Many people are interested in benefitting from the mining of digital currencies. The reason is that these coins have real value and can be converted to fiat.
However, there is a project, Standarta that dreams of making mining accessible for all and many people think that this could be their chance of getting free coins. Is it possible that cryptocurrency mining is made free for everyone?
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Standarta which claims to be a humanitarian project thinks that free mining is a strategy that would aid adoption of cryptocurrencies thereby making it a mainstream means of making payments and storing value. As noble as this idea is, we went to town in our bid to know how possible it is that Standarta could accomplish its objectives.
Standarta Motive for Free Mining
According to the website, the motive behind the project is that money mostly loses its value with time. This means that you could work all your life and make savings but the money you saved would be worth little when you retire due to inflationary trend. Standarta therefore concluded that the world’s financial system as we know it does not favor most people. It stated that its plan is to reward people for the inability of working parents to leave substantial wealth for their children.
Insomuch that the ideals seem laudable, what is the probability that Standarta could cryptolize the world and make most merchant and consumers embrace cryptocurrency?
Not An ICO
The website stated that this project is not an ICO. This means that it has no plans to raise funds from the crypto community and other investors but wants to give members the opportunity to mine free coins valued at $1 apiece.
The community agreement which each member would sign entitles them to individually mine coins valued at $11,000. The Standarta Free Token Mining would effectively empower the community by minting money out of free air.
How Feasible is Standarta?
After consulting with cryptocurrency experts, we came to the conclusion that the Standarta token would be valued little if people actually had free access to it. These are what could be defined as worthless coins because the developers did not make it valuable. Nothing of value is given out freely so there is no possibility that thousands of people would mine a coin freely and easily and it still retains the value it was pegged at initially.
An Unreliable Project
There is little information on the token that the project intends to develop and freely give the community access to mine. This shows that no serious thoughts went into planning the said token.
Ordinarily, a project that wants to be revolutionary should have a detailed whitepaper but this is not the case with Standarta. The fact that the website is most basic does not help the Standarta cause.
No Legal Structure
Every company or project should have a legal structure showing the team behind it. This could not be said of Standarta since the only official listed on the site is the founder, Oleg Serebrennikov. All the other ‘crew’ were listed with either their first names or aliases pointing to the suspicion that this could be a one-man show.
Serebrennikov seems Russian but his LinkedIn profile shows that he’s in Switzerland. Assuming the project is based in Switzerland, there should be a team to prove to investors that this is a serious project.
One Million Miners
The shallowness of this project could be seen in that it plans a stabilization without explaining what it meant by that. Neither did it explain the volume of coins that would be in circulation through supply despite promising one million people 11,000 coins for free mining. This is a poor idea of token economics.
The roadmap of the project didn’t show relevant information, alluding to the fact that the entity behind this project knows little of what they claim they want to accomplish.
Even though this project is not directly asking for funds, there is no doubt that it is an absolute waste of time for anyone that gets involved in it because the coin would certainly be worthless.
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