Today’s review will focus on BlockDAG Network, a new kid in the Layer 1 blockchain league.

It parades itself as a blockchain that can meet the needs of the industry and more.

A lot of influencers are currently hyping up BlockDAG and that prompted me to go through the website, read the white paper, and watch the 2 keynotes released so far. 

By the end of this video, you’ll know if BlockDAG is legit or another crypto scam with great marketing.

Let’s get started.

Post Outline

To carry you along in this post, these are the subheadings I will be basing my discussion on: 

1. What is BlockDAG?
2. BlockDAG’s Products
3. How to Make Money with BlockDAG
4. BlockDAG Red Flags
5. Closing Thoughts: My 2cents on BlockDAG

You can navigate to any of the subheadings by clicking on it. the entire content will be opened for you to read.

Okay, let’s dive in already!

1. What is BlockDAG?

According to its site, BlockDAG is a cutting-edge proof-of-work Layer One blockchain that delivers industry-leading speeds, unbeatable security, and high decentralization. 

Wow… This means that the Blockchain Trilemma got nothin’ on BlockDAG!

It is built to power everyday applications to enterprise-grade protocols.

The second keynote on its site highlighted that building applications on BlockDAG would be a simple drag-and-drop process. 

It was founded by a team of contributors with Antony Turner as CEO and 3 others.

As per BlockDAG’s claim, they have raised $68.4 million so far (August 2024) and are sponsoring UFC Champion Alex Pereira.

It currently guarantees a 10X return at launch if you purchase its token at the current presale price. 

Next, we will look at its products in the next subheading.

2. BlockDAG’s Products

BlockDAG currently features 3 products:

• Crypto payment card
• BDAG Coin
• Miner

a. Crypto Payment Card

This crypto payment card can be used by over 38 million merchants worldwide, without KYC.

The steps to get this include:

• Register for the card (takes less than 10mins)
• Store funds like BTC, ETH, and USDT
• Voila! Your card is ready to be used. You can opt for the virtual or physical card.

b. BDAG Coin 

The BlockDAG coin (BDAG) has a supply of 150 billion coins.

This testifies to its exclusivity and value preservation.

As can be seen in the diagram above, a greater percentage of the coin is apportioned to the miners.

The next bigger share will be gotten during presale.

To buy BDAG tokens, take the following steps:

Step 1

To begin, make sure you have a MetaMask wallet installed on your browser or use one of the wallets supported by Wallet Connect (Trust Wallet or Plus Wallet).

Purchasing on a desktop browser will give you a smoother purchasing experience. For this, metamask is recommended by the team.

If you are purchasing on mobile, the team recommend using Trust Wallet or Plus Wallet and connecting through built-in Wallet Connect.

Step 2

Once you have your preferred wallet provider ready, click “Connect Wallet” and select the appropriate option.
For mobile wallet apps, you will need to select “Wallet Connect”

You will then have 3 options: buy ETH, BNB & USDT with Apple Pay, Google Pay or Card

Visit https://www.moonpay.com/buy to purchase ETH, BNB, or USDT that will be sent to your wallet.

You will then be able to use this ETH, BNB, or USDT to purchase BDAG Coins.

Step 3

Once the presale has concluded, you will be airdropped with your BlockDAG coins.

The exact date and time of the airdrop will be revealed closer to the time of the BDAG launch.

c. Miners

There are 4 of them, ranging from the one you can install on your mobile phone to the physical hardware miners.

These physical hardware miners can mine BlockDAG and other traditional coins like Bitcoin.

They include:

i. BlockDAG X1 Miner

ii. BlockDAG X10 Miner

iii. BlockDAG X30

iv. BlockDAG X100

There’s also the introduction of a Telegram app – BlockDAG TG Tap Miner.

BlockDAG TG Tap Miner is a simple and rewarding game available on the Telegram app.

To play the game, you have to tap and earn points that you can convert into BDAG coins.

Game sessions are available every 2 hours. This gives room to maximize your rewards throughout the day.

You can boost your earnings by purchasing BDAGs during the Presale and unlocking special boxes and boosters to enhance your gameplay.

Completing tasks earns you even more rewards, and inviting your friends to join gives you additional bonuses.

You can compete against friends on the leaderboard and see who can tap their way to the top.

