創業的增長幻想

每個創業公司都夢想著快速擴展，統治市場並確保十億美元的估值。

In the vibrant ecosystem of startups, a tale of remarkable deception unfolded as JP Morgan Chase (NYSE:JPM) fell victim to a founder's fabrications, highlighting the crucial role of blockchain in verifying startup claims.

在活躍的初創企業生態系統中，隨著JP Morgan Chase（NYSE：JPM）的出現，一個引人注目的欺騙故事是創始人捏造的受害者，突出了區塊鏈在驗證創業主張中的關鍵作用。

As every startup dreams of scaling rapidly, dominating the market, and securing a billion-dollar valuation, investors are typically keen to find the next unicorn, placing massive bets on early-stage companies based on growth metrics.

隨著每個初創公司的夢想迅速擴展，統治市場並確保了十億美元的估值，投資者通常渴望找到下一家獨角獸，並根據增長指標對早期公司進行大量賭注。

This includes user adoption, engagement, and retention, especially in an industry where valuation is tied to perceived potential rather than immediate profitability.

這包括用戶採用，參與度和保留率，尤其是在估值與感知潛力而不是立即獲利能力相關的行業中。

The startup ecosystem is buzzing with chatter about a new generation of investors who are placing high-stakes bets based on unverifiable data. In today’s tech-driven economy, users are currency. A startup’s valuation is often determined by how many people have signed up, how many engage regularly, and how much those users could eventually be monetized.

初創企業生態系統正在嗡嗡作響，因為新一代投資者正在基於無法驗證的數據進行高風險賭注。在當今技術驅動的經濟中，用戶是貨幣。初創公司的估值通常取決於有多少人註冊，定期參與多少人以及最終可以將這些用戶貨幣化的數量決定。

For venture capitalists, a rapidly growing user base signals market demand and a chance for an enormous return on investment. But what happens when those numbers are fabricated and the illusion of success collapses?

對於風險投資家而言，迅速增長的用戶群信號是市場需求，並有機會獲得巨大的投資回報。但是，當這些數字被捏造而成功的幻想崩潰時會發生什麼？

Enter the tale of Frank, a fintech startup acquired by JP Morgan (NYSE:JPM) in 2021 for $175 million. Frank’s founder, Charlie Javice, promised to help students navigate the financial aid application process with his company's technology.

輸入弗蘭克（Frank）的故事，弗蘭克（Frank）是一家金融科技初創公司，由JP Morgan（NYSE：JPM）在2021年以1.75億美元的價格收購。弗蘭克（Frank）的創始人查理·賈維斯（Charlie Javice）承諾，通過其公司的技術來幫助學生在經濟援助申請過程中導航。

To highlight the startup's success, reports stated that Frank claimed to have 4.25 million users, an impressive feat in an industry known for slow adoption. However, the reality was far different.

報導說，為了強調創業公司的成功，弗蘭克聲稱擁有425萬用戶，這是一個以緩慢採用而聞名的行業的令人印象深刻的壯舉。但是，現實卻大不相同。

As reported by the DeBanked, when JP Morgan ran a simple test by sending marketing emails to Frank’s supposedly massive user base, hardly anyone opened them.

正如撤銷案報導的那樣，當JP Morgan通過向弗蘭克所謂的龐大用戶群發送營銷電子郵件進行了簡單的測試，幾乎沒有人打開它們。

Suspicious, the bank launched an internal investigation and discovered that Javice had allegedly paid a data scientist to generate fake user records. What looked like a rapidly growing company was, in fact, a house of cards propped up by deception.

可疑，該銀行發起了內部調查，發現Javice據稱已向數據科學家支付了偽造的用戶記錄。實際上，看起來像一家迅速發展的公司是一套欺騙性的紙牌屋。

Following the discovery, JP Morgan shut Frank down entirely. The bank filed a lawsuit in August, accusing Javice of fraud, and federal prosecutors followed suit with criminal charges in December. Now, the once-promising founder faces years in prison and may be ordered to pay restitution of $143 million.

發現之後，JP Morgan完全關閉了弗蘭克。該銀行在八月份提起訴訟，指責Javice欺詐，聯邦檢察官在12月訴訟案件訴訟。現在，曾經有經驗的創始人面臨年監禁年，可能被命令支付1.43億美元的賠償。

This wasn’t just an isolated case of one founder’s greed; it was another example of an industry-wide issue: investors making high-stakes bets based on unverifiable data.

