Everyone that is familiar with the coin market knows about Monero. What they may not know is that there are many projects that pretend to be variants of major cryptocurrencies just as Monero White which obviously wants to ride on the popularity of Monero to sell its token.
This may not be a bad idea if the project is solving real problems, but we definitely would frown at a project that adds no value riding the wave of popularity just to enrich the developers.
This is the reason we have to take a closer look at Monero White to know what the project stands for, how it hopes to benefit the community and whether the team has the competence to fulfill their obligation to investors.
What is Monero White?
The information available on the website states that this is a fast, decentralized and untraceable cryptocurrency. This may not really be very different from the original Monero concept, which means that Monero White is essentially not adding anything new unless there is something that we are missing.
A look at the Monero White whitepaper shows that the writer was making effort to make it look like there is so much information the team is passing across when in reality, the whitepaper is quite sparse for a project that seemingly wants to improve on Monero, one of the most successful privacy coins in the coin market.
Another remarkable feature of the whitepaper is that it obviously was not crafted by an expert. This could be seen with the many grammatical errors on it. This points to the suspicion that the team behind this project is not competent. Neither can it convince a serious investor that its token is worth putting money in.
The writer intentionally used bold characters to make the whitepaper longer, but a casual observer wouldn’t miss the fact that it is a futile effort to pass off as containing much information.
What Problem Does The Project Solve?
The whitepaper stated that the anonymous crypto would focus on the security of Internet of Things devices. According to the writer, IoT is considered a part of the internet and would need added layer of security down the line. This would incorporate blockchain and the attendant security it bestows.
To understand fully how they intend to do this, you may need some knowledge on the technical to understand how the team behind the Minero White plans to accomplish that. They’re however stated that they’re introducing “lastic sharding at layer one”.
Impressive, you may say, but there is no evidence that this is actually feasible. As far as we could see, the whitepaper is another attempt to convince investors to participate in a token sale that won’t benefit anyone as we shall see in a moment.
Just Another Scam
Unless it is professionally set up by expert conmen, scam projects mostly leave signs that show their intention. The scammers behind Monero White are certainly not so smart as we found the usual signs common with scam token sales.
A New Site Airdrops Tokens
The Monero White site was registered on April 20, 2019 and just two days later, commenced its roadmap. That is rare for a real team to accomplish. For a two-day old site to be involved in an airdrop is like renting a shop and today and finding goods in the shop you just rented and guess what? The goods actually are yours.
No Serious Project On Roadmap
It is amusing that a project that claims that it is building a privacy coin that’ll find application in the security of IoT devices did not include any serious action plan on how it planned to accomplish that.
The roadmap comprised simple and non technical activities such as listing the token on exchanges, airdrops, updating website, launching a beta wallet and a buy-back program.
A Fake Team
The most damning evidence that a team offering tokens for sale is fraudulent is if they’re unable to prove their identities, have history of involvement in scams or actually plagiarized the idea they presented to the community.
In the case of the Monero White team, they were found to have been faked from images pulled from the internet. Stock photo sites are known to be the primary source of images used by ICO scams.
Reverse search shows that the image of the CEO, Jimmy Teoem Kopi was taken from a dating site. Same with that of the software engineer, Lopleesiin Mee.
Monero White is a lousy attempt to present a project that could not live up to its billing because the entity behind it is a scammer interested in quick wealth. This is why every investor should protect themselves by conducting appropriate due diligence before making investments on any site.
If you’re thinking about investing in a reliable site, check my recommendation. Also, remember to share this post to help stop the scammers.
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