Yoda Labs Weekly Digest: January 19 - 25
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How To Spot a Potential RUG — Clear signs something is sketchy
November 19, 2020
MINS
Tutorials
Let’s talk about how to spot a potential rug.
Rugs… too many in just a short period of time.
Well, people got experience from other blockchains and came on BSC for quick cash as it should’ve been expected.
The number of rugs has slowed down a bit in the last couple of days, but is it over? No, and rugs will never stop appearing.
But can we learn how to spot sketchy aspects of a project?
Yes! And that’s what we’re going to be discussing today.
I will try to explain in great detail the points I made clear in the tweet above, along with others that I deem necessary.
Okay, I’m taking too long, here is a table of contents:
- Short list of what I look for
- Careless and rushed developers
- Rushed projects
- Careless developers - Overall appearance
- Social Media Management and Appearance
- Social Media Proof — Fake or real?
- How to spot fake social media proof
- How to spot fake Twitter followers
- How to spot fake Telegram members - Intrusive marketing
- “Spreading the word” using fake/bot accounts
- Mass tagging using bots - Contracts — The real deal
- Verified contracts
- Mint function - The most important thing
- Re-cap
Short List of What I Look For
When it comes to a new project I have a list in mind of what I should look for. I’ll first give you the list here and then we can discuss each one in particular.
- Careless and rushed developers
- Overall appearance
- Social Media Management and Appearance
- Social Media Proof
- Intrusive marketing
- Contracts
Keep in mind that those are just potential red flags that should alarm you, but that doesn’t mean the project is 100% safe or a scam. I'll explain the point above in the "The most important thing" part.
Careless and rushed developers
This will be the first red flag I’m going to be discussing today.
Rushed projects
Rushed projects appear overnight and in less than 12 hours (most of the time) they have:
- A website done
- The farms live
- Thousands of followers
- An airdrop/giveaway with somehow thousands of likes/retweets
I also notice that the domains are registered just hours before launch, a major red flag for me, since it obviously takes more time to prepare a great project, but it only takes a few hours to fork an existing one.
How to check when a domain was registered
This one is easy.
Just go to whois.domaintools.com, paste the link in the search bar, and then scroll down to “dates” to check how old a domain is.
Careless developers
Here we’ll have to check the contracts.
Most often than not fly-by projects don’t even edit their forked contracts properly, leaving clues that the project is rushed and the developers are careless.
The example above is taken from the infamous WineSwap rug-pull, where the MasterChef contract wasn’t even fully edited and the developers left in the main names of the Sushi functions.
A major red flag for me.
Overall appearance
Maybe the first thing that comes to mind to most people is to check contracts, but I like to do that as the last task.
Why?
Checking how the overall website looks gives me an idea about how much the developers have actually worked on the project before release.
Here I can even decide if it is worth investing in the project or not.
I tend to take a brief look around the website, mainly checking for:
- Overall UX/UI
- Information/Links to information
- Uniqueness (yeah, I know, I’m cherry-picking at this point)
What I consider red flags when it comes to the overall design of a website
Let’s take this random project I found on Twitter as an example.
I’ve found this project on Twitter after I was tagged by CryptoDeus in a post related to it, where he makes clear his concerns about it and warns people it might not be that safe to enter.
I’ll be honest with you, after checking out the website I feel the need to wash my hands…
Here are some immediate red flags I see:
- The website is just a rushed fork of SushiSwap.
- The whole design seems to be made in a few minutes, without even trying to make it look good.
- There is no link to their MasterContract anywhere in sight.
- The “Lending” and “Insurance” buttons only display a “coming soon” message, without any info about them anywhere.
- A quick check on their Medium (which is linked at the bottom of the page) even confirms that the project is rushed, no story ever being written on their account.
- I’m not even gonna talk about the logo which is a pure joke.
I’ll rate the website appearance 1/10.
It isn’t mainly about it looking bad, but more about the fact that it is clearly rushed, and when you rush something you’re clearly only looking for the end-goal, ignoring the path along the way.
Not a good sign in my book.
Social Media Management and Appearance
In this step, we’ll take a look at how social media is handled by the team.
Because I like to be extra-careful and cherry-pick the projects I join I’ll also take a look at the overall appearance.
What I’m looking for:
- Medium-high social media activity.
- A flood of information about the project.
- Great appearance (not a necessity, but a nice thing to see).
Let’s compare one of the first tweets of PancakeSwap to the first tweets of “Phoinikas”.