Now let’s look at the earnings – how do I earn from BlockDAG?

Scroll down to read.

How to Make Money with BlockDAG

There are 3 ways to make money with BlockDAG: 

i. Buying the coin at the Presale price

BlockDAG is going to have 45 sales batches. The sales price will increase with each batch.

The current batch at the time of writing this post is Batch 22 with the price 0.0178 USDT = 1 BDAG.

The price for the next batch will be 0.0192 USDT = 1 BDAG.

ii. The Miners

The second way to earn is through the miners. 

All the points earned from mining will be converted to BDAG tokens at launch.

At the launch price, X1 mining is worth $1 daily while X100 is worth $100 daily.

The moon price puts this at $200 to $20,000 daily. 

iii. Buying and Reselling Hardware

The third way to earn is by buying and reselling your hardware on secondary markets like:

• Amazon
• Jiji
• eBay, etc.

Now this brings us to the red flags🚩 that I see with BlockDAG.

I will share them in the next subheading.

BlockDAG Red Flags🚩

There are several ways to look at this. Ride with me.

i. The Keynote Speech

The keynotes were well delivered such that they would almost clear doubts from skeptics.

But the thing is that the keynotes were not delivered by members of the team but by paid actors, or maybe AI.

Yes, it’s not wrong.

But with the caliber of people that make up the team, a keynote from any of them would have sounded more convincing.

I mean, it is just right that the team handles their stuff… That’s if it’s really theirs/if they are actually involved.🤷‍♀️

ii. Team Members

Members of the team were unveiled with incredible resumes but there is no way to verify the identity or the credibility of the members of the team.

Fine… The links to their LinkedIn profiles were added, but does that even prove anything?

I went through the timeline of the so-called team members and most of them rarely posted anything about BlockDAG.

Even the so-called CEO has nothing on BlockDAG on his timeline!

Which CEO forgets to talk about his business?

You may come with the excuse that he doesn’t handle his socials.

But what’s up with the handlers? Did they forget their product also?

In a post he commented on, I found 2 comments seeking confirmation of his involvement with BlockDAG.

That’s a lot of fishy business there!

iii. Alex Pereira Sponsorship

This caught my attention because I follow up on the UFC.

There is no mention or proof of Alex’s involvement with BlockDAG on his official handles.

If you search ‘Alex BlockDAG’ on Google, you will see articles on Binance Square, Punch newspaper, CoinMarketCap Community, etc.

But these are 3rd party sponsored posts. 

The press section on BlockDAG shows, top news site, and blogs that have featured BlockDAG, but none of them is clickable. 

Also, none of the exchanges they said BDAG would list on at launch can back their claim.

iv. Crypto Card

To the best of my knowledge, it is not possible to issues crypto cards acceptable by over 38 million merchants without KYC.

I mean, how is that even possible?

With the bearing down of the SEC on most crypto platforms now, it will be rare to see the ones that still do not require KYC.

Unless the payment platforms exist in Mars, BlockDAg is not being honest about this claim.

v. No Transparency

There is no way to confirm if they have truly raised the $68.7 million or not.

None of the miners that are currently sold has been shipped out.

And if you observe closely, they are actually miners of other products with BlockDAG’s name slapped on it. 

But one thing you have to give to BlockDAG is that their marketing is aggressive and impressively good.

The amount of work they have put in and continue to put in is impressive.

So, what are my thoughts on BlockDAG? 

Closing Thoughts: My 2cents on BlockDAG

So far, the platform is impressive. It just released the team page.

The founders and advisors have impresive resume, have built multiple blockchains and fintech businesses. 

Signing the UFC champion Alex Peirera adds credibility to the project.

The project is also listing on multiple exchanges at launch.

There is earning opportunity for everyone on BlockDAG; even if you can’t purchase the coin or the miners, download the TG Miner and start mining. 

My 2cents:

But then again, the lack of transparency means:

• either they are out to carry out the biggest ICO scam of 2024
• or they just want to keep their identity anonymous by lying to their community and still come through with the promise.
  

Either way, it is too risky for me to put my money into and I won’t be endorsing this one. 

You can check out legit exchanges like Bybit, Binance, etc. to paddle your way around in the crypto verse.

That said, none of this is financial advice.

Always do your own research.

See you in my next post!