5ire is a blockchain project founded in August 2021 by Indian entrepreneurs Pratik Gauri and Prateek Dwivedi and Web3 financier Vilma Mattila. In July 2022, the official announced that it had received US$100 million in financing at a valuation of US$1.5 billion. The agency For the British conglomerate SRAM & MRAM Group, it became India's 105th unicorn company and attracted attention.
At the same time, in October 21, 5ire received 21 million in financing at a valuation of US$110 million from institutions including Alphabit, Marshland Capital, Launchpool Labs and Moonrock Capital.
Recent project updates
On December 13, 5ire announced that TGE would be delayed, mainly because:
1. The layer1 public chain will be launched later and there are no plans to issue tokens on the Ethereum chain because of the trouble of migration.
2. FTX has caused changes in the encryption environment and is not suitable for TGE now.
5ire launches mission activity on crew3
Launched test network thunder
Although the test network is online, it is not said to be an incentivized test network. Users need to fill in a form on the official website to apply for a white form. Only after passing the review can they obtain the test qualification.
Former Chelsea player Drogba has joined 5ire as an advisor, and new CTO Lukasz Orlowski (former enjin engineer) has been recruited.
Project doubts
A report by PANews said that 5ire is a scam and analyzed 5ire. Details:
To sum up this article, we mainly have the following points:
1. Financing information is inconsistent (more suspicious)
Crunchbase shows that 5ireChain’s Series A financing was announced on February 14, 2022, and was invested by The Global Emerging Markets Group (GEM) and MH Ventures, with a financing scale of US$100 million. This data is inconsistent with the investment institutions and dates of the Series A financing announced on July 15.
The above question was raised in July this year. When we recently looked through relevant information, we found that it was indeed said to be a commitment before, but some media directly said that it would raise US$100 million, which caused disagreement. We speculated that the media may have made a mistake.
In fact, it is to obtain a financing commitment from GEM Global Yield. There is a big difference between financing and financing commitment. In fact, most people may not know the projects GEM invests in, so there is a certain degree of suspicion.
2. The actual investment institution has no publicity (more suspicious)
Sram & Mram is a solutions and services company and did not report or explain this financing in its official channels.
3. 5ire allows users to apply for a whitelist (the reason is a bit far-fetched)
A pop-up window pops up on the official website for people to apply for a whitelist. The marketing method arouses resentment. This reason is a bit far-fetched and not enough to prove financing fraud.
4. The official website of the token model estimated value is inconsistent with the publicity in other channels (low-level error)
This may be caused by the staff not updating the information in time.
5. Claims to be the 5th generation blockchain, but only writes popular science content (it is also possible that the founder has no time to write articles and the writing skills of the recruiter are not high)
6. The investor and partner logos are duplicated (low-level error)
To sum up, the first two points are indeed suspicious for 5ire. As for whether the US$100 million financing is real, the team still needs to prove it to ensure that everyone believes it. The first one is the third-party media reports and actual Regarding the inconsistencies announced, the second article is more critical and requires some questioning. Chapters 3-6 are basically just some low-level errors and imperfect external content.
Strictly speaking, the above problem is actually not that big, because third-party articles and information may be wrong, especially when there are confusing words, such as investment and investment commitments, or when the public information is not updated in time or contains errors. Some problems, of course low-level errors frequently occur, are indeed a serious problem
In fact, every project has some internal chaotic management or immaturity. For example, we often hear about the FTX and SBF groups. They were very bright on the surface before the thunderstorm, but after the thunderstorm, they were revealed to be full of problems. Another example is the founder of the popular aptos who was involved in an equity lawsuit some time ago (this lawsuit has been resolved recently). The now popular aleo has a lot of problems in its testing activities and has been complained about. Therefore, it is correct to view these projects from a development perspective. .
team
After looking at the LinkedIn profiles of the founders of the project team, Grumpy Rabbit found that they all contained modifications. For example, co-founder Pratik Gauri is an Indian social entrepreneur, investor, speaker and author who has founded 8 companies before. , was named India's Entrepreneur of the Year in 2020, and also founded the World Web3 Association. We take this organization as an example. It is a private organization established in Dubai with a tall name and a scale of 11- 50 people, founded in 2021, the main fields are blockchain, web3, etc., supported by 5ire.
However, we saw his TEDx speaker information in his resume. After searching, we did find a video of his speech in TEDx, which can be confirmed to be true. Basically, the information on LinkedIn is OK, maybe the team Really impressive resume.
The team’s newly recruited CTO Lukasz Orlowski has relatively good information. He has extensive experience in Procter & Gamble and Intel. He previously worked in enjin. In November this year, he switched to 5ire as CTO. He has more than 10 years of Linux experience and is a normal technology developer. Resume.
Overall rating
At present, the media’s suspicions about 5ire are mainly focused on financing. The authenticity of the financing information is mainly questioned. Most of the financing institutions are not common institutions in the currency circle, and everyone feels unfamiliar. Some official information also has backward and forward correspondence. If the problem is not solved, this may be caused by poor project management. The technical framework proposed in terms of technology is relatively difficult and may require a considerable amount of engineering work. The implementation process is somewhat difficult. If the financing is real, then it can be matched (most difficult developments require high financing amounts) .
Regarding crew3’s activities, I think everyone can participate, but if it involves token investment and other situations, you still need to be cautious. For controversial projects in the bear market, you still have to maintain the principle of rather missing it than investing in the wrong way. Live long.