You can see:
- Great branding.
- Clear information.
- Hashtags for organic reach.
- A link to their first-ever Medium article that gives lots of information about the project.
Overall a nice tweet. I like it.
Now let’s take a look at the first tweets of “Phoinikas”.
You can see:
- Awful branding using only images found on the first page of Google Images (that are 300x300 pixels I might as well add).
- Absolutely no information about the project.
- No link to a Medium article explaining what the project is all about.
- An airdrop of their token which at that time had absolutely no use-case and not even a website.
- Inconsistency and small grammatical errors (again, I’m cherry-picking, I’m aware of that).
Horrible tweets.
Also, the airdrop (at least for me) is kinda sketchy. Trying to market the project even before it is released.
Airdrops are a common thing projects do, especially new ones. But for me it can be a red flag. I'd like to encourage you to form your own opinion about everything. You have to decide what is a red flag for you and what isn't.
I also took a look around their Telegram group.
Tons of questions that were not responded to, some people were even asking “when rug?” and people that sent their wallet addresses (for the airdrop) were being banned.
I’ll rate the social media management and appearance 1/10.
Social Media Proof — Fake or real?
Here comes my favorite thing, social media proof.
When it comes to a new project I can forgive the not-so-appealing website appearance and maybe try to not be too harsh on the social media management, but I’ll never forgive fake social media proof (fake likes, fake followers, fake Telegram members, etc).
Buying Twitter followers and Telegram members is extremely cheap, especially if you buy directly from providers and not from resellers (Not gonna teach you how, don’t even ask. Never buy fake social proof, it only hurts your growth).
As you can see, you can buy 5,000 Twitter followers and 5,000 Telegram members for a whopping $20.30 USD.
Never fall into the trap of fake social proof.
How to spot fake social proof.
Let’s first learn how a fake Twitter account (a bot) looks like.
Disclaimer: The ones below are the usual bots you'll see and in terms of fake accounts sellers rate them as "low-quality". There are other types of fake accounts that entirely copy one's social media profile, only changing the username. Those are rated "high-quality" and harder to spot.
How to spot fake Twitter followers
Fake accounts are easy to spot, especially the really cheap ones as stated in the disclaimer above.
The cheap accounts are clearly bot accounts and easy to spot on their own, look for:
- Non-custom names (having the same name as their username).
- A lot of numbers for uniqueness.
- No description, info.
- No photo, fake photo of another person (usually women), or photos of random objects.
- Their tweets are nonsensical or they just retweet random things (you can even find the past clients while checking out a bot’s account).
How to spot fake Telegram members
Fake Telegram members are also semi-easy to spot.
As you can see there is a similarity here:
- Many numbers in the username
- Clearly fake photos
- Trying to impersonate women (usually)
Let’s also see an example from WineSwap’s Telegram group.
These are higher quality.
In the example above you can see that after mass-joining the fake accounts only typed “hi” and “hello”, clearly not natural.
But, what makes spotting fake social media proof extremely easy is checking the followers list as a whole.
It is easier to see batches of fake accounts rather than trying to pick them individually.
Let me show you.
Let’s take a look at Phoinikas.Finance’s social media.
Seems like they have 1,796 Twitter followers and 1,841 Telegram members.
Okay, it doesn’t seem like much, does it? Well, it kinda is if you ask me, but not as much to raise immediate red flags.
WineSwap raised so many red flags at first because in their first day they had over 5,000 followers on Twitter and over 5,000 Telegram members.
But, let’s check them as a whole, should we?
First, Twitter!
Let’s take a quick look at the accounts that follow Phoinikas.Finance on Twitter.
Okay… well, I think that’s obvious enough and doesn’t need to be explained.
Let’s check who liked their posts, those must be real people!
Okay… there is still hope on their Telegram!
Secondly, Telegram!
Please be real people…
I think I just lost faith in humanity at this point.
I need to do something real quick…
I’ll be right back
I’m back, had to wash my hands a second time.
It is extremely obvious that the project bought fake Twitter followers, likes, and Telegram members.
Also, you can see a discrepancy when it comes to the engagement on their Twitter posts.
- Post #1 has: 1 comment, 4 retweets, and 19 likes.
- Post #2 has: 2 comments, 12 retweets, and 35 likes.
- Post #3 has: 2,300 comments, 2,600 retweets, and 2,300 likes.
- Post #4 has: 3 comments, 5 retweets, and 21 likes.
