Is BlockDAG Legit? Uncovering the Truth Behind the Flashy $BDAG Presale
We got acquainted with BlockDAG Network a few months ago when watching a video on YouTube, and a flashy advertisement came up. It featured someone in a luxury racing car on a track, talking about how he made his wealth through a crypto presale, before speeding off. Clicking the link in the advertisement directed us to a crypto website with a launchpad where the BlockDAG crypto presale was conducted, and we were left to wonder how a wealthy person in a racing car was relevant to a blockchain Layer-1 presale project.
BlockDAG Network, launched in March 2024, is a cryptocurrency project currently in its presale phase for the $BDAG token. It is led by a tech industry veteran, the CEO Antony Turner, with professional experience in sectors like fintech and crypto. The project has raised $112.5 million so far and promotes a unique hybrid structure combining blockchain and Directed Acyclic Graph (DAG) technology, which it claims to boost transaction speed, expand capacity, and scalability by allowing thousands of transactions to happen at once without losing its decentralized nature.
BlockDAG Network and its $BDAG token have sparked debate within the crypto community, with numerous cryptocurrency investors voicing concerns over its legitimacy and some even labeling it a potential scam. Here, we aim to clarify the answer to whether BlockDAG is legit. By thoroughly examining the project vertically and horizontally, in both areas that raise questions and those that may lend credibility to the project. Let's dive in.
The CEO - Antony Turner
If we’re being completely transparent, initially, we thought Antony Turner might be a made-up character. We didn’t find enough information to back his LinkedIn profile, and his acting in keynotes seemed too theatrical. However, as we researched further, we found several older sources supporting his previous roles as CEO of SwissOne Capital and COO of SPIRIT Blockchain Capital, which put our minds at ease that he’s indeed a professional who could be feasible to head BlockDAG Network.
Aggressive Marketing
The BlockDAG project has employed extensive marketing through sponsored articles and press releases accompanied by what appears to be very professional—and likely costly—video productions. It has also published paid advertisements and promotions on social networks like Facebook and Instagram, and crypto influencer endorsements on YouTube.
The crypto project also claims to have sponsored major European soccer teams and a famous boxer, spending millions on these partnerships. In addition, the project has offered promotional presale bonuses, such as a 50% bonus in September, a 100% bonus in November, and various giveaways.
Altogether, this spending spree to promote the project and the $BDAG token over such a long period seems overly pushy. Why would a crypto presale project spend so much money and effort on marketing at the expense of research and development?
Some claims inside the BlockDAG project marketing materials seem questionable. For example, in the June 2024 keynote, a speaker mentions endorsements from CoinTelegraph, Forbes, and Bloomberg. However, these so-called endorsements appear to be no more than a collection of sponsored articles, with no genuine support from these digital media outlets behind them.
Cryptocurrency investors want their money spent on actual product research and development. It gives a company an edge at such an early stage of its life. Excessive marketing spending, as seen with BlockDAG Network, may lead some investors to question whether the goal is simply to attract new investors—a strategy that could resemble a Ponzi-style scheme.
Whitepaper Similarities to Kaspa’s Whitepaper
We came across this issue on Reddit, where a user claimed that the BlockDAG whitepaper is too similar to Kaspa’s whitepaper. Since both projects are DAG-based Layer-1 blockchain networks, we initially thought this could be reasonable. However, we decided to investigate and compare the two documents, and even use AI to test authenticity.
We found a substantial number of similarities between the two, with the Kaspa whitepaper predating the BlockDAG whitepaper. Although the structure differs, certain sections of BlockDAG’s document closely mirror Kaspa’s, with similar text, concepts, and formulas—some even appearing to be direct screenshots from the Kaspa whitepaper.
While we cannot fully determine if BlockDAG Network copied from Kaspa, and with no blockchain partnership or work collaboration announced between the two companies, this resemblance raises doubts about whether BlockDAG’s whitepaper is entirely original or merely repurposed.
