How CheckDot is Bringing More Transparency to the Crypto Industry

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If there is anything that the blockchain and crypto world has in abundance, it is newly-released projects. Every single day, there are projects, tokens, and sales that spring up claiming to be the next Bitcoin or the next big thing in the crypto sector. 

For crypto lovers or anyone looking to invest in cryptocurrency, the endless choices can be daunting. It can also be tricky to decide what projects are worth investing money in and which do not have any long-term value. To make this choice, many crypto lovers turn inwards to their communities to seek out opinions on certain projects before investing and others choose to painstakingly read whitepapers and try their luck with certain projects. 

Needless to say, project appraisal within the crypto community is quite lacking. However, it seems a solution to this problem has emerged via CheckDot, a tech company that announced the launch of the first-ever decentralized trust protocol in November 2021. 

How CheckDot Works 

For the crypto community, CheckDot fulfills the very important function of determining the worthiness and legitimacy of crypto projects. This includes smart contracts, NFTs, and so on. This is also done anonymously to protect user privacy while offering access to information about certain projects. 

Built on the Binance Smart Chain, CheckDot also acts as an opinion platform and collects information from multiple people on the blockchain and publishes it. That way, interested parties can read compiled information and opinions about a project and make their decision on it without having to seek out the information themselves. 

The bigger goal of CheckDot is to help projects and companies achieve more trust by allowing people to anonymously validate and verify their worthiness. By doing this, consumers can have more trust in these projects knowing that they have been subjected to some sort of review process. 

The cryptocurrency industry is only going to get bigger and projects are not going to stop getting launched. However, the crypto industry has no shortage of projects that make outlandish claims about their project potential, their token use, and everything else in between. So far, there has been little way to verify if any of these claims are true or not. The ICO bubble burse around 2018 and the many pump-and-dump projects that have come and gone have eroded public trust and led to a trust deficit in the market. 

But with CheckDot, this trust deficit can be corrected and it also offers a way for the value chain to be ‘sanitized’ via the verification of all sorts of projects. By the end of the year 2021, a number of services from CheckDot will now be available to the public, including the ability to request advice or to carry out audits on specific projects. 

For those who choose to engage with the community, there are financial rewards to be had. CheckDot has laid out a list of these activities; Smart Contract Audits, KYC Audits, NFT Trust Indexes, Rare Objects, Anonymous Forms, E-Commerce Pre-Verification Opinions, Businesses Verification, E-Document Verification, and Services Trust Analysis. For anyone who engages in any of these rewards will be given in the Check Dot Token, CheckDot’s native token. 

Users are expected to already hold a certain amount of the Check Dot Token and will receive more upon the completion of these activities. To obtain this token, users will need to purchase it from an exchange and the presale for the token will take place on Unicrypt from November 13, 2021, at 21:00 (UTC).

In 2022, CheckDot will be introducing a new feature that allows users to evaluate special projects and have the evaluation results listed on the platform. 

Why CheckDot is Needed

It is no secret that we are in a very crucial stage for the crypto industry where it is looking into more mainstream growth. However, if this trust gap is not closed in time, these expansion efforts could fail and worthy projects could be overlooked as a result. 

This is why CheckDot’s service is very important. By creating an independent platform to ascertain worthy crypto projects, investors can have more confidence in putting their money into the market and the crypto landscape is made more wholesome as a result.


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