Identifying Crypto Scams; What Makes ViCA a Legitimate Project.

There is no doubt that the crypto market is evolving and the valuation of different cryptocurrencies has skyrocketed in the previous couple of months. This increased market value of some coins has gathered millions of users and investors that have added up to the 2 trillion dollar market capitalization. The significance of blockchain has moved developers and companies to launch new projects and services for the users as currently more than 9000 coins are listed on CoinMarketCap and much more are still launched every month. With every new project or token being developed, Initial Coin Offerings have also become so common that the majority of the investors look for ICOs to book bargained tokens and take profit early as soon as the project is made public.

The increase in the number of cryptocurrencies being launched every other week is also increasing the frauds and scams people do hiding behind these fake ICOs or made-up cryptocurrencies. Although there is no direct answer to the question that which cryptocurrency will be successful and offer a good return, there are certain guidelines that can help investors and the users to trade for legitimate projects which aren’t there to only lure money but have a wonderful objective and goal behind the development of their coin or token. Various steps that you can take to avoid any fraud in the crypto market are listed below:

The Blockchain Behind the Project-Cryptocurrencies and decentralized finance are some of the applications of blockchain. Every coin or cryptocurrency is developed on blockchain and its operations run on it. There is no need to have sound knowledge about the blockchain network to identify the fraud as every cryptocurrency must have a blockchain working in the background. Some projects have developed their blockchain while others utilize the publicly available blockchain like Ethereum, which is the core platform for numerous coins and tokens. If any startup does not make their blockchain public or use different arguments to claim that their blockchain is currently in the development phase, it is very clear that it is a swindle and involves any scam. You can easily browse the claimed blockchain on the internet and go through the details to verify if the project or cryptocurrency seems legitimate and genuine.

The Team Behind the Cryptocurrency- one of the most important factors in the success and potential growth of the project is the team or founding members of the startup or project. Major names like Vitalik Buterin can easily make a cryptocurrency successful through its association with any project. Therefore, many scammers create fake profiles for the developing and administrative team behind any coin or cryptocurrency to attract users. Anyone looking to invest in ICO or the project must thoroughly search for the founding members and developers behind the project, check their experience and profile if they are available on popular social media platforms like Twitter, Facebook, or LinkedIn and whether they post frequently and interact with their followers or not. Fewer posts while thousands of followers is also a bad sign that the person has purchased followers and might be a scam. Apart from their profiles, investors must also investigate if they have good experience relevant to the field and their qualifications. Anyone with no particular experience can be a turn-off and you must avoid participating in the ICO or buying that cryptocurrency.

Going Through the Whitepaper- A whitepaper is the most important and deciding factor of any project or cryptocurrency’s success and market growth. The whitepaper must contain the objective, goal, marketing, and promotional strategies, development plan, operational measures, and the timeline for each operation of the project. The whitepaper can reveal much about any project or its team capabilities as most of the projects or tokens develop attractive websites full of graphics but do not explain a solid concept behind the creation of the new cryptocurrency or the service they are offering. A whitepaper should answer every question an investor or user is confused about, explain the financial model, SWOT analysis, and implementation plan to satisfy the readers without leaving any vague or ambiguous concepts. Any project hesitating to reveal their whitepaper before their ICOs or launch must be avoided at any cost.

All these measures can effectively help you to identify and differentiate between fraudulent projects and legitimate ones. However, there is no guarantee even if the project meets all the above-mentioned requirements but you must regularly follow the project, the functionalities being introduced, the token sale in the ICO, and browse through their websites to perform transactions and utilize other available options to check whether everything works fine.

Most of the projects and cryptocurrencies carry out extensive Initial Coin Offerings to gather funds and attract investors to buy a significant amount of their total supply. This results in the early sell-out of coins by the investors leading to a rapid price drop and loss to the loyal customers. Fake and fraudulent projects carry out massive ICOs to generate good capital and pack up early. However, ViCA’s strategy is entirely different as to ensure users’ trust and confidence in the price point of the token, it will not conduct any type of pre-sale or initial offerings. The project will not participate or carry out Initial Exchange or Security token offerings so that the price is decided based upon the trust of the ViCA foundation. Most of the startups conduct pre-sale for financing their development and marketing operations, which can lead to a major drop in token price later. Keeping in view this drastic issue, ViCA will not adopt any similar business strategy to raise funds as it will single-handedly cover all initial costs and investments required for the development, operations, and marketing. This shows ViCA’s commitment to a fair and profitable business model for all. ViCA’s revenue and business model is very simple and straightforward, the project will earn from arbitrage trading. A portion of the profit generated from arbitrage trading will be focused on buying back tokens from the market and the other portion will be invested into ViCA’s initial seed money to generate compound interest. Arbitrage trading will be carried out live and streamed on YouTube so anyone can easily view the trading status.

Moreover, ViCA’s extensive project implementation plan and the solid concept of Noflation are clearly explained in the whitepaper, available on its official website. The project will also not over-supply the token to dilute market price as the limited number of tokens will be issued and the price of the token will gradually increase based on the trust and rise in the number of participants in the project.

ViCA Website: https://vica.global/

Twitter: https://twitter.com/ViCA_Foundation

Facebook:https://web.facebook.com/ViCAFOUNDATION/

Telegram: https://t.me/joinchat/SZUUF7kprWoyNzk5

YouTube: https://www.youtube.com/channel/UCaB5eMtQ2Wk-HBZd0NSMX_w/videos