A Hungarian startup launched ILGON blockchain: What about 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/peer network). Some of the advantages of this technology are the possibility of doing without expensive intermediaries, increasing trust between the various actors participating in the network, and creating smart contract.

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

The blockchain is an important item on the digital transformation roadmap of many companies. In this article, we explore the benefits (but also any drawbacks) of this technology for your organization.

Why is blockchain important for your business?

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

When purchasing a service using the company’s credit card, the transaction must be authorized by the card issuer, which 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 control entities, these costly intermediate processes are eliminated.

Blockchain technology can revolutionize value-based transactions, for example, the application of EVM or Ethereum Virtual Machine. It is an effective building block for fraud prevention, the fight against 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 builder.

It is therefore not surprising that MarketsandMarkets expects the global blockchain market to grow 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 out there “on the market” but today we are going to talk about ILGON, a cryptocurrency launched by a Hungarian startup.

If you’re looking for information on blockchain and cryptocurrencies, you’ll probably come across ILGON. ILGON is a crypto coin offered by Ilgamos. The Ilgamos bulletin, which you can find on various social media, states emphatically that Ilgamos is the sole supplier of ILGON. The company only offers ILGON and the crypto coins can only be purchased virtually. Thus the information about the circulation of ILGON is not as much as information about the circulation of other crypto coins.

As for facilitating the ILGON exchange, an exchange platform called WhiteBit has been formed. Unfortunately, recently WhiteBit is no longer available to serve ILGON holders. WhiteBit has provided a clarification that ILGON is no longer compliant with 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 Compensation Options for Partners of Ilgamos bulletin, the contents of the bulletin make it clear that ILGON is a form of long-term investment that has great opportunities. There are several “potential benefits” on offer but the most striking is that there is a 3.5% ILGON bonus for a 120-day deposit. For a larger deposit period, the ILGON compensation will also increase, even up to 30%.

But this kind of compensation offer often creates controversy, especially in countries like the UAE. Potential investors basically don’t have much choice but to find out whether Ilgamos can meet all the requirements set by most of the crypto exchanges in the world. As a result, we can find that ILGON is one of the few cryptocurrencies that do not give preference to being listed on official crypto exchanges. Some experts suggest that IlGON may be a form of fraud, just like the two crypto fraud cases in the past; Firstcoin and Bitconnect. And that assumption is supported by the fact that to date ILGON has not been able to achieve free market success like many other cryptocurrencies.

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

Attila Vidakovics is the CEO of ILGON Technologies, however until now the legal status of ILGON Technologies is not very clear. For info, since ILGON Technologies’ first press release, two-thirds of the team members have left the project, even that includes Matyas Andras Den (COO of ILGON and CEO of Technokrats). Even the LLC «Technokrats» document has been deleted. There are reports of the emergence of a new company behind ILGON, Dlabs Ltd. However, some time since the reports were published, it has become known that Dlabs Ltd has no connection whatsoever with cryptocurrency circulation and that 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 have the potential to cause legal problems for Attila Vidakovics. Basically so far there is no legal basis for the sale of most of the ILGON to Ilgamos and the ILGON team has never explicitly stated who is the biggest holder of ILGON coins.

Geza Kapitany, CEO of Ilgamos, is seen by many investors as the person most responsible for ILGON’s future viability but in fact, it is uncertain whether he is the holder of that responsibility or someone else can replace him. Finally, it seems that ILGON and Ilgamos have to prove to investors and potential investors that they are really reliable in keeping their crypto circulation.