There is a clear discrepancy between the engagement the giveaway had and their other posts. Yes, a giveaway is supposed to get more engagement, but not that much.
Tip: If a random project that's one or two days old already has thousands of followers it should immediately be a red flag for you and you should start looking into it.
Anyway, at this point, I think it is clear that the above project bought some fake stuff to make it look more legitimate.
Let’s move on to other things you should look for.
. . .
Well…
I just came back home, looking forward to continuing writing the article only to see that the website “phoinikas.finance” now redirects to a clone of “turing.finance” (whatever that project is) and that they rugged.
Imagine rugging while an article about “how to spot a potential rug” is using you as an example of a potential rug.
Man, this world is wild.
Intrusive Marketing
This one is a bit harder to come through, but I felt like including it here.
Intrusive marketing is when projects use bots and/or fake accounts to “spread the word” about a project on Twitter on random people’s posts and/or tag a massive amount of people in a project’s post.
Let’s take both situations at a time.
“Spreading the word” using bots/fake accounts
As you can see in the picture above this fake account is trying to silently shill WineSwap in CryptoBethany’s posts.
This is a silent way of making people aware that the project exists, and believe it or not many people ape into random projects on Twitter, so this strategy is working.
Tip: If you see a new project being shilled on Twitter, first check the accounts that are shilling it. Try and find out if they're fake/bots or not.
Mass tagging using bots
Mass tagging is quite straight forward. Just a bot tagging random people in the replies of the project’s posts.
You can’t really save yourself from being tagged by bots as they tag people that follow another project or people that liked a certain tweet (since people that liked the tweet tend to be more active on social media).
Anyway, mass tagging isn’t as bad on Twitter as it is on Instagram.
Tip: If you're getting tagged by bots in a mass tagging action that's an immediate red flag.
Contracts
Many thanks to Defi Khaled for helping me write this part.
Now, here we come to the real deal.
You can fake anything, but you can’t fake code.
When it comes to contracts there are four main things I look for:
- If the contract is readable.
- If the contract is verified.
- Accessible (unnecessary) _mint function.
- Time-lock
Let’s take each one at a time and explain it.
Verified contracts
A contract is verified only when you can see the green check-marks on its bscscan.com page.
What does the “verified” mean?
When a contract is verified it means that the developer added a human-readable version that’s an exact match of the actual code.
Nothing more, nothing less. It just means that the contract you see it’s the real one.
Tip: I've seen some rugs bragging that their contracts are verified and that "it means it is safe". No, do not believe that. Verified doesn't mean safe, it only means it is the actual code.
What should I run from?
You should immediately run from YF MasterChef contracts:
- that have the human-readable version but they’re not verified.
- that don’t even have the human-readable version at all.
If you see the above, you can’t read it.
While every project has unverified contracts at some point (especially the ones with runtime logic such as games) you have to be very careful with it.
The MasterChef contract and other main contracts of a project should always be verified.
The same applies to non-verified contracts that are readable.
If a contract has the human-readable version but it isn’t verified it means that what’s shown to you isn’t the actual code, so the developers might be trying to hide something from you.
Accessible _mint function
Here is how a mint function looks like on BSCScan’s UI.
And here it’s how it looks like in code.
What does a mint function do?
A mint function allows the contract owner to create more tokens “out of thin air”.
The rugging method using the _mint function is when the owner gives himself a bunch of tokens and then sells them, bringing the price of the token to almost $0.00 USD and screwing everyone over.
If there is a mint function does it mean the project will rug?
No, absolutely not.
A mint function is needed, especially when tokens are minted every block for rewards (in the case of yield farms such as PancakeSwap, Thugs, Narwhalswap, etc)
How to be safe when there is a mint function?
Well, this is a tough one.
Always make sure there is a need for it.
Yield Farms and other projects with unlimited supply will always have a mint function because that’s what their project relies on, but if you’re trading a token that is supposed to have a maximum supply but it has a _mint function then it should raise a red flag.
The example above was taken from the $SAFU $FUNDS rug where the main tokens should've had a maximum supply, but ended up minting new tokens.
A wonderful thing for tokens that have a maximum supply is when the developers set the owner of the contract to the dead address (0x00…dead) like beefy.finance did with their $BIFI token.
Time-lock
What is a time-lock?
A time-lock delays the function’s orders for the time specified in the time-lock, and the call will be public on BSCScan until the execution of said orders.
