A Hungarian startup launched the ILGON blockchain: and the future?

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Blockchain is a distributed ledger technology (DLT) that stores and verifies transactions in a decentralized ledger on a peer-to-peer network (aka peer-to-peer network). Some of the advantages of this technology are the ability to dispense with expensive intermediaries, increase trust between the different actors participating in the network and create smart contracts.

In the food supply chain, blockchain helps improve security by demonstrating the origin of products; in the healthcare industry, it helps healthcare professionals securely share patient data; in the oil and gas sector, it helps to minimize delivery delays. The applications of blockchain are nearly endless, limited only by the imaginations of businesses, governments, and individuals.

Blockchain is an important part of many companies’ digital transformation roadmap. In this article, we explore the advantages (but also the disadvantages) of this technology for your organization.

Why is blockchain important for your business?

Blockchain is a shared ledger (or database) that tracks transactions between stakeholders on a network, increasing transparency and reducing costs. The main advantage of blockchain is that it simultaneously records and verifies transactions without the intervention of supervisory authorities.

When purchasing a service with the company’s credit card, the transaction must be authorized by the card issuer, who independently maintains a database for this purpose. The cost of maintaining this infrastructure is reflected in the interest charged to the corporate card. In a decentralized system without controlling entities, these costly intermediate processes are eliminated.

Blockchain technology can revolutionize value-based transactions, for example, the application of EVM or the Ethereum virtual machine. It is an effective building block for fraud prevention, anti-corruption and other trust-based initiatives. It will facilitate internationally agreed ways of working, increasing interoperability and innovation. There are many manifestations of this technology, one of which is the ILONG Smart Contract Generator.

It is therefore not surprising that MarketsandMarkets expects the global blockchain market to grow by 67.3% per year in just 5 years. Yet, surprisingly, many senior executives still haven’t fully understood the importance of blockchain technology. Blockchain technology is the foundation or foundation of cryptocurrency. There are many cryptocurrencies “on the market”, but today we are going to talk about ILGON, a cryptocurrency launched by a Hungarian startup.

If you are looking for information on blockchain and cryptocurrencies, you will probably come across ILGON. ILGON is a cryptocurrency offered by Ilgamos. The Ilgamos bulletin, which you can find on various social networks, strongly states that Ilgamos is the only supplier of ILGON. The company only offers ILGON and cryptocurrencies can only be purchased virtually. So the circulation information of ILGON is not as much as circulation information of other cryptocurrencies.

As for facilitating the ILGON exchange, an exchange platform called WhiteBit has been created. Unfortunately, recently WhiteBit is no longer available to serve ILGON holders. WhiteBit provided clarification that ILGON no longer meets listing requirements and should therefore be removed from the exchange.

Last year, through its newsletter, Ilgamos recommended ILGON as a form of long-term investment for its partners. Although the recommendation is not clearly stated in the title of the Ilgamos Partner Compensation Options newsletter, the content of the newsletter clearly indicates that ILGON is a form of long-term investment that offers great opportunities. Several “potential benefits” are offered, but the most striking is that there is an ILGON bonus of 3.5% for a deposit of 120 days. For a longer deposit period, the ILGON compensation will also increase, even up to 30%.

But this type of compensation offer often creates controversy, especially in countries like the United Arab Emirates. Potential investors basically have no choice but whether Ilgamos can meet all the requirements set by most crypto exchanges around the world. As a result, we can see that ILGON is one of the few cryptocurrencies that does not favor listing on official crypto exchanges. Some experts suggest that IlGON could be a form of fraud, much like the two cases of crypto fraud in the past; Firstcoin and Bitconnect. And this assumption is supported by the fact that to date, ILGON has not been able to succeed in the open market like many other cryptocurrencies.

Worse, Ilgamos from the start, through its Terms and Conditions, said it was not responsible for the future of ILGON. Although Ilgamos plans to sell millions of euros worth of ILGON, there is no guarantee that the investment will actually be worth it. The ILGON community is not strong enough to argue that this cryptocurrency will last long enough to benefit its holders. No one can claim responsibility for the future of ILGON.

Attila Vidakovics is the CEO of ILGON Technologies, but so far the legal status of ILGON Technologies is unclear. FYI, since ILGON Technologies’ first press release, two-thirds of the team members have left the project, including Matyas Andras Den (COO of ILGON and CEO of Technokrats). Even the “Technokrats” LLC document was removed. There are reports of the emergence of a new company behind ILGON, Dlabs Ltd. However, sometime after the reports came out, it is known that Dlabs Ltd has no connection with cryptocurrency circulation and its CEO still counts as a relative of Attila Vidakovics. And one more thing, Dlabs.Ltd has the same address as Technokrats, a fact that certainly raises more questions.

These facts could cause legal problems for Attila Vidakovics. Basically, so far there is no legal basis for most ILGON coins to be sold to Ilgamos and the ILGON team has never explicitly stated who is the biggest holder of ILGON coins.

Geza Kapitany, CEO of Ilgamos, is considered by many investors to be the person most responsible for the future viability of ILGON, but in fact it is not certain whether he bears this responsibility or who someone else can replace him. Finally, it looks like ILGON and Ilgamos need to prove to investors and would-be investors that they are truly reliable in keeping their crypto circulating.

Laura T. Thrasher