NKN - Due Diligence #75
More information needed to verify other team members
NKN FOUNDATION LTD.
Developers and advisors tokens vest over 3 years with a 1 year cliff. (Check for codified vesting in Neo smart contract)
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Have you read their disclaimer though? The NKN FOUNDATION LTD is an EXEMPT "PRIVATE" (AKA Privately Owned) COMPANY LIMITED BY SHARES in Singapore. And in their disclaimer points a-e if you / we participate in their ICO, if they have one already, or buy the nkn token on crypto exchanges, & something goes wrong we nkn token/coin holders have no rights against the owners of the NKN FOUNDATION, or its board of directors, no matter what happens. Even If, as an extreme case, they decide to keep them all for themselves because it's "miraculously going so well" - there is absolutely nothing we can do as there are no laws protecting us.
Therefore, I think if this were anything more than a highly experimental project based on unproven, therefore unscientific, theories of the most abstract kind, that have been challenged long ago by equally compelling Theories/Arguments (Narratives) in academia, it could take decades to incarnate into real world "physical" usage - if ever! If they were further down the track with it than this I think they would have offered it more genuinely as a Security Token, which is protected by the same laws as shares in a publicly listed Company & NOT a Privately owned one whereby the shareholders (nkn token owners) don't have any influence over the Company in any way. The owners have "Carte Blance" to do whatever they like with it & any funds they raise / raised with no accountability or governance input by us poor token holders. Talk about a "Centralised System/Organisation"!
This is the ideal way of setting one up! It's way more centralised than the FAANG's etc of the world where at least shareholders get to vote on agendas/plans of the Co's at their AGM's & every single one of their shares has legal rights of "ownership" (a fundamental principle of democracy) attached to them to protect the shareholders from Directors/Large owner/Founders ripping us off!
Whatever happened to the concept of the DAO & Decentralisation in Crypto altogether? This project should never be considered a true cryptocurrency based project as it surely isn't. Indeed NGN is governed by precisely the opposite values & structure to crypto-economic values whereby the owners of the service (holding the crypto Tokens/Coins) also govern & profit from the service every time they or anyone else uses it!