How are all the projects that claim to be “Tenno Level” now?
Text丨Doorman
Are the top ten “Heavenly Kings” in 2018 still in style or falling to the throne?
The vast and profound Chinese language plays a unique role in the cryptocurrency market.
When praising a project, when words such as “100 times the coin project” and “star project” were not enough to express feelings, a more powerful, and eye-catching word appeared — a heavenly royal project.
However, in the Chinese context, the term “king of heaven” either appears in myths and legends, peasant uprisings in the late Qing dynasty, or in entertainment news pages. Although the “Tenno+Blockchain” combination was novel, it instantly made technical projects that were cold and obscure and difficult to understand instantly become much more friendly, easy to understand, and grounded.
To put it more bluntly — I don't know what it is, but it's amazing as soon as I see it.
In the blockchain world, there is no clear definition of what a “heavenly” project is, but there are some commonly known criteria for judging: for example, a luxurious team background, strong technical strength, ambitious project vision, top investors, etc.
Previously, a list of “2018 Top Ten Heavenly Projects” went viral in the coin industry.
The list includes ten projects: RSK, Dfinity, Bluzelle, Penta, PoaNetwork, Ontology, GoNetwork, Zilliqa, Trinity, and Cybex.
If you search for the keyword “Tenno Level Project” on social media or the Internet, you can see many things such as “Tenno Level Project RSK is about to start LCo” and “V God Stand Team Project! Articles such as “Tenno-level project GoNetwork is being privately funded.”
The source of this list is unquestionable; it may be a summary of investors who are good at analysis, it may be propaganda from the project side, or both.
Judging from the project's vision, RSK wants to be a Bitcoin sidechain to enable Bitcoin to function as a smart contract; Dfinity is known as the killer of Ethereum and has the same ambition as Ethereum — to be the world's computer; and Penta wants to become a connector in the blockchain world.
Judging from the team's introduction, Dfinity founder Tom Ding (Ding Lei) is a computer genius who was admitted to Fudan University at age 13; Zilliqa's founding team had a full lineup of computer doctors; and Penta's chief scientist is an information physicist with a long list of academic titles.
In terms of investments and partners, Dfinity raised 61 million US dollars in February 2018. Investors include venture capital giant Andreessen Horowitz and cryptocurrency hedge fund Polychain Capital; Ontology partners include well-known investment institutions such as Sequoia Capital, Danhua Capital, Jingwei China, and Zhenge Fund, and its parent company received tens of millions of yuan of angel round investment from Fosun Group in 2017...
All in all, if you look at the above criteria, most of these ten projects have “self-cultivation” by the king of heaven.
Of course, bearing the title of King of Heaven, these projects have also raised quite a bit of money. Dfinity raised $195 million, GoNetwork raised over $46 million, and Bluzelle raised $19.5 million...
However, after a year, the bull and bear changed. What is the current status of these once sought after “kings”? Which styles are still the same, and which have fallen from the throne?
Tenno disqualification: currency prices plummeted, founding members changed, project delays
According to most investors in the secondary market, the currency price is the only standard for testing the quality of a project.
If you look at the rise and fall in currency prices over the past year, there is only one word: miserable.
According to non-small data, Zilliqa is one of the few projects in these 10 projects where the secondary market price is higher than the crowdfunding price and the return on investment is positive.
Other projects, the Bluzelle token BLZ crowdfunding price is $0.12, and the current price is $0.03, with a return on investment of -72.41%; the Trinity token TNC crowdfunding price is $0.06, currently priced at $0.0026, with a return on investment of -95.59%...
Among them, the biggest drop in currency prices is GoNetwork. The crowdfunding price for this project is 0.9 US dollars. The current price is around 0.007 US dollars, and the return on investment is -99.26, which is almost zero.
Of course, simply using currency prices to measure the development of a project is unscientific. After all, in the recent bear market, Bitcoin all fell by more than 60%, and Ethereum fell by 80%.
However, Tenno was disqualified not only because of poor currency prices, but many projects have experienced many problems, such as changes in founding members, slow progress, project fraud, and suspected runaway.
When Dfinity entered the Chinese cryptocurrency community, Tom Ding's status was the founder, but I don't know when Tom Ding's role and status changed. Tom Ding's position became a strategic advisor in the Dfinity team member section.
Star Daily quoted an insider as saying that although Dfinity co-founder Tom Ding is still the president of Dfinity, he left the team as early as early as 2018 and is no longer involved in any actual work.
In terms of project progress, Dfinity launched a test network in December 2018, but the main network has been slow to launch.
Of course, not only Dfinity, there have also been subtle changes within the Zilliqa team.
Previously, Dong Xinshu always appeared as the CEO of the Zilliqa project in external publicity. Now, if you open the official website, you can see that Dong Xinshu is listed in the “Advisor and Board Member” column. His status is a board member.
If there are only a few changes within Dfinity and Zilliqa that are unknown to the public and whose impact cannot be predicted, then GoNetwork, where the price of the currency has almost returned to zero, is almost a mess.
First, Ian Balina, a famous cryptocurrency opinion leader, announced his withdrawal from the GoNetwork advisory team on Twitter, and secondly, GoNetwork COO claimed on the Telegram group that GoNetwork's LCO was nothing more than a financial game.
Subsequently, more negative news appeared about fraud by the project's founding team, etc., and Tenno became a liar that everyone shouted about.
Currently, GoNetwork's official Twitter update is limited to September 2018, and the official website cannot be opened, and the team is suspected to have run away.
Unlike GoNetwork, Penta continues to relentlessly update semi-monthly reports on its official website and public account, but since it was revealed by the media in 2018 that it was a beautifully packaged fake overseas project, its popularity and fame have plummeted.
With hundreds of millions of dollars in capital, will the “Heavenly Kings” still do things seriously?
2018 has passed, and the former “Tenno” has long been replaced by projects such as Cosmos, Polkadot, Algorand, and ThunderCore, and no one mentioned the old king.
However, even the new king did not sit firmly on the throne, and Algorand and ThunderCore have all been ridiculed and criticized because of the serious drop in currency prices.
The secondary market has the simplest consensus: there are no bad projects, only unsuccessful projects. At the same time, it also has the most direct feedback mechanism: popularity has increased, and rights protection has declined.
When there is negative news about the project, and the price of the currency soars and falls, causing investors to criticize or defend their rights, the project party often says not to use the currency price as a standard for whether the project is good or bad; it is necessary to look at the long term.
However, those who say this should be aware that being misunderstood is the fate of the speaker, and being defended is also the fate of the issuer.
“The LCo project party is the biggest beneficiary of the LCo project and should have the strongest motivation to complete the project. If the best interests all give up, why let the community insist on it?” Primitive partner Wan Hui previously said on social media.
Outsiders have always had questions about the LCo project, believing that it is a test of humanity to receive huge amounts of funding before the project has even begun.
However, in the midst of questioning, the amount of capital raised for the LCo project changed from hundreds of thousands to tens of millions, hundreds of millions, or even billions of dollars.
The Tenno-level project has a bright appearance and has also received Tenno-level attention and treatment, but at the same time, the problem that has tested humanity for a long time is even more fascinating:
When it's easy to get hundreds of millions of dollars, will you still work hard?
Source: Deep Chain Finance
