I had written an article about Novello Technologies IndieGoGo campaign recently. After having been in touch with Gordon Grainger of Novello and going over the information in the weeks, prior to the launch, of the campaign I thought they were a legit company. Their business plan was sound, and they have what looks to be an excellent technology that they want to bring to market for Bitcoin/SHA-256 miners.
At launch, they posted their information and link to their campaign on BitcoinTalk. At first they were met with the normal skepticism and questions new projects get as interest. Novello's responses to the questions by forum members were not the detailed responses members wanted. The answers generated more questions and concerns voiced in response. What happened instead of a successful launch has left not only the mounting questions of legitimacy but also of Novello's founders as well.
I have to take away my recommendation of Novello Technologies and noted it in the original article until they answer these accusations, and more info is given about their team and business.
[dropcap size=small]W[/dropcap]hen they first posted their announcement thread BitcoinTalk member Jimmothy immediately called out the scam accusation. Other members like Bicknellski of The Wasp Project Collective - Open Source Projects were interested in learning more. At this point, it looked like a normal start to most unknown campaigns. The days went by with answers to questions members were asking but not to their satisfaction and more began to question Novello and its project. They wanted to know more specifics about the chip, and it's team. As with any investment, you want as much transparency as possible.
Gordon and Novello had stated they did not want to release their chip technical documents for fears of it being taken and used by a better funded company before they could bring it to market. Members were asking for at least more information like who the team is, and what their qualifications are. The team information was also not published by Novello. Instead of the campaign starting off well it instead turned hostile. Eventually, it continued to the point my article is called into question as well as CryptoCoinsNews byPhinnaeus Gage/Bruno Kucinskas for running the story on their campaign launch. In the thread, it was also brought up that Gordon Grainger of Novello is possibly the same guy who was arrested in a counterfeiting scam in 2009. I had stayed out of the fray on BitcoinTalk prior to this and kept tabs on it as it went both the good and the bad. Bruno is one of the most respected members of the Bitcoin community one whom I respect greatly as well. He has shown the way on so many issues such as The Bitcoin Foundations mistake in letting Brock Pierce on-board and why. He is also a supporter of those in the community of those that deserve it even if he does not always agree with them. I am taking his concerns seriously.
[dropcap size=small]W[/dropcap]hen I had first heard about Novello and their proposed ASIC mining chips, I was intrigued and asked for information. I read through it all and looked into it. There was also the promised vouch by community member Aerobatic, who followed up and posted in the announcement thread. I had also looked up Gordon Grainger and Olivia Walker prior to publishing the article. I could not connect either one to the counterfeiting scam. There is no proof that Gordon Grainger of Novello Technologies is the same person from the counterfeiting scam currently. Gordon Grainger of Novello
Technologies is from Huddersfield England.
Neither I nor CryptoCoinsNews would want to back a scam or cause harm to the Bitcoin industry. In planning my article on Novello Technologies and looking down the road, I wanted to do regular progress updates to be able to document how a Bitcoin start-up works and progresses through the process. Instead, there are many either missteps by Novello or red flags that they are an elaborate scam.
With all of this happening and a lack of answers on Novello Technologies part to satisfy the Bitcoin community, I have sent an email to Gordon Grainger and asked him the following questions that are needing answers along with assurances of confidential information being kept that way.
Here is what I asked.
-Can you prove you are not the Gordon Grainger that was arrested in the counterfeit bust over there?
-I also need proof of your team like who they are and their experience. (Note: If the Novello team is verified yet wishes to remain private I will honor that. My editor can see the information and verify it is legit.)
-Are you willing to provide some technical information to a trusted member who can verify it under an NDA? I understand the need to protect your intellectual property that is why I suggest and NDA.
Gordon at Novello Technologies has responded.
"as a company and individuals we have no intention whatsoever of participating in an online Kangaroo Court. We will continue to contribute useful information about our project and issues relating to the future profitability of Bitcoin mining to those people that might want it, and will continue to answer relevant technical queries."
[dropcap size=small]I[/dropcap]f Novello Technologies is a scam, it is an elaborate one. If it is not a scam and they are legit, it goes to show how paranoid we have all become by the constant scams that seem to happen non-stop in the crypto currency world. The paranoia leads to relentless pursuits by the community of even more proof and disclosures of information than ever before. In this case, I am not sure which side is correct. Novello has worked hard on a solid business plan and chip design yet the community wants more proof to get behind any project especially when it could mean millions of dollars. Very understandable. On the other hand Novello wants to protect its design so it can bring it to market. I hope there is some resolution to this soon. The Bitcoin community and Novello need that no matter the outcome.