Read this tips on how to ‘Do Your Own Research’ on DeFi and NFTs projects before you delve into it

By Brainardpaul | brainerdpaul | 23 Apr 2022


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INTRODUCTION

Crypto evolution has been at the forefront since inception, and it has been able to acquire wide range of adoption and reputation. But it is important to note that where there is much value, then there will be wide range of avenues for scammers and heckers to invade, and without been careful one can lose assets that has been aquired with a lot of hard work. I am sure we must have read a lot about people getting scammed in this cryptocurrency space. Today i will be letting you on some quite important steps to be taken to affirm the credibility of a particular project before venturing to be a part of it.

  • Firstly it is important to join the project’s social media channels for example Discord/Telegram groups and communicate with people on such platform and make sure you ask as many questions you want answers to about the project. Beware of Astroturfing which is actually the deceptive practice of presenting an orchestrated marketing or public relations campaign in the guise of unsolicited comments from members of the public. Make sure to carefully look into video and promotional Ads by the project, and analyze it because people tend to create quite a number of burner accounts on social media, and make use of it to spread promotional lies about lots of projects. This is why it is important to carefully do your own research. If you want to avoid and get far away from scam projects, you need to be open to new ways of getting real information, and most importantly figure out a strategy that works just for you. For a lot of people the major strategy is networking.
  • Secondly master the art of distinguishing between a lot of hype and a credible roadmap. This is quite noticeable in this space, because many projects in this crypto space are driven by hype rather than having a clear and credible vision clearly written on its roadmap, and this has proven to widely determine how a project can really fare in this competitive market. If you take a look at project that has proven to stand the test of time, then you will realize that within their community, you will notice big influencers asking questions before they buy into the idea of such projects. Delving into the details of a platform, you must have noticed that a project that won't stand the test of time is all about the hype, get people to come invest and eventually fall apart. But you will notice that when it comes to a promising project, the team must have created a roadmap that builds a genuine venture and ecosystem. It is quite important to carefully differentiate between the two and follow your instincts.

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  • And lastly, Try to talk people from the platform or community ask for more about the project from anonymous and put into consideration peoples views. Then you should note that when a team is anonymous, it brings about an imbalanced power structure. An anonymous team can potentially be no where to be found at any moment, and there will be no one to hold responsible because the will tend to ignore you and your concerns, and there is nothing you can do about that. But note that this doesn't necessarily mean that an anonymous team’s project cannot prove to be worthwhile, because there are few that has proved to be credible, but you can actively protect yourself by having high standards for your participation and make sure you do not drop that standard. Please consider this for an anonymous project and this considerations should include that fact that
  1. They must have a working product,

     2. They must be exceptionally knowledgeable and must have proven that

     3. They must have a key opinion leader supporting them. All these has proven to be very important.

Please note that these are just my views. And do not forget to follow f.or more updates

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Brainardpaul
Brainardpaul

An astute writer, digital marketing expert, A researcher with an MSc


brainerdpaul
brainerdpaul

I am a seasoned writer and I write ICO analysis posts everyday. I cover important companies. Follow me , and I will follow back. #ICO #Blogger #Cryptocurrency

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