has also undergone external audits from respected security firms Halborn and Certik to ensure the integrity of its smart contracts and protocol infrastructure. In addition, Certik is conducting a parallel audit to further assess the smart contract integrity before the mainnet launch.
The platform has a live testnet and a mobile mining app that has onboarded 2 million users. It plans to deploy DEX, bridge, launchpad, and lending protocols before listing. The mainnet deployment will include production-ready infrastructure and mining nodes. Independent nodes and mining pools are expected to go live during community decentralization.
However, BlockDAG's legitimacy is a subject of controversy. While the platform's technological promises align with known benefits of DAG-based blockchain designs, such as higher throughput and faster finality compared to Bitcoin and Ethereum, there are red flags that challenge its credibility.
For instance, there is no on-chain proof verifying the claimed $300 million presale raise, which is highly unusual and suspicious in crypto fundraising. Additionally, there is limited technical development activity visible in public repositories such as GitHub, despite promises of rapid progress. Portions of the whitepaper were also apparently plagiarized from other blockchain projects, suggesting weak authenticity.
Moreover, multiple fake presale websites mimicking BlockDAG's branding and draining funds have been reported, which typically occur around scam projects to defraud investors. Delays in token generation events and an unclear launch timeline also align with common fraud patterns seen in ICO scams.
In summary, while BlockDAG presents some technological innovation consistent with legitimate DAG-based Layer-1 blockchains and has amassed considerable presale funding and user engagement, the absence of verifiable on-chain fundraising proof, repo inactivity, plagiarized whitepapers, and the existence of fraudulent presale sites raise serious legitimacy concerns. Interested parties should exercise caution and seek transparent on-chain evidence and reputable third-party audits before considering investment.
One positive note is the distribution of 40% of presale BDAG tokens during the token airdrop. This move could potentially increase the platform's accessibility and attract a wider user base. BlockDAG has also announced a six-week mainnet countdown roadmap, which provides a clear timeline for its upcoming launch.
As BlockDAG moves closer to its mainnet launch, it remains to be seen how it will address the concerns surrounding its legitimacy. In the meantime, potential investors are advised to approach this project with caution and due diligence.
References:
- CryptoSlate
- CoinMarketCap
- ICO Bench
- BlockDAG Whitepaper
- Investors should be aware that despite BlockDAG's promising technological advancements in finance, investing, and technology through its combination of Proof-of-Work and DAG technology, concerns over its legitimacy, such as the absence of verifiable on-chain fundraising proof and plagiarized whitepapers, necessitate caution before considering investment.
- TheBlockDAG team, consisting of experts in fintech, cybersecurity, blockchain research, AI, decentralized systems, data engineering, policy, partnerships, decentralization frameworks, and distributed computing, plans to deploy various protocols like DEX, bridge, launchpad, and lending protocols after the mainnet launch, signifying their aspirations for widespread financial application of their technology.
