Crypto Altruism Podcast Episode 42 -The good vs. the bad – Evaluating web3 projects and avoiding scams
Unfortunately there are a lot of scams in the web3 space. The projects doing real good far outweigh these scams, of course, but this doesn’t take away from the importance of being able to recognize bad actors in the space. In this episode, we discuss what you should look for when evaluating potential partners and projects in web3, and some red flags that could indicate that a project is a scam.
The questions to ask yourself when evaluating a project?
Is there a solid whitepaper or guiding documentation for the project?
Who are the developers? Are they doxed?
Who is the project partnering with or supported by?
How long has the project been around?
What sort of social media activity is there around the project?
Is there a solid, well researched value proposition behind the project?
It’s important to note that there is no, 100%, catch-all formula when it comes to evaluating projects, and every project needs to be evaluated on it’s own merits. Please be careful when evaluating projects, and make sure to take an individualized approach to evaluating each project.
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