Crypto Transparency: Rebuilding Trust Through ADN
Crypto transparency has always been an issue in the blockchain community. ADN coin ensures its users that all its information is made open to the public.
The world has always waited on the next disruptive technology and in what it can accomplish for mankind. Despite the resistance of many against new innovations, the world has always leaned on the side of the innovators.
Topping the list of these innovations is the Internet, which has provided the biggest impact on our lives. In fact, it has even marked a new era in the history of the world in the same league as Neil Armstrong when he made the first walk on the moon. Many are also claiming that cryptocurrency — and blockchain technology — will make the same impact on the world as the Internet did. Its technology allows people to make their payments seamless and secure anywhere in the world, ultimately igniting the beginning of paperless transactions. For our part, ADN will aim to support the movement to making cryptocurrency use a mainstream thing.
Ethics and Problems in Transparency
Cryptocurrency integrates blockchain technology, which means that it is decentralized and anyone can interact with it. Crypto is more secure as it is highly resistant to attacks, cannot be shut down easily as it is available on thousands of devices, and also is transparent. Unlike its centralized counterpart, banks, cryptocurrencies provide solutions that can satisfy the needs of the world’s current financial system.
However, a number of ICOs and other similar crowdfunding efforts in the past have not been exemplary in terms of transparency. As a result, large sums of money have been wasted on items which simply cannot be written off as a business expense.
Recent reports stated that Binance CEO and Founder Changpeng Zhao and Tron Founder Justin Sun pledged to donate a total of $13 million to kickstart Binance’s charity. However, the Binance Charity Foundation (BCF) recorded only about $6 million worth of crypto. This drew flak from many entities, with various news organizations publishing the said revelation. The non-profit organization still has a way to go before it can be 100 percent transparent, but when asked about where the money was, a BCF spokesperson told CoinDesk that “the Binance part ($10 million) is a commitment … other [donations] are set aside. But since we don’t have that many projects yet, they will come when needed.”
Here lies the issue of transparency. In the past, there were not as many crypto projects as we hoped that actually cared about the well being of their investors. Some of them have taken advantage of the pump-and-dump scam, which is where the price is driven up artificially when the crypto company holds the majority of their own coin.
Transparency Means Trusts
When marketing any cryptocurrency, it is essential for its architecture and intention to be transparent to the public. It’s no secret that cryptocurrency startups have raised millions of dollars in the last decade and very few industries have shown the same growth potential as them. Much of the success of these initial coin offering (ICO) projects can be pointed to the practices implemented by fin-tech companies. One of these practices, and maybe the most important one, is the cryptocurrency’s transparency.
A crypto company should be open about the assets of the business and reveal what their future projects will consist of. In essence, transparency relates to an organization that is open to the public. This is one of the key factors in building a successful brand image which, unfortunately, not every ICO in history has been known for.
In a previous blog, we revealed our intentions to our users, with constant updates on our official social media platforms. For those who may not be aware yet, we are developing our ICO Wallet wherein funds produced by ICOs are safeguarded by our decentralized system, and which can only be accessed by the ICO project once a majority of the investors have given their green light. Each participant is updated regarding the progress of the ICOs, as well as the amount that they have invested in them.
Aside from the technical innovations that we are introducing to the blockchain community, we have also made public the management and team members of our company. From the CEO, IT Team, Marketing Team, etc., we have named every team member we have, as we believe that each company should take the time to entrust the public with their basic information if they ever hope to earn the same amount of trust.
The holdings of the business should also be clearly identified and communicated. Crypto developers should make it a habit to willingly publish reports as often as necessary. Some of the assets that cryptocurrency companies own are the token, fiat reserves, equipment, and property.
In ADN We Trust
Our team, operations, and technology have all been disclosed on our ADN Coin whitepaper. We believe that any investor who spends a majority of his time in the crypto community needs to know where their investments are going into. To ensure investor confidence, our ADN team consistently posts blogs and social media content on our channels. So far, we have been transparent regarding our project’s goals.
The main reason people have moved to digital currency is because people have cut out the ‘middleman’ in transactions. This shifts the power of control from central authorities and banks to the users themselves — cryptocurrency is the people’s money. Founding companies like ADN need to embrace transparency at a cultural level. The industry is unfortunately plagued with companies that do not take the interest of stakeholders seriously; the time has come for ADN to lead the way for a more transparent and trustworthy blockchain community not only for our coin holders but for every crypto believer out there.
ADN also uses 6 main platforms for updating our community regarding the latest updates on our platform: these are Facebook, Twitter, Instagram, LinkedIn, Medium, and Telegram. We advise you to follow only our official sites to be updated with the latest news that comes from our side.
