What's going on here?
At first glance, the project looks very interesting and promising. The way they add smart contracts to the Bitcoin network on top of it deserves attention.
However, when you start digging deeper into the company's history, some unclear facts come to light.
1)The company was founded in 2014 and received its first seed round of $1,400,000 that same year. But at that time, they were planning to build a user identification protocol.
2)In 2017, they raised another $4,000,000, but the concept of their project had changed, as stated in the press release - now they are building a "decentralized Internet and developer platform for secure, serverless apps."
3)At the end of 2017, they raised another $50,000,000, stating that they were building "a decentralized architecture for publishing on the internet, one designed around user control."
Okay, after all of this, do you understand what they were building all these years? Is it blockchain? Or is it some kind of service? What is the consensus algorithm? What are the advantages compared to others? Is Bitcoin mentioned anywhere?
And only in their latest round, which they raised from the community through coinlist, they started talking about building a second-layer blockchain on top of Bitcoin for adding smart contracts.
Questions that arise:
1)If all of these investment rounds were conducted under a token whose use case ultimately changed, as the project idea was no longer the same as at the beginning, will the tokenomics that were originally calculated be able to ensure the viability of their blockchain? At what price did investors enter? How is all of this regulated in the end?
2)Such a number of changes in the company's vision raises the question of whether they are chasing hype and at what point they will change their long-term development goal for something new?
2)https://techcrunch.com/2017/01/05/blockstack-formerly-called-onename-just-raised-4-million/
3)https://www.coindesk.com/markets/2017/12/04/usv-winklevoss-bros-invest-in-50-million-blockstack-ico/ Show Less
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