NilaSafe: Regulating Crypto project team to save investors’ funds.
Before we start, NilaSafe is a part of the Nila Network ecosystem. Please read all about Nila Network here.
What is the need to regulate the team of thousands of meme/shit tokens and coins out there?
There are thousands of new coins/tokens launching on the ethereum blockchain, Binance Smart Chain (mostly), and other blockchains each & every day. They are getting listed on the CoinMarketCap, CoinGecko, and crypto database platform too & people are buying these shit coins and shit tokens in a high volume to make a massive profit.
But most of them are scamming people in different ways including, Honey Pot, Rug Pulling, Pump & Dump, or the project team sell all the tokens they hold making other tokens worthless, sometimes they intentionally keep bugs on the token smart contract so they can profit from the backdoor and shows the project as hacked. This is also seen before that if a simple token has an upgrading feature in its smart contract then the team can increase the transaction fees up to 100% making all buyer’s tokens worthless.
Unfortunately, most of the time the team behind the token or coin project remains anonymous & untraceable. There are hundreds of news of projects getting scammed and the project owner flees with millions of dollars. As a reason, the people who buy these tokens/coins get scammed & suffer huge financial losses. Sometimes the team is available on social media but there is no guarantee that they are real people.
The people who lose their savings on these scam projects, start believing & spreading Crypto as a scam, fraud, gambling, etc. This is very dangerous for the future of Crypto as cryptocurrency doesn’t mean just BTC, ETH, and BNB it’s all about the whole Crypto ecosystem and if we want the whole World to adopt cryptocurrency as the future currency we need to secure this space at any cost.
The more scams and frauds happen in Crypto, the more the Government will be strict to regulate the whole industry.
Note: We are against regulation on crypto users and the crypto industry but we are in favor of regulating the crypto project team & foundation to prevent scams and to save every investors’ money. This will encourage more and more people to enter the market.
To solve this problem we are building a fully free & open-source platform called NilaSafe which will do KYC of the project team of newly launched tokens and coins on CoinMarketCap, CoinGecko, and other databases to ensure the security of investors’ funds.
The platform will be much like CoinMarketCap or CoinGecko where everyone will be able to search for any coins & tokens and can see if the team has been verified by NilaSafe. If the project team is verified then people will be able to see their photos and social media profiles and their projects. If not verified then there will be an alert.
NilaSafe will keep records of the projects team’s KYC documents including video verification, facial verification, national identity, and tax documents. If anything goes wrong with the project(scam/rug pull/honeypot/etc) then NilaSafe will hand over the team data to the legal team to take legal action, therefore, they will be caught by the administration and investors’ money will be refunded.
If any project’s team member faces regulation from their origin country such as the illegality of cryptocurrency in the country, in this case, we thought for a different process. After the verification, we will not publish their photos on our platform, instead, the project team will be listed as ‘Verified but don’t want to show their photos’. Most importantly if the project is serious then there should be no excuse to do the verification, rather it will increase investor’s trust in the project.
The data we will store will be completely secret and our data secrecy policy will be bound by strict law.
We want your feedback on this decision, suggest us any features which you want us to include. You are also welcome to criticize this decision.
Contact us here: support@nila.network
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