We are seeing in crypto that new projects come daily, and not every project is a gem, but very few of them come out as a powerful project. Also, many scam projects are coming daily, so it is important to identify such projects to save your money and time, and this is also applicable for both investors and the people who are involved in airdrop work. If you really want to become early birds in solid crypto projects, then here I have some tips for you
1. Start with the Whitepaper—but don’t stop there
A whitepaper is core for any project, and it describes the problems and solutions for their problem by that particular project is going to solve. Not only this, but the whitepaper shows tokenomics, technology, and also the project's long-term vision. You should be skeptical instead of surprised, and this is the only way you can see the project's drawbacks and benefits, and also whether the project is genuine or not.
2. Check the Team and Advisors
One thing is common in legit projects, and that is they should be backed by the people who have verified and have good experience and journey. By a good journey, I mean to say is scam-free history. Even if one member has had a scam-related activity in the past, just leave that project and check for others. Also, check their experience with other crypto and tech projects. If the whole team is anonymous, stay miles away from that project.
The biggest warning sign is that the team member has new social media profiles, which clearly means that the project is 100% a scam, and they just created new social media accounts to catch the fishes.
3. Analyze the Tokenomics
We often talk about tokenization and tokenizing the world because it is a very crucial part of crypto. We should have the information of tokens such as use cases, supply, inflation details, and the schedule of distribution. You should know what the real use case of the token is, whether it has utility or is just for fundraising purposes, also the percentage of team members holding. If the team members hold a very large amount of tokens, then they can dump on you.
4. Community and Social Presence
What you see in hive? A dedicated and active community and also most engaging community in the whole crypto world. You have to interact with others on the projects. See that people talk about just giveaways or price pumps, or they are talking about the use case, technology, and future roadmap. And if you enagage, you get the idea very easily.
5. Partnerships and Roadmap
Partnership matters a lot; check if the project is partnered with any company with a low reputation or if their partners are stronger. Partnership gives a clear view of anhy crypto project. In the roadmap, you can see the new features and updates, launch times, and promises. Basically, it shows the future plans of the project.
Conclusion
It is not very difficult to identify the scam projects if you follow this guideline, and I guarantee you that you will easily identify the project if you follow this information. I hope you liked this information. Please do share and comment below, and I am going to meet you tomorrow with the new blog.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and having new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring. Thank you, hive family ♥ |
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