A couple of months ago, we learned of BlockDAG Organization from a YouTube video. A gaudy commercial interrupted it. It showed someone in a flashy race car on a track. It discussed how he got rich from a crypto presale, then he sped off. The connection in the commercial led us to a crypto site. It hosted the BlockDAG crypto presale. We were then asked to connect a rich person in a fast car to a blockchain Layer-1 presale project.

BlockDAG Organization, launched in March 2024, is a crypto project. It is in presale for the $BDAG token. The task has raised $112.5 million so far. It wants to create a unique system. This system will blend blockchain with Directed Acyclic Graph (DAG) technology. It claims this will boost speed, capacity, and scalability. It will allow many transactions at once, while keeping its decentralized nature.

BlockDAG Organization and its $BDAG token have sparked debate in crypto circles. Some investors worry about its legitimacy and call it a possible scam. Here, we intend to explain the response to whether BlockDAG is legit. By examining the project both vertically and horizontally. This includes areas that raise doubts and those that may support it. How about we make a plunge.

The President – Antony Turner

To be completely honest, we thought someone had made up Antony Turner. We found no data to back his LinkedIn profile. His acting in discussions seemed too dramatic. As we explored further, we found some sources. They supported his past jobs as President of SwissOne Capital and COO of Soul Blockchain Capital. This reassured us that he is an expert who could lead BlockDAG Organization.

Forceful Advertising

The BlockDAG project has used broad advertising. It includes supported articles and official statements. What seem to be very high-quality and costly videos join them. It has also run paid ads on Facebook and Instagram. And, it has sponsored crypto influencers on YouTube.

Also, the task has offered limited-time presale rewards. They include a half reward in September, a full reward in November, and various giveaways.

This spending binge to promote the project and the $BDAG token seems too pushy. How can a crypto presale project spend so much on marketing but neglect innovation?

A few cases inside the BlockDAG project showcasing materials appear to be sketchy. In the June 2024 discussion, a speaker cites supports from CoinTelegraph, Forbes, and Bloomberg. That said, these supposed supports seem to be just a mix of articles. They lack any real backing from the digital news sources.

Digital currency financial backers need their cash spent on legit item innovative work. It gives an organization an edge at such a beginning phase of its life. High spending on promotions, like with BlockDAG Organization, may worry some backers. They might think the goal is just to attract new investors, which could resemble a Ponzi scheme.

White Paper Similitudes to Kaspas White Paper

We discussed this on Reddit. A client claimed the BlockDAG whitepaper is too like Kaspas. Since the two ventures are DAG-based Layer-1 blockchain networks, we at first figured this could be sensible. We chose to examine and analyze the two archives. We even used AI to test their validity.

Some areas of BlockDAG’s record closely resemble those of Kaspa, despite the variations in construction. They share similar text, ideas, and equations. Some even seem to be direct screenshots from the Kaspa whitepaper.

We can’t fully decide if BlockDAG Organization copied Kaspa. There are no links or collaborations between the two. This similarity raises questions about whether BlockDAG’s whitepaper is original or just reused.

Associations with Sports Groups and Big names

BlockDAG’s site guarantees organizations with Borussia Dortmund, AC Milan, and boxer Alex Pereira. These soccer associations briefly appeared on the soccer groups’ sites. They were then removed. We approached the teams, but they did not reply.

BlockDAG Organization shows these associations on its site. This makes us question their honesty. Also, it’s unclear why a Layer-1 blockchain presale would sponsor a sports group and a fighter. It should seek partnerships with blockchain firms to develop the BlockDAG’s network.

This approach reminds us of a past presale project, LuckyBlock. It used a similar method. First, it got unimportant, high-profile organizations with fighters. Then, it launched a product. This raised questions about the reason for spending millions on marketing.

Presale Gathering pledges Technique

BlockDAG’s gathering pledges strategy is surprising for a Layer-1 blockchain. Layer-1 projects usually get funding from major backers, not from a big presale. For instance, Solana raised $20 million in a round led by Multicoin Capital. Torrential slide got funding from Introduced Capital and Universe Computerized. Algorand got backing from Association Square Endeavors. Antony Turner has experience in both crypto and traditional finance. He could have raised funds for a real Layer-1 blockchain project using standard methods. All in all, why pick the intricacy of a delayed presale? This choice brings up issues, and we battle to track down any sensible defense for it.

Testnet Advancement – Voyager and Spigot

A BlockDAG project has a blockchain pioneer on its testnet. It lets users test and collaborate on some parts of the platform. Notwithstanding, this negligible usefulness offers restricted evidence of the fundamental innovation. We’d expect something more significant from a venture that professes to have raised more than $100 million.

This setup could be as simple as a basic app storing data with no real blockchain integration. That is not really a sign of specialized improvement deserving of a huge scope Layer-1 blockchain project.

Group’s Late Presentation

At first, BlockDAG’s group was covered up. At the end of July 2024, the project revealed its members. Antony Turner is the President, Jeremy Harkness the CTO, and Prof. Dr. Eng. Youssef Khaoulaj as CSO, and Steven Clarke-Martin as a counselor. Turner began his work with BlockDAG Organization in June 2023, according to his LinkedIn. The rest of the team joined later. The CSO and consultant came on board in May 2024, while the CTO started in October. This raises questions: who handled BlockDAG’s whitepaper, tokenomics, and advertising? Who improved it before these key figures joined? It’s hard to believe one person oversaw this. We wonder who was really guiding the venture in its early months.

Ridiculous Guide

According to BlockDAG’s site, work on the Layer-1 blockchain began in January 2024. The mainnet is planned for completion by November 2024. This course of events appears to be excessively hopeful. Finishing a Layer-1 blockchain in only 11 months is practically unbelievable.

For correlation, BlockDAG’s “more seasoned sister” Kaspa, required a long time from initiation to send off (as expressed on their site). Research, planning, arranging, testing, quality checks, and bug fixes are vital stages. A quick method won’t solve the complex system needed for a stable, adaptable Layer-1 blockchain. It can’t be done in such a short time.

As much as we want to, we cannot accept it. The fast events from BlockDAG Organization are hard to see as sensible.

Our Decision: Is BlockDAG Legit?

In our view, BlockDAG Organization presents a blended picture. Someone doxxed the group, and it has valid certifications. But there are too many red flags with this project. Promoting efforts are strong, but there are issues. Key organizations are missing. Sponsorships with sports teams and fighters are unclear. The tight schedule also raises concerns.

Although we cannot conclusively determine whether a venture is a trick, we can make an educated estimate based on the available data. As far as we might be concerned, the quantity of sketchy signs implies it’s ideal to avoid the BlockDAG blockchain. What’s the significance here for you? Crypto backers should do their research, stay cautious, and choose what feels right for them.