There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
How exactly does this CheckDot you’re talking about identify projects that are scam and the ones that are legit? A little explanation on how it works would suffice. Anyways I still be making use of the old method that I use whenever I want to find a project that is legit or scam. You just have to follow the process –the first thing I do when I happen to get any interest on any project is that I get to know their team first; there is a lot to do with this – you have to know whether the team are truly who they claim to be by thoroughly researching them.
The next thing I have to look at is their whitepaper – this is very important before you start talking about flashy websites and the rest of them. A whitepaper will show you the background, goals, strategy, concerns,and time line of that project you’re about to get yourself involved.
There’s a lot to do with the whitepaper and it’s going to help you decide whether it’s something you want to be a part of or not. Then you have to look at the token sale, and how feasible is the project, even after all that you still have to exercise caution. So talking about the CheckDot website, is it really going to do all that for you, and how does it do that?