Crypti Responds to Incorrect CoinTelegraph ArticleThe factually incorrect article
First Crypti Dapp, Crypti Tokens, Allows Developers To Issue, Send And Receive Colored Coins by CoinTelegraph's journalist James Stallings and the subsequent refusal to correct the errors by the CoinTelegraph Team requires a response from the Crypti Foundation. In the response
published on the official Crypti Blog, the Crypti Foundation lists the misinformation and explains why it is wrong. The Crypti Foundation also invites journalists of other news portals to feature this story to maintain an equitable cryptocurrency environment free of bias among projects.
Read the Response on our BlogTranscript:
The article makes a statement about the soon to be released Crypti Tokens Dapp. It mistakes our announcement of the dapp as the release, and states that it was "released on 23rd of December", which is incorrect. The dapp is expected to be released in January 2016, as the Crypti Foundation announced in the associated blog post.
James Stallings also makes the claim that Crypti Tokens are "redundant" because they are being integrated into Crypti and not Bitcoin. It is suggested one should use already existing alternatives like Colored Coins. However, the Crypti Foundation stated in the announcement that Crypti Tokens are an easy-to-use alternative for crowdfunds or shares within the Crypti ecosystem.
The Crypti Foundation's main development work lies within the development of the tokens module for Crypti's dapp framework. With the release of Crypti Tokens the module will also be released to allow developers to integrate tokens directly into their dapps. This makes the development of such projects as decentralized exchanges and games with in-game tokens much easier.
Furthermore, the article reference the opinions of two experts, Nathan Wosnack and Eric Grill. These quotations exhibit a lack of awareness of the Crypti technology stack. Their responses were taken out of context several times in the article, as further communication with Wosnack reveals.
Wosnack talks in his quoted test about mining in Crypti's sidechains. Fortunately, Crypti's sidechains do not rely on this method of security. Instead, they are using the ultra fast Delegated-Proof-of-Stake consensus system. Therefore, no further comment on this topic is required, given the inaccuracy of the commentary.
Furthermore, the article poses the question to the reader, "What problem does Crypti Foundation and Crypti Tokens solve that needs solving or hasn't already been solved?" For users who are familiar with Crypti, this question is easily answered, for those who have never heard of Crypti before the question is quickly answered. Crypti provides the world's first framework for Turing complete decentralized applications and custom sidechains programmed in regular JavaScript, making it accessible to millions of developers who are already familiar with this language. Through the integrated Dapp Store and cryptocurrency/token system it is easy for developers to distribute and monetize their applications right after launch. Without even going deeper into Crypti's other features, like enhanced security measurements (2nd Passphrase and Multi-Signature), or its underlying technology (10sec blocktime, blockchain contact book, web wallet), we can say with certainty that Crypti solves many problems, especially for JavaScript developers who want to make their own decentralized applications.
With the title "Unjustified Hype?" the article further describes different token solutions like Colu or Coinprism. These are definitely great examples of technology, and the Crypti Foundation has contacts with their respective development teams. In their present form, however, they are not practical for use by Crypti developers, and fall short of the goals which the Crypti Foundation achieves with the release of its framework module and Crypti Tokens, which goes hand in hand with it.
The other reference in the article, Eric Grill, when asked for his opinion on Crypti Tokens, states Crypti "seem(s) to be a little behind what others have already done" and in the same paragraph says that "there might be something more there" and that he "would need to research it [Crypti] more". The Crypti Foundation consists of experts on the dapp and sidechain technology, and they are well aware of the competition. It can be said without hesitation that Crypti's technology stack is top-notch and is a front-runner among its competitors. With its unique charm and features (especially the friendliness towards JavaScript developers), Crypti is definitely one of the top players, and is moving the technology forward. It's absolutely incomprehensible how the article comes to the conclusion that the Crypti Foundation "aren't doing the blockchain userbase any particular favors".
In the end, the Crypti Foundation comes to the conclusion that James Stallings did poor research on Crypti, and that the article was written with insufficient research. The Crypti Foundation hopes that in the future, CoinTelegraph's journalists treat all blockchain projects with the same consideration, and take the time to conduct sufficient research to do factual reporting. Otherwise, the entire cryptocurrency landscape will be in danger because new innovations will be dismissed too quickly.
Thank you very much!
The Crypti Foundation