A solution to online crypto fraudulent Projects and Rug Pools
Hello readers, in this read I’ll be sharing some possible dangers that are involved with online firms or project which you blindly fall a victim due to improper research from your end. With the current trend of how crypto and the blockchain ecosystem has been evolving, most of you must have heard about rug pools and fraudulent crypto projects where people put in some amount of money to invest and tend to loose the investment at the end of the day.
The actual plan always has to do with the malicious firms preying on the trust and naivety of their users to either rip them or steal their investments, often leaving them with empty wallets and shattered dreams.
Stay with me, it going to be a long read…
So basically, with the information I’ve just shared with you guys at the moment, don’t you think there’s a need to Understand the risks involved and also how to protect yourself from such events in the digital frontier in order to create a safer space for all users globally.
With that being said, some people may be wondering of how one can actually protect themselves from these experiences. Now, that’s where gotEM comes into the picture
To clear your thoughts on what gotEM is, here’s what you should know about it👇
gotEM is a crowdsourcing Web3 Platform for Investigations which uncovers crypto frauds and also oversees background checks of web3 products.
When I heard of gotEM, one thing crossed my mind which had to do with having a platform that works for users to uncover fraudulent act while also thoroughly checking every project diligently for safety purposes
Below are some of my personal experiences in the web3 space I feel gotEM can resolve
fraudulent schemes like ICOs
My first experience of this was with a project called skaflic. So what you need to understand about this is that these platforms create fake ICOs (Initial Coin Offerings), Ponzi schemes disguised as legitimate investment opportunities for users to fall victims,but with the help of gotEM’s crowdsourcing tool, discovering scam projects like this one will be far too easy
Rug pulls
Another form of fraud in the crypto world is the rug pull. What does this mean? Read here👇
This occurs when developers of a token or project suddenly abandon it, taking with them all the funds invested by users. The rug is metaphorically pulled out from under investors, leaving them with worthless tokens and no recourse for recovering their losses.
Recently, I’ve heard people having their wallets drained because they connected it to an unverified website and as a result, we’ve had a project called revoke.cash come up with a solution where you can revoke all third party permissions you’ve authorized unknowingly on the eth, bnb and other network chains.
In this case, it different as the approach I’ve discovered about gotEM is that it gives you the leverage of discoverying a fraudulent projects from inception which prevents you from possible fraud
With all the dangers I’ve shared with you guys, below are the importance of gotEM I’ve discovered
They make background research on projects.
Before investing in any cryptocurrency or DeFi project, I strongly recommend you Lookup or callout the project in the gotEM online community for easy verification before taking any further decisions.
Project Verification
This has to do with how verified and secure the project is which you’ll also discover on gotEM to be helpful in checking the security audits by reputable firms to identify and address potential vulnerabilities.
Community Integration
By utilizing the existing user bases of Astar and Moonbeam, gotEM can tap into communities that are already engaged in blockchain activities. This facilitates rapid community integration and fosters trust among users who are familiar with decentralized applications.
Technical Innovation
gotEM utilizes Web3 technology and smart contracts to create a decentralized marketplace that offers transparency, security, and efficiency. By eliminating intermediaries and leveraging blockchain technology, the platform aims to provide users with a more streamlined and cost-effective way to transact and manage agreements.
Governance and Transparency
Through the implementation of a decentralized autonomous organization (DAO), gotEM aims to create a governance system that is fair, transparent, and free from centralized control. This allows users to participate in decision-making processes and ensures that the platform operates in the best interests of its community.
Vote Counting Mechanisms
The inclusion of a simplified voting system demonstrates gotEM’s commitment to democratic decision-making and fairness. By incorporating methods such as the Borda Count Method and the Plurality with Elimination Method, the platform seeks to ensure that votes are counted accurately and that the outcomes of elections are determined by established fairness criteria.
If you ask me, I’d recommend you join in on gotEM to become part of a safer web3. Look them up on their social platforms using the links below
Website
Until next time, stay connected with me for a new read!
