Trust

Trustless.

A simple word describing cryptocurrency’s greatest advantage over legacy systems. Trustless transactions lie at the heart of decentralisation.

But can every aspect of cryptocurrency truly be trustless?

For some fully established cryptocurrencies whose fates are not determined by a single organisation, trust is not necessary. Bitcoin investors, for instance, will never need to trust anybody simply because there is no one to trust. However, for the vast majority that are officially run by an organisation, trust is still very much required.

Needless to say, there exists a deep sense of mistrust in the investor community – and for good reason! Sadly, scams such as rug pulls and honeypots are everywhere. In response, cryptocurrency organisations have attempted to implement apparent safeguards that are designed to convince investors that they can reduce or even negate the need for trust. These include liquidity locks, doxxing and audits.

Unfortunately, despite the implementation of these safeguards, many cryptocurrencies are still scams. In fact, many scams specifically implement these safeguards as a way of luring victims in by providing them with a false sense of security.

Liquidity lock? No problem! Cash out the marketing wallet and head straight to the bank!

Doxxed? Might have been a fake dox in the first place. Though even if real, scammers always have an escape plan.

Audits? Audits do not do much in the way of preventing cryptocurrencies from being scams. Indeed, many scam coins have undergone audits prior to their true revelations. That said, audits are still objectively useful in other ways.

At the end of the day, if a cryptocurrency organisation or team really wanted to scam their own investors, they would be able to regardless of the safeguards in place. The extent of the scam doesn’t even really matter since either way, the project will die once it is abandoned by its developers.

Furthermore, many safeguards also come at a cost. Liquidity locks, for instance, reduce the versatility of a cryptocurrency and stifles future growth.

This is why despite the emphasis on trustlessness, trust is still very much required in the cryptocurrency universe.

So how do investors gain trust in a cryptocurrency?

Simple! By looking at how the team or organisation has behaved so far!

Have they built things that they’ve promised to build? Have funds gone to the pursuit of strengthening utility? Have suspicious moves been made?

The JEDSTAR DECO by Aier Studios is a three-token decentralised ecosystem with a strong emphasis on utility. From the very beginning, the JEDSTAR team have shown that they’re genuine by slowly and surely building the ecosystem. Funds raised from the first token, $JED, have been used for the creation of AGORA, JEDSTAR’s NFT marketplace, as well as to pay for the initial costs of the digital collectible card game’s development. A fair bit has also gone into marketing – although this will become more apparent with the launch of $KRED, AGORA and STARSTAKING.

The JEDSTAR team has proven time and time again without a shadow of a doubt that it is truly trustworthy – and that alone is worth far more than any number of safeguards.

Website: https://jedstar.app

Art by Tiamat and Helen.