Ankur Agarwal is a cryptocurrency expert. In this article, we discuss Scam Blockchain products and myths that questions legitness of the blockchain.
Before we deep dive into the topic on whether blockchain products are a scam or legit, we will start with a brief introduction on Blockchain technology.
All the currencies developed are in nods which have been recorded in a single book, and whenever one makes a purchase, it will be rerecorded in the same book. This whole process is called blockchain technology
The thing we are going to talk about is that whether the products developed under blockchain technology are worth investing in and its duration of existence which will decide whether it’s a scam or a legit product.
The question is majorly answered around the policies and rules offered by the different government in different countries. In some economies the currency trading banned and in some countries, different currencies are listed on stock exchange.
One thing that public is affirmative about blockchain technology is that it’s an open source project and many products can be created out of it which would mean that there would be products which are a scam and some would be legit giving the public a minimal choice to decide on the prospect.
We would still say that the whole product is dependent on the company issuing it and how they manage and not blockchain. If you ’re rational enough, then you would be able to predict whether it’s a scam or a legit product.
We will take examples of two products that have been working fine under blockchain technology.
The first product is steem which works exactly like Reddit with features such as upvotes and downvotes; Steem is the cryptocurrency that powers Steemit, a decentralized web-based life stage that boosts client cooperation through small-scale installments
Steem additionally works exclusively on the Steemit stage which gives it uniqueness yet additionally restricted use outside of the stage. The last purpose of restricted utilize is contradicted with Steemit flaunting a couple of hundred thousand clients and substance achieving a large number of dollars worth of Steem.
The second product that we are going to talk about is Bancor Network has the large measure of pairings are attributed to the one of a kind sort of Bancor Network’s capacity.
An important and memorable undertaking, Ethereum is an open-source, open, blockchain-based appropriated processing platform and working framework including keen contract functionality.
It likewise lays guarantee as the principal platform to convey savvy contracts to the blockchain, making a blast in the cryptocurrency biological system.
After Ethereum propelled, collaboration concentrated on the advancement of decentralized applications (apps) and keen contracts.
It can change over between any tokens inside the system by storing to and pulling back from stores, at rates that are figured by savvy contracts utilizing the Bancor Protocol.
What Record set up is simple, allowing you to log in utilizing Telegram, WhatsApp, and even SMS certifications. For included security Bancor is Trezor compatible, with Ledger Nano support in transit.
As we have given you the example of two products and efficiency of the blockchain technology, we will have very little to decide on whether the product is a scam or legit.
One way of doing it is to see its performance in the first quarter and drawing the comparison to its performance in the long run ay one year.
Since the dispatch, several organizations, people, and blockchain ventures have utilized Ethereum to construct their tasks, and numerous more keep on using brilliant contract functionality.
It also depends in t economy where the product is getting launched, even though it’s serving online and as a digital currency but if the currency is stated not to operate in their home country it would be difficult for them to operate.
There are hundreds of such classified examples available on the internet, so we would suggest you do thorough research on the company and the product’s vision before investing the same.
It’s very similar to researching stocks before you invest, you would compare its performance, see the future standings regarding market and goodwill of the product in the market, and so much more
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin