Emin Gün Sirer, founder and CEO of Blockchain Protocol, Avalanche, took to Twitter to explain why he believes so many blockchain projects continue to pursue dubious strategies in the industry.
Sirer believes some projects are based on “a lot of hype, a lot of seemingly technical claims”, and partnerships with companies are “too embarrassing to say they were cheated”, including without a new business system.
In general, he says that in most blockchain projects, everything is just “smoke and mirrors about old technologies.”
Sirer released such findings after a report published by the forensic research firm Hindenburg Research, which collected excerpts from evidence of alleged dubious business tactics used by the American startup led by Trevor Milton, Nicola, and accused them of doing business. According to the “sophisticated scam” scheme.
Avalanche chief also added:
In the meantime, we saw crypto projects that gave new names to old protocols from 1999 as if they were a new invention. We saw two coordinators that correspond to a hidden wire. Best of all, we’re starting to see systems that do not even make Byzantine mistakes! ”
As Nicola did with Tesla, Sirer says, all the crypto projects he mentioned in his commentary contain “strong demands” and use “the same language” as truly innovative projects, reflecting all their actions.
Avalanche most recently completed a $ 42 million public token sale after raising $ 12 million in a private sale in June. AVAX, the source code of the instrument, is not associated with any asset.