Anyone who wants to raise startup funds these days could conveniently take advantage of the cryptocurrency revolution. This is what Spectre Security Coin network, a decentralized security platform for community seems to be doing.
In this review, we are going to examine the project and what it intends to accomplish, considering many such projects have proven to be disappointing to investors.
It is a known fact that all that a startup needs these days to raise funds from the crypto community is an initial coin offering. If the founders can convince the community that their project is worthwhile, it is just a matter of time before they’re smiling to the bank.
This has become very attractive to many would be startups and scam businesses alike. This is the reason why at Cryptoinfowatch, we strive to analyze what the project sets out to accomplish in order to guide the investors to choose carefully before depositing their funds in any initial coin offering.
What is Spectre Security?
This project claims that it is in business to help other project in the community to preempt and fix security issues. These are bugs that could be exploited by malicious actors resulting in losses.
The promoters believe that there is a gap in the activities of coin developers and those of security professionals which is not good for the industry.
It claims that its contribution to the cryptosphere would result in the development of better coin security that would eliminate the concerns that many investors have as seen with exchanges that have been hacked over the years.
According to the site,
“Security Professionals can help identify issues with a coin platform, infrastructure, and help find better ways to secure the network. Networks require constant monitoring and upgrades to ensure any weakness found can be addressed in the quickest manner.”
It further mentioned that their expertise would be brought to bear on enhancing web wallet security and those of exchanges which have been prime targets of attacks.
Features of the Network
The site claims that the project uses proof of work and proof of stake for its network consensus. It added that the mining of its coin would be resistant to ASIC miners.
It also claimed that the network’s token is a privacy coin that could be sent or received using a stealth wallet. According to the web copy, the platform’s wallet has a blockchain explorer with which users can view all their transactions directly.
Spectre security claims that it is a masternode project and assures users that this could easily be set up for investors.
“Spectre Security Coin now features Masternodes that cost 25,000 XSPC and provide Masternode operators 80% of the current block reward from Proof-Of-Stake after block 500K.”
Who is Behind the Project?
According to the site, the team members comprise experienced professionals, some of whom have had 14 years exposure in the cryptocurrency industry and related fields.
However, a closer look at the team raises some issues because the members’ identities were not revealed even though some had images displayed.
A Suspicious Team
This is basically a suspicious activity. Every genuine project makes sure that the identity of team members is known. They do this by linking the profiles of such members to their social media accounts such as LinkedIn.
You do not expect that people would send money to a project with anonymous team. This is exactly what Spectre Security is trying to do – raise funds from the community anonymously. Why would any investor send funds to a team that intentionally concealed their IDs?
The most disappointing players in the token market are review sites and ICO listing platforms that do not research the background of many teams before rating them. A check on some of these sites would show that some have rated the Spectre Security token project 4-star.
Many investors would be misled to invest in this coin and will eventually lose their funds to the scam.
Of the team of six developers, three had photos without names and social profiles linked to them. The other 3 had no images. This is clearly a red signal that this is not a reliable project.
Even though none of the images turned up from other sources on the internet, a photo without a name proves nothing, since you can’t even be sure that the operator of the site is the person in the image.
The fact that the team hid their identities while expecting the community to fund their project through a token sale makes this an unreliable investment for any investor.
The most obvious pointer to the fact that this is a scam project is the whitepaper. Scanning the document with plagiarism software shows that it was sourced from another company.
Comparison of the Stipend whitepaper with that of Spectre Security shows that the latter did a bad job at copying the former without attribution. This is a dishonest practice and common among scam ICO projects.
For instance, in its definition of proof of stake, it stated that:
“In spite of all this, a PoS network does come with some vulnerabilities. Because of the fact that the network is not aware of anything except for the blockchain, there is nothing physical anchoring the blockchain in reality. As a result, there are many methods that can influence and harm the network. One specifically is called a “bribe” attack, in which the attacker performs a spending transaction he wants to reverse later…”
This was copied word for word from the Stipend whitepaper as seen in the image.
Some scam projects have high marketing budgets, so they can create enough buzz to deceive many investors. This is why everyone must conduct due diligence before buying a token.
Instead of losing your investment to fraudsters, it is better to invest with reputable sites that are regulated where your assets would appreciate through built-in mechanisms.
Our top recommendation for investments help you accomplish this easily.
If you have opinions about this project, please share them using the comment box below.