AION to Unveil Future Plans

Foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year
06 December 2018   153

The Aion Foundation, which is responsible for the development of the protocol of the same name and collected $ 23 million in Bitcoin and Ethereum on ICO in October last year, published a report in which it shared information about its financial operations. The report was prepared with the support of Deloitte, however, it cannot formally be considered an audit.

According to the Aion Foundation CEO Matthew Spoke, the foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year. Having spent $ 10 million on launching its blockchain platform and opening offices in Canada, China and Barbados, the fund had assets of $ 14 million as of October 31 of this year, $ 5.8 million of which was placed in Fiat.

We’ve liquidated a decent amount of our bitcoin and eth that we raised as proceeds to make sure that we are stable in this type of period. As we continue to spend in our operations we’ll end up liquidating more bitcoin and eth over the course of the next few months.
 

Matt Spoke

CEO, Aion Foundation

The Aion protocol has already attracted active users, including the video game start-up ClanPlay, but Spoke claims that his company will continue to rely on hard currency.

The foundation has roughly 18 months of runway, Spock estimates, while developing his system to a level at which it can compete with centralized counterparts, such as Amazon Web Services, will take about five years. Aion expects to launch its first Java-based virtual  machine, thanks to which developers can use decentralized tools, by the second quarter of next year.

Spoke suggests that at this time his company will have to attract additional funding from cryptocurrency funds and accredited investors in exchange for their own tokens. His goal is to prevent the reduction of the team, which currently includes 61 people, and the operation of the Ethereum model of ConsenSys, a company sponsoring projects in its own ecosystem.

In the future, Aion intends to publish such reports on a quarterly basis and transfer data to the Messari network in order to increase the confidence of its tokens holders.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   113

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.