這不僅僅是一個創始人貪婪的孤立案例。這是整個行業問題的另一個例子：基於無法驗證的數據進行高風險投注的投資者。

While the tale of Frank unfolded, another critical aspect of the startup world came into play. In an age where digital identity is paramount, verifying a startup’s claims of millions of users is becoming increasingly difficult, especially with the potential for founders to fabricate data or manipulate numbers to secure more funding.

弗蘭克（Frank）的故事展開時，創業界的另一個關鍵方面也發揮了作用。在數字身份至關重要的時代，驗證創業公司對數百萬用戶的主張變得越來越困難，尤其是創始人可以製造數據或操縱數字以獲得更多資金的潛力。

Moreover, fibs from founders aren’t new—but with trillions of dollars in assets being managed on-chain and the shift to Web3, the need for veracity in the startup ecosystem is more urgent than ever.

此外，創始人的纖維並不是什麼新鮮事物，但是擁有數万億美元的資產可以管理鍊子和向Web3轉移，在啟動生態系統中對真實性的需求比以往任何時候都更加緊迫。

Enter blockchain technology. A blockchain-based digital identity system ensures that every registered user is uniquely verified, making it impossible for a founder to fabricate millions of fake accounts. Unlike traditional databases, where records can be altered or created internally, blockchain records are immutable.

輸入區塊鏈技術。基於區塊鏈的數字身份系統可確保每個註冊用戶都有唯一的驗證，從而使創始人不可能製造數百萬個假帳戶。與傳統的數據庫不同，可以在內部更改或創建記錄，區塊鏈記錄是不可變的。

Once a user’s identity is registered, it cannot be changed or faked. This level of security is crucial for verifying a startup’s user base and ensuring that investors are investing in companies with genuine traction.

一旦註冊用戶的身份，就無法更改或偽造。這種安全水平對於驗證創業公司的用戶群和確保投資者正在對具有真正吸引力的公司進行投資至關重要。

Furthermore, self-sovereign identity (SSI) takes this concept even further by allowing individuals to control and verify their identities without relying on a central authority.

此外，自我主張身份（SSI）通過允許個人控制和驗證自己的身份而不依賴中央權威，從而進一步採取了這一概念。

Users authenticate their identity through blockchain-based credentials independently verified by trusted institutions. For instance, if an investor wants to validate a startup’s claim of one million active users, they wouldn’તી have to rely on the founder’s word—they could check the blockchain and see the verified numbers for themselves.

用戶通過受信任機構獨立驗證的基於區塊鏈的憑據來驗證其身份。例如，如果投資者想驗證一家初創公司對一百萬活躍用戶的主張，則他們不得不依靠創始人的話 - 他們可以檢查區塊鏈並自己查看已驗證的數字。

This technology is already being implemented by BSV, which is uniquely suited for handling the scale and verification needed for digital identity. Unlike Ethereum (CRYPTO:ETH) and other networks that struggle with transaction speed and high fees, BSV is designed for enterprise-level scalability, processing millions of transactions per second at an extremely low cost.

BSV已經實施了這項技術，BSV非常適合處理數字身份所需的規模和驗證。與以太坊（Crypto：ETH）和其他與交易速度和高費用鬥爭的網絡不同，BSV是為企業級可擴展性而設計的，以極低的成本處理數百萬美元的每秒交易。

This makes it possible to verify users at scale without creating financial barriers for startups.

這使得可以大規模驗證用戶而不為初創企業創建財務障礙。

BSV is already being used to power digital identity solutions across industries, from banking to healthcare. The same technology that ensures data integrity in those fields can be applied to startup growth metrics, providing a foundation for valuations based on verifiable truth rather than manipulated numbers.

從銀行業到醫療保健，BSV已經被用於為整個行業的數字身份解決方案提供動力。確保這些領域數據完整性的相同技術可以應用於啟動增長指標，為基於可驗證的真理而不是操縱數字的估值提供了基礎。

In a world where trust is paramount, blockchain can be a game-changer for the startup ecosystem. It presents an opportunity to move away from a culture of secrecy and toward one of transparency.

在信任至關重要的世界中，區塊鏈可以成為啟動生態系統的遊戲改變者。它有機會擺脫保密文化，轉向一種透明度。

As investors grow weary of being deceived by falsified numbers, blockchain can help to create a more sustainable and trustworthy model for startup investment.

隨著投資者對被偽造的數字欺騙的疲倦，區塊鏈可以幫助創建一個更具可持續性和值得信賴的啟動投資模型。

The generation of investors

投資者的一代