Does Blockstack Really Have 1 Million Verified Users?

Published on by Cointele | Published on

Blockstack PBC announced on Jan. 29 the completion of its "Milestone II" that unlocked $6.8 million from its 2017 initial coin offering.

To unlock the second milestone, the project had to reach one million verified users, a result that would be checked by an ostensibly independent advisory board.

This is being used to create an ecosystem of apps that are authenticated with Blockstack ID. It stands to reason that given this system, the presence of one million verified users could be conceivably verified by analyzing Blockstack's blockchain data.

Given these findings, it appears that only about 400,000 of Blockstack users are actually verifiable in some way through the platform.

The API does return valid data for both "Fc-" and "Bc-" names, but after more than 2,000 probe requests the software did not provide verification details for a single one of these users - which led us to interrupt the search.

The figure of verified accounts amounts to 14% of Blockstack users.

Blockstack used several initiatives to onboard users toward the end of 2019.

The company reported to have distributed Stacks tokens to over 300,000 users - which corresponds to the amount of "Bc-" users.

In a call with Cointelegraph, Blockstack PBC CEO Muneeb Ali explained that the blockchain does not contain any verification data that would expose private user information, such as phone numbers or government IDs.

An SEC filing reveals that Blockstack paid Blockchain, Inc. up to $3.85 million for the airdrop.