Bitcoin Forum

Decentralized or centralised I don't care but in future if a new smart contract project comes with auto smart contract verification it's over, let me explain this better, a project that will run on such smart contract will be licensed, there will be no room for copycat with fake smart contract that lures people into buying wrong tokens for example on uniswap or pancakeswap, for example a project named waki will remain waki with a licensed smart contract address, no other will be able to share same name and smart contract

yeahh maybe.
actually we already have many website that we can get a real information about cryptoasset.
for example
coinmarketcap is the world's most-referenced price-tracking website for cryptoassets in the rapidly growing cryptocurrency space
CoinGecko is the world's largest independent cryptocurrency data aggregator with over 6,000 different cryptoassets tracked across more than 400 exchanges worldwide.
etc

If we are talking of licensed then that would involve government intervention? Am I right?

For me, this is going to be a legal matters if we talk about license and that's the only way to protect a certain project against scammers, and not only that, since we are talking of a smart contract getting license, what if those who like to run a crowdsale will also get their license first? That way, scammers will not exist.

If by means of auto smart contract verification as you stated, it is surely the address won't be shared across other projects. Actually, licensing a smart contract is already happening as of now, see Uniswap V3 who has a strict business license that prevents others from copycatting their codebase over the period of 2 years, but turns out it is already being cloned despite their licenses!

Isn't that already happened?

It's just that there are still a bunch of phishing smart contracts, but they are definitely not the same contract and people have to be pretty stupid to fall for these cons.

Perhaps a verified badge or something will help, but that's up to the third party explorers to provide.

It's possible but the internet is just too free for all and there is no need for a license to that. There is no stopping someone from doing something and releasing it as long as they got support from a certain community, they will succeed even if the government will keep pushing them.

The government will not stop to push though. It could take a decade and they will still continue to push changing the laws until the project will give up. XRP is just an example of how the government will keep finding ways to pin down a project.

Let's see how this is going to work. People who often fall victims of fake smartcontracts are the ones always in a hurry to ape in without cross checking with the real contract. Some friends loss thousands of dollars on pancakeswap because they wanted quickly buy the token before anyone else and end up buying fake and loss on both.

It could be. At that time, the government can force the project to put their into their project so the government can know who the investor is and watch closer to the investors. If something happens with the project, the government can help the investors. Maybe the scenario will be like that but that still needs time to implement license because crypto still runs and needs to develop many things before it is ready to use. Maybe we will see something in the next year or two years later.

But who is going to be the verifier or license provider? If someone does that then obviously some other issue the license to an another project with the same name so its not really a practical thing can be applied. The project team should take down the copycats and the investors should be careful with their investments while trading on decentralized exchanges.

Yes, this is similar to what's being done on various social media accounts. I doubt utility token licensing will ever happen and this is the closest option aside from the warning that pops up from AMMs like Uniswap/Pancakeswap. This will still be difficult to implement though and will take resources from those guys running explorers.

Licensed could work but newbies will keep getting trapped by non licensed projects, I'm sure many of them won't be able to tell the difference until they fall for scam, also the licence idea will erase Decentralisation from crypto world do you know that? Coins like Monero and others (privacy coins) will become a joke

They'll get in trapped and choose fake projects if they blindly invest in projects that are scam/fake. Perhaps, it wasn't new to the newbie and if this comes to real and strictly complied by the developers, this would possibly lessen worthless projects to exist but can never stop it. Whether we like it or not, these scammers, fake developers will continue their evil doings as long as they can and as long as there are greedy people around who wants easy money.

Yes and that's contradicting what blockchain and cryptos are since we are decentralized. I think we can't do anything about it right now there are thousands of copycat projects that looks like the original with its own smart contract, etc. and many people are getting scammed by this kind of projects that's why we should always be careful and check the smart contract and the address we are going send our investment.

Do you realized that most of the project used similar code for there smart contract? There's no way for a smart contract to determine the uniqueness of each project since most probably they will have similarity on part of the code. It will need a human to manually verify it. If you insist this kind of logic, There will be no competition at like on AMM Exchange section. Most of DEX use same smart contract since the functionality is just same, They are just changing the interface and some additional feature but they have similarity on smart contract code since there purpose is same.

Being licensed would be fine, but in the future this will be used as a way to make profits as new projects will cost more. If eventually there will be regulations regarding licensing, which institution has the authority to do that? and can the credibility be justified? And can reduce the scam project?
maybe the license can make crypto more centralized.

