Ethereum founder: This is the solution to counter fraudulent projects in crypto
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Answer Ethereum founder: This is the solution to counter fraudulent projects in crypto
Ethereum co-founder Vitalik Buterin recently touched on during a discussion titled:
“Vitalik – Ethereum 2.0 Questions and Answers”.
For a group of things related to the future of the Ethereum network including scalability solutions, as well as one of the most important issues that preoccupied the opinion of the crypto community and raised a lot of concern in 2017 is the large number of frauds related to ICOs.
Whereas ICO-related scams in 2017 and 2018 were common and a hot topic at the time and although their number has decreased recently, frauds in the cryptocurrency market still exist and are colored in different shapes and types.
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Ethereum founder’s suggestion:
suggest Mr. “Vitalik Buterin” is a solution for optimizing the handling of fraudulent and finance related projects by relying on decentralized finance.
Vitalik referred to the DeFi proposal, explaining it as follows:
“I have an idea about an ICO and associated fraud prevention that, instead of sending money to people who take it and leave, is restricting people looking for funding by putting the deposited money into tokens tied to smart contracts that the project owners will only get if what they promised is done. in the project paper.
In the sense that instead of people blindly trusting a specific project, they put their tokens in a smart contract so that the money is distributed later according to the progress of the project, thus facilitating the process for both parties, financiers and recipients.
The idea as a whole is interesting as it eliminates the risk that investors suffer and closes their investment in a smart contract, which prevents the project from suddenly disappearing.
Buterin added:
I am very excited about what decentralized finance can offer in principle.
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Where anyone in the world can have access to a system that enables easy financing, which is very powerful for me.
It should be noted that Buterin warned people not to deposit their money in DeFi protocols because the matter is still experimental.
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