We have seen many interesting cryptocurrency ICOs so far. Most of these business models seem to have some form of merit. There are also currencies which are clearly designed to have no value, with their teams being transparent about this fact. It is hard to fit GoldenShield into either of these categories, as it almost appears to be a scam project. Its business model revolves around North Korea. It’s not something anyone should get involved with or invest in.
GoldenShield Sounds Like a Scam
First of all, it is perfectly possible the GoldenShield team has nothing but honest intentions with their initial coin offering. At first glance, that certainly doesn’t appear to be the case, though. The website is pretty sparse and it seems their “objective” will raise a lot of questions. In fact, one could argue this business model doesn’t even warrant an ICO in the first place. Nor should anyone partake in this investment either, based on what little information we have available.
We know there are state-sponsored hacking collectives all over the world. Governments in various countries hire specialist hackers to target the infrastructures of their “political enemies”. North Korea certainly seems to play its part in this regard, even though most relavent information remains somewhat incomplete. Attacking North Korea through an ICO-funded hacker collective simply makes no sense whatsoever. It will only create legal issues for anyone involved in this project.
After all, that seems to be the main objective of GoldenShield. The website claims that the project aims to “open up the North Korean network”. Decentralizing activism is a noble thought, but it shouldn’t be achieved by purposefully hacking regimes which will only retaliate in a much larger capacity. No one knows what North Korea is capable of exactly, especially in the world of cyber espionage and hacking. The country seems to target virtually everything, from the US government to South Korean cryptocurrency exchanges.
While it is commendable GoldenShield wants to be the first activist cryptocurrency, there is no real reason to create such a token. After all, activists can use any of the existing cryptocurrencies or digital tokens in circulation already. GoldenShield’s token will offer no additional value in this regard whatsoever, nor does it seem to have any chance of appreciating in value. Without any business model whatsoever, demand for these tokens will not increase in the slightest.
Under the hood, GoldenShield claims to use the IPFS network and the Ethereum blockchain. This mainly pertains to the native token rather than any infrastructure used by the project itself, though. It is unclear what people can really expect from this project or what its long-term goals are exactly. With so many questions and very few answers, the future is shrouded in shadows for this particular ICO. It’s not the most appealing investment model whatsoever; that much is certain.