This can be obtained using third-party apps such as block explorers, but I do not know what the intrinsic value is if you do not know the difference between legal and scam? But will it solve problems like liquidity? High gas costs? Speed transfers? Decentralized (if it was central, it would not need smart contracts)?

Generally, this can be implemented centrally or decentralized and within the blockchain level, but it is difficult to implement it between several blockchains.

At the end of the day, it will depend on each of us. We cannot just agree with automatic licensing. There should always be background checking if they are applying for such.
If it's not such a hassle to you, where did you get this idea?
Because before I had this problem with one supported ICO that I won't name anymore but due to their headquarters being in Singapore who are strict when it comes to businesses license, most of their investors left them for they cannot provide any documentation about their license in the said place.
The good part is the licensed business website is accessible for everyone. 

Well, as for the fake smart contracts. We should be vigilant in checking those contracts for the tokens that we're investing with. I think it became common to be a checker first before investing because of the proliferation of scam projects that as what you're addressing.

This is really a problem and I've seen in the past that a few projects have a lot in common and it's intentional that they've copied cat it and that's to scam people. Still, as an investor, we should take care of ourselves.

correct. No one can buy a copy cat token if you really used to check crypto asset using trusted websites nowadays such what you mentioned above mate,. because they provide smart contract and all datas when it comes project. So it's impossible you can buy scam token..

Only a old crypto investor can escape such trap because they already have the knowledge of what's going on in crypto world, if you go on uniswap for a certain token you will end up finding more than one, I think the solution to this is on the Dex platforms, they should never allow anyone to create a fake token with same name and list on uniswap

You give developers ideas let's see if they are going to pick this up and build a project with this idea, but we have a project that verify if a particular project is good, it offers


The name of the project is CheckDot https://checkdot.io/ they are already in the market https://www.coingecko.com/en/coins/checkdot
it can help the community to trace what projects are worth investing.

that's like @OP wish. i have seen many project just like this in 2018, but they start to fall apart if there is no money to be made.
it will be a big challange for them in the next couple years, hopefully they succeed.

Actually, I invest only in projects that have license and have an audit passed. Audits it is like an insurance that there will not be bugs probably, so my assets will be in safe and this platform will not be hacked. It is very important that people are not confused by tokens with similar names and smart-contracts, this way there will be less mistakes and losses.

But in order to get a license, you need to recognize the cryptocurrency as a valuable asset. And the very principle of licensing breaks the whole idea of ​​decentralization. And really what authority will issue the rights to companies. It sounds more like nonsense.

Licensed i mean who will publish it, i mean i read a few comments it means need something legal like government to make it happen. I think if people already know and really deep to research about project that he want to invest, we shouldn't be worry to trapped into scam project or project which only copy from others. It is that simple, because a lot of people only follow which still get hyped and don't think about it (the research).

When are possibilities for launching coins and token anonymously then how it would be possible to take legal action? The concept of decentralization is purely depending on self-responsibility. It means you need to take care of your investment and your assets and no one will be responsible for anything.

But, there are possibilities about community-driven blacklisting. It means if there would be any initiative to list legit and scammy things then people will act accordingly for their secured stay in crypto space.

By licensing a smart contract it needs centralized entity that decides which smart contract is licensed and which are unlicensed.
Honestly, we are already fine the way it is now, most of platform like uniswap always giving warning to the users to keep checking whether the coin they bought is having a correct smart contract address or not. However if someone is new to crypto they better stay in centralized exchange that way they will be guarded from the risk of buying fake tokens by the scammers. that means the protection for new investors by using the dex needs to be increased. that's why DYOR was always the best way for anyone to deal with this thing. at least they know that how to get the real address of smartcontract and avoid being trapped by the fake contract

But you should care... I care about it! It's not the same, we need to know who is in charge, and before everything else, the ones who are in charge should do things transparently! I like privacy coins, and I don't care what people do with their own money in their own free time, but I do care about government is doing with the money they get from all of us!

You are delusional if you think that something centralized can fix the global problems... and I am not stating that decentralized can fix the problems, but at least with decentralized, we have some chances!

Such smart contract will require a new blockchain so the problem you're trying to solve will still persists in other blockchains unless you have the ability to force all tokenized assets to move to the new blockchain which I don't think is possible.
You don't have to be delusional, the solution already exists and it requires little time to research before you put your money on any tokens.