Does time-lock mean safe?
Yes and no.
Don’t let Timelock be a buzzword; they’re only as effective as their usage, not inherent safety.
The above quote is taken from Defi Khaled's post. I suggest you read it.
While yes, the calls will be public until the execution and anybody can read them you’ll also need someone to be constantly checking for changes.
My recommendation
Set up an alert on the time-lock contract.
You can do it by adding the contract to your watch-list within BSCscan and you’ll be notified via e-mail every time the time-lock does a transaction.
What options could a developer use instead of a time-lock?
A developer can set the ownership address of a contract to the dead address (0x000…dead) and make the contract completely untouchable, but remember that this also means everything has to be perfectly done before the execution and that in case of an emergency the developers can’t help since they don’t have access to it themselves.
I prefer a trustworthy team and a time-lock rather than an untouchable contract.
Again, you have to form your own opinion about everything. Do not blindly follow what I say without doing your own research beforehand.
The most important thing
The decentralized world might look scary at first glance.
It can be complicated, it requires a lot of research and most of the time there are going to be risks that come with it.
But should that discourage you from joining new projects?
Absolutely not.
Taking safety precautions and investing only what you can afford to lose is the way to go.
The thing that gets people stuck in rugs is greed. It is the idea of getting rich quick, going all-in in a one-hour old project thinking they will have those x100 gains overnight.
Be safe out there.
Stop dreaming about overnight success and focus on continuously growing instead.
Re-cap
Let’s re-cap what you should look for when considering joining a new project.
- Overall appearance, rushed projects and careless devs
- Is it rushed?
- Is it high quality?
- Did the devs. even try? - Social Media Management and Appearance
- Is their social media informative?
- Are the devs. active? - Social Media Proof
- Are the Twitter followers real?
- Are the Telegram members real?
- Is the project trying to fake social media popularity? - Intrusive marketing
- Is the project using fake accounts to promote the project?
- Is it using bots to do it? - Contracts
- Are the contracts readable?
- Are the contracts verified?
- Is there any time-lock?
- Who’s the contract owner?
This is how I personally check out the projects.
On top of what I already said, as a final note, ask yourself the following: Is it too good to be true?
If the answer is yes, take a step back, and analyze the situation, assign yourself some limits, and try to be careful with it.
Stay safe!
. . .
You might also want to read: How To Keep Your Funds SAFE — MetaMask Guide
—
The Ape 🦍
Follow: Twitter
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
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Get the inside scoop on the hottest Web3 gaming trends and movements in our weekly Yoda Lab newsletter.
Yoda Labs Weekly Digest
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Web 3 Gaming News 🎯🎮
- As gamers begin to accept the dynamics of web 3games, Animoca Brands CEO, Robby Yung believes many great games are to come in 2023.
- Oath of Peak, one of the most ambitious gaming projects in Web3 has over $20 million invested, reports the pre-registration of more than 500,000 players.
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Web3 Gaming Trends 🔥🚀
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Where to find Yoda Labs:
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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BSC News
Binance Research: 2023 Is Looking Up Despite Q4 Market Cap Decrease
January 28, 2023
The Binance Research team outlines downtrends across several verticles but sees a small boost to begin 2023.
Binance Research Quarter 4 Report
A team at Binance Research released its State of Crypto: Market Pulse report for Quarter 4 of 2022. Consisting mostly of graphs and data, the report highlighted how the year ended with a general downward trend, but several indications show a strong 2023 could be on the way.
The 45-page report of slides, released on January 27, reviewed several key verticles across the industry and gave a general assessment of the industry’s end-of-the-year performance. The overall market pulse is still positive despite the 15% decline in the market capitalization of the industry.
Here are some of the trends from industry verticles in the report:
- Layer 1s: General downtrend with Solana as an outlier
- DeFi: Long downtrend across 2022
- Non-Fungible Tokens (NFTs): Down in Q4 but up for all of 2022.
- GameFi: Dominates Web3 with 80% market share.
Despite the overall downward trend in the market, Binance Research sees a small pick-up to begin in 2023. Prices have been readjusted and the bottom appears to be in.
Read the full report from the researchers JieXuan Chua, Shivam Sharma, Kaushik Guduru, and Mac Naggar here.
What is Binance Research:
Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
Where to find Binance Research:
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Blockchain News
Core DAO Integrates With Switchboard for Permissionless Data Connection
January 27, 2023
Core DAO partners with Switchboard to give developers access to on-chain and off-chain data.
