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🕵️‍ ICO Watch
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Past-ICO Review: Cryptolending seems to fail

  • Eric Eissler
    🕵️‍ ICO Watch

    Lending gets a lift with Lendorid, but the dispersed team and unclear roadmap tell a different story

Past-ICO Review: Cryptolending seems to fail
Cover image via u.today

Sometimes descriptions are so complex that it is best to use the company’s own words to describe what it is. So without further delay: “Lendroid is a non-rent seeking, trust-independent, open protocol enabling decentralized lending, margin trading and short selling on the Ethereum Blockchain. It aims to solve the shortcomings of centralized exchanges by creating a globally shared lending pool, and a symbiotic off-chain infrastructure supported by incentivized participants.” So back to the world of finance and lending, Lendroid seeks to capitalize on the efficiency and decentralized aspects provided by Blockchain.

Financials

In a 24-hr period, Feb. 21-22, 2018 to be exact, Lendroid raised $47 mln. It’s token, LST, is a utility token which did not have much value, to begin with, but, has been on a steady decline since its debut. Opening at $0.014483 on March 25, its entry was also its all-time high. At the time of writing, it is currently trading at $0.001420, a steep loss. According to CoinMarketCap, Lendroid’s market cap is undetermined and its daily trade volume is around $350. Therefore, it is not getting much action on the exchanges. The economy of Lendroid is built around the utility-token LST (ERC20). By means of LST creditors and traders pay to Relayers and Wranglers. In addition, a part of LST is paid in the form of a commission for the platform development and its maintenance.

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Who’s who, no really

The Lendroid website does have the team listed, but after looking at some third-party sites, it could be determined that there are some people working in their Singapore headquarters. However, all the main players are located all around the world, which is a bit strange for a startup company.

Vignesh Sundaresan- Project lead (LinkedIn says Lead and Architect)

Sundaresan is a Blockchain entrepreneur and an open protocol architect and YCombinator alumni. Before Lendroid, he has worked in various Blockchain initiatives. With more than three years of working with Bitcoins and 1.5 years of experience working on Ethereum based solution. He co-founded Bitaccess in 2013 and built the software and team that scaled the Bitaccess ATM network.

Paul Martens- Brand & UX (LinkedIn says Brand Ambassador)

Part-time brand ambassador at Lendroid. Upgrading look-and-feel of the company and helping productize the powerful Lendroid protocol with tech leads.

Vii Sundaram- Teach Lead

Could not be verified on LinkedIn

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Progress Bar- loading

While there is not an official roadmap on the website, there are several progress bars for all of the features Lendroid plans to offer:

All of these features are still in the early phase of development with each feature averaging 25 percent completion. Lendroid is still in the early phases of development with no set goal of mainnet or product launch in sight.

Red flags raised

With the lack of team centralized in one place and the company not active on social media much, raises red flags about their seriousness. Furthermore, with a worthless utility token, daily trade volumes of $350 and no indicated market cap on CoinMarketCap is worrisome. They are not going to attract much business, investment, or attention (positive in this case). It is safe to say, that until they can make progress on their product and increase their numbers, few will be interested in investing or using this product as intended.

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About the author

Eric Eissler is based in Chicago and works in higher-education administration and finance. He is a freelance writer covering blockchain technology, fintech, cryptocurrency, the oil and gas industry, and international politics.

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📰 News
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Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’

  • Yuri Molchan
    📰 News

    The head of a major Bitcoin mining pool says that Bitcoin privacy is weak and must be improved to prevent BTC from avoiding governments’ clampdown

Top Bitcoin Miner Warns – Bitcoin’s Privacy Features Are ‘Quite Poor’
Cover image via www.123rf.com

The CEO of one of the largest BTC mining pools, Poolin, has recently stated in an interview that Bitcoin privacy has to be improved. The current privacy features make BTC vulnerable to potential regulatory bolt tightening, says he, as reported by Forbes.

The Poolin mining company was set up by several former employees of BTC.com – a world’s major mining pool, a subsidiary of Bitmain. Among them was the Poolin’s current CEO Kevin Pan.

“Bitcoin’s privacy features are quite poor”

Over the past years, developers have suggested several ways to improve Bitcoin’s privacy. However, those were rejected by the community, since they would hard such major things as security, scalability, etc.

A good example here is Confidential Transactions that were among those suggestions. They disguise the amount of BTC sent in transactions. However, the integration of it was rejected, since it could have had a negative impact on the public verifiability of the present BTC supply.

Kevin Pan says that privacy is much more vital for a crypto asset development than scalability. Pan says:

“There is no other big question if the privacy issue is solved.”

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Governments may start controlling BTC miners

The company CEO believes that in theory, authorities or law-enforcement agencies may start telling miners to block certain address from receiving funds or sending them. However, in that case that would have to be 51 percent of the BTC network.

Pan believes that unless a solution to this problem is found soon, governments will get a chance to prevent transactions to certain addresses from happenning.

“What is more troublesome now is if government or law enforcement departments begin to create a blacklist of transaction addresses, it will make certain transactions unable to be packaged.”

“In fact, these can be done. But if there is privacy, you can't know who the address belongs to, and you can't determine how much the amount is, and there is no way to control the currency system. So for me, Bitcoin is basically no problem if the issue of privacy can be solved.”

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China plans to clamp down on BTC miners

Previously, U.Today reported that Inner Mongolia, an autonomous region of China, plans to ban all the numerous mining pools located there soon.

Since this region is one of the biggest local crypto mining areas, some believe that China is about to ban mining of all cryptocurrencies ahead of the so-called ‘China Coin’ launch.

Do you think that poor Bitcoin’s privacy features could indeed bring down regulatory control over BTC one day? Feel free to share your view in the comments section!

Subscribe to U.Today on Facebook, and get involved in all top daily cryptocurrency news, stories and price predictions!

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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