Is the word Transparent falsely used in crypto? – Ryan CMO
When I first started my defi journey, there wasn’t really any transparency in the crypto space when it came to development teams. “Transparency” wasn’t in crypto until recently, maybe in the past year. I personally have a mixed feeling when it comes to true transparency in the crypto space. To me transparency when it comes to crypto has to do with a few things. When a development team says they are transparent, what do you look for? Below I will list some things that I look for when seeing if a development team is being transparent.
1. Are they doxed?
· Are they willing to put up their personal information so they can be legally held liable?
· Did they KYC? Verifying their personal information by a third party?
2. Are Development wallets made public?
· Are their development hidden wallets?
i. These are usually created to take profits from holders.
· Are wallets locked / Multi signature?
· Delivering as promised?
· Are their actions aligning up with their words?
· Being consistent & not slipping up on their words?
· Are devs communicating with holders?
· Are truthful updates being given?
· Are devs giving holders peaks to their real life?
It is important to understand that people that are “doxed” in every day life still commit crimes and fraud. Development teams will say they are transparent but they wont check any of the boxes that I have listed above. Transparency in my opinion is over used and used to exploit and take money from investors. After doing your own research and something doesn’t feel right, my suggestion will always be to go with your gut. It is important to protect yourself when investing into crypto.
Of course; this is never financial advice, this is just my thought on the topic of transparency in crypto. I have seen people use the word transparent and their actions do not align. As always, stay vigilant and mostly, have fun!