Core DAO Announce Partnership with Switchboard
Following its recent integration with LayerZero, Core DAO has announced its partnership with Switchboard, empowering developers to access secure and permissionless connections to on-chain and off-chain data.
Core developers will leverage Switchboard’s oracle network to gain data such as sports, weather, price, and more. Core DAO notified users about the collaboration on January 27 through Twitter.
We’re excited to announce our integration with @switchboardxyz 🤝
— Core DAO (@Coredao_Org) January 27, 2023
This integration empowers developers to access secure and permissionless connections to on-chain and off-chain data.
Read more here: https://t.co/ssmF1eFBTg#CoreDAO #SatoshiPlus
Switchboard is a permissionless multi-chain oracle protocol for general-purpose price feeds. The collaboration will give developers the tools like Publisher and Explorer to manage and build their data fields. Through an official Medium announcement, Core DAO expressed delight at the collaboration.
“Switchboard grants Core developers access to data that is otherwise unavailable and increases the scope of applications that can be created with both on-chain and off-chain data. We’re excited about this partnership and empowering developers to build on Core,” the blog read.
Blockchains need oracle networks to access any data. The partnership with Switchboard will provide access to data for developers and contribute to the protocol’s development in the industry. In the meantime, Core is working on launching its native oracle solution, which promises to exceed traditional blockchain capabilities.
Read more about the collaboration in the Core DAO Medium announcement.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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Blockchain News
Core DAO Tweets Clarifications About Consensus Mechanism In Wake of Launch
January 27, 2023
The Satoshi Plus consensus mechanism combines PoW and DPoS to achieve a scalable, secure, and decentralized blockchain.
The Satoshi Plus Consensus
Core DAO broke into the Decentralized Finance (DeFi) space with its Satoshi Plus consensus mechanism, solving the blockchain trilemma—Decentralization, security, and scalability.
To remind users about the revolutionary solution, Core DAO published a Twitter thread on January 27. The Satoshi Plus consensus combines Bitcoin’s Proof of Work (PoW) network and Ethereum’s Delegated Proof of Stake (DPoS) to solve the blockchain trilemma.
The consensus of a chain creates its foundation. PoW and PoS do not need to be opposing methodologies. Properly implemented, the two should work in harmony.
— Core DAO (@Coredao_Org) January 27, 2023
A 🧵below 👇 #SatoshiPlus #CoreDAO
In summary, Core DAO’s thread was published to remind the community Satoshi Plus Consensus mechanism combining PoW and PoS:
- Anyone can participate in a PoW consensus mechanism.
- PoW takes abundant energy and molds it into scarcity. Combining energy and scarcity creates value that anyone can create and earn.
- PoS mechanism without PoW tends towards centralization, ensuring users pay early adopters to participate.
- They restrict network governance to a small group, which is more similar to a corporation than truly crypto-enabled decentralized governance.
- The Satoshi Plus consensus solves the issue of centralization from the PoS inflexibility by combining the openness of PoW.
- The consensus mechanism allows PoW and PoS to work in harmony.
BSC News explained the Core DAO revolutionary blockchain, including the Satoshi Plus consensus. You can learn more about the network in this article.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the history of the crypto ecosystem paired with an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Website | Docs | Twitter | Discord
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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BSC News
Binance Angel: “Binance Is A Big Entity--But Like a Family”
January 27, 2023
Binance Angel speaks about the great reception and his casual encounter with CZ.
Binance Angel Shares His Story
Binance shared a short interview video of Binance Angel Mikki Nielsen, who divulged his crypto past and how he became a Binance Angel.
Nielsen opened up in the Binance interview, explaining how he has been involved in crypto since 2011, when he first got into bitcoin but only recently heard about Binance last year. Once he learned about Binance and Binance Angels, Nielsen admits he felt like he had found a big family. He even describes his “casual” meeting with Binance CEO Changpeng Zhao.
Take a look at the short interview shared through Binance’s social media.
Meet @MikkiNielsen4, a long-serving member of the @BinanceAngels team.
— Binance (@binance) January 27, 2023
Watch this video as he takes us on a journey through his experience since becoming a #Binance Angel and what he enjoys the most about it! pic.twitter.com/e9DvfIRJcU
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
Website | Twitter | Discord | Telegram |
Disclaimer: This is a paid Ask Me Anything (AMA), BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement AMA for $2000 Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the AMA.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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