Partnerships with Sports Teams and Celebrities
According to BlockDAG’s website, they claim partnerships with Borussia Dortmund, Inter Milan, and a famous boxer named Alex Pereira. These soccer partnerships briefly appeared on the soccer teams’ websites but were later removed, and while we approached them, the teams did not respond to our inquiries on the subject.
BlockDAG Network still shows these partnerships on its website, which makes us question their truthfulness. Additionally, it’s unclear why a Layer-1 blockchain presale would prioritize sponsorships with sports teams and a boxer over forming partnerships with blockchain companies or other projects that could contribute to and support the development of the BlockDAG's network.
This approach reminds us of a previous presale project we reviewed, LuckyBlock, which followed a similar path by securing high-profile but irrelevant partnerships with boxers before they had even launched a product, raising questions about the motivation behind spending millions on marketing.
Presale Fundraising Strategy
BlockDAG’s fundraising method is unusual for a Layer-1 blockchain. Layer-1 projects mostly secure funding from venture capital or other major investors rather than through a lengthy presale. For example, Solana raised $20 million in a round led by Multicoin Capital, Avalanche secured funding from Initialized Capital and Galaxy Digital, and Algorand received backing from Union Square Ventures. Given Antony Turner’s background in crypto and traditional finance, raising funds for a legitimate Layer-1 blockchain project through conventional methods should have been within reach. So, why choose the complexity of a prolonged presale? This decision raises questions, and we struggle to find any reasonable justification for it.
Testnet Development – Explorer and Faucet
BlockDAG project has introduced a blockchain explorer and faucet on its testnet, allowing users to interact and test some of the platform's components. However, this minimal functionality offers limited proof of the underlying technology. We’d expect something more substantial from a project that claims to have raised over $100 million.
As far as we can tell, this setup could be as simple as a basic interface storing data without true blockchain integration. That's hardly an indicator of technical development worthy of a large-scale Layer-1 blockchain project.
Team’s Late Introduction
Initially, BlockDAG’s team was hidden. Only at the end of July 2024 did the project introduce its members, including Antony Turner as CEO, Jeremy Harkness as CTO, Prof. Dr. Eng. Youssef Khaoulaj as CSO, and Steven Clarke-Martin as an advisor. While Turner began his work with BlockDAG Network in June 2023, according to his LinkedIn profile, the rest of the team joined much later—the CSO and advisor joined in May 2024, and the CTO only came on board in October. This raises questions: who handled BlockDAG’s whitepaper, tokenomics, marketing, and early development before these key figures joined? It’s hard to believe all of this was managed by one person, and we’re left wondering who was truly steering the project in its formative months.
Unrealistic Roadmap
According to the roadmap on BlockDAG’s website, development of the blockchain Layer-1 network began in January 2024, with the mainnet scheduled for completion by November 2024. This timeline seems overly optimistic. Completing a Layer-1 blockchain in just 11 months is almost unheard of.
For comparison, BlockDAG’s "older sister" Kaspa, took eight years from inception to launch (as stated on their website). Research, design, planning, development, testing across multiple environments, quality assurance, and bug fixing are all crucial steps. Even with an agile approach, the complex process required for a stable, scalable Layer-1 blockchain cannot realistically be achieved in such a short timeframe.
As much as we would like to believe it, the rapid timeline claimed by BlockDAG Network is hard to accept as realistic.
Our Conclusion: Is BlockDAG Legit?
In our view, BlockDAG Network presents a mixed picture. While the team is now doxxed and appears to have relevant and legit credentials, too many questionable signs surround this project. The aggressive marketing campaigns, lack of relevant partnerships, questionable sponsorships with sports teams and a boxer, and the rapid development timeline, among other concerns, all raise concerns.
Although we cannot definitively determine if a project is a scam, we can make an informed estimate based on available information. For us, the number of questionable signs means it’s best to stay away from the BlockDAG blockchain. What does this mean for you? We think crypto investors should do their research, be cautious, and make the decision that feels right to them.
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