Why be allowed to create tokens with the same names?

[Jawadu]

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

[Blockline]

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

you are perfactly right. This is very good concern. So now we are coming up with a fork of Tron . Public blockchain where no one can create a duplicate name . A coin or smart contract has been created once another won't be able to create same name . And most importantly this blockchain is for community. Whatever gas fees or transaction charges taken when assets transfer from one wallet to other . That fees goes to platform or miner. But we are coming up with an idea that fees should be distributed to platform yes miner yes and most importantly with contract creater a coin creater community. Coin creater community is actual benificier because if them all this transaction happen so here that fees wil be share with 3 part . 1 platform 2. Miner 3 smart contract creater community.

[Jawadu]

you are perfactly right. This is very good concern. So now we are coming up with a fork of Tron . Public blockchain where no one can create a duplicate name . A coin or smart contract has been created once another won't be able to create same name . And most importantly this blockchain is for community. Whatever gas fees or transaction charges taken when assets transfer from one wallet to other . That fees goes to platform or miner. But we are coming up with an idea that fees should be distributed to platform yes miner yes and most importantly with contract creater a coin creater community. Coin creater community is actual benificier because if them all this transaction happen so here that fees wil be share with 3 part . 1 platform 2. Miner 3 smart contract creater community.

This would be great! For I have seen fake tokens have the same name as the tokens they copied but the contract is what becomes unique. But it will reduce fraud by a very large percentage if there will be improvements to make the token name the unique same as a contract address.

[Jawadu]

Sometimes there are two companies that have been using the different name but it used the same ticker.

Yes, buddy! It's not bad to use a different name but the same ticker, it's just like using the same website name but a different domain for some reason. At least it would make sense to use the same ticker rather than using both the same name and ticker of another token because it may decrease the value of one project.

[aylabadia05]

This is a basic concern in my opinion. But this space seems to provide freedom for anyone who wants to innovate in the field of blockchain technology.
Therefore, any project that comes up with a good cause is bound to get something good in this space.

[Jawadu]

This is a basic concern in my opinion. But this space seems to provide freedom for anyone who wants to innovate in the field of blockchain technology.
Therefore, any project that comes up with a good cause is bound to get something good in this space.

Absolutely! And that is why there should be something to protect the value of good projects. Because when a scammer copies some details of a good project including the token name, it's obvious that some percentage of the people who follow that project will buy the fake token which will lower down the original token slowly.

[Jawadu]

Based on my knowledge, the project you are judging is not a scam. Initially, two competing companies won a lot of market share, in the process of competition, one managed to grab a lot of market share and the other failed to reach the target market. so from that case it can be seen why the fraud token you mean fraud is given permission should not.

Buddy! I think you have not understood what I mean. Follow this example; If you are using Coinsbit exchange just check their Telegram channel or Instagram account to see their new tokens which they list every single day! 50% of those tokens are completely fake! If you want to confirm that, track those tokens by searching them on google and you will find the original project which has been copied by many of those tokens. That is why after 1/2 months if you go back to coinsbit and check that token you will see it has 0 volume.

[aylabadia05]

Absolutely! And that is why there should be something to protect the value of good projects. Because when a scammer copies some details of a good project including the token name, it's obvious that some percentage of the people who follow that project will buy the fake token which will lower down the original token slowly.

Anyone who will buy tokens or coins from a project will consider many things, such as the seriousness of the company that produced the tokens, the history of the teams involved in the project.
So, it will definitely be known whether it ends in a scam or not.

[Jawadu]

Anyone who will buy tokens or coins from a project will consider many things, such as the seriousness of the company that produced the tokens, the history of the teams involved in the project.
So, it will definitely be known whether it ends in a scam or not.

Sure! In-depth research is mandatory before diving into a new project. Investing in any new token without research of the company/team behind it would be risking of money 100%, and most people regret it in the end.

[FinneysTrueVision]

With cryptocurrency being decentralized it is impossible to prevent this from happening. Exchanges, block explorers and wallets could implement some safeguards but since they don't control your private keys it is ultimately up to each individual to check that they are interacting with the correct token contracts. When I add a custom token on Pancakeswap there is usually a disclaimer stating that it might be a fake token and you have to check a box to continue trading. If these measures aren't sufficient and you are still falling for scams then you probably should stay out of DeFi.

[Jawadu]

With cryptocurrency being decentralized it is impossible to prevent this from happening. Exchanges, block explorers and wallets could implement some safeguards but since they don't control your private keys it is ultimately up to each individual to check that they are interacting with the correct token contracts. When I add a custom token on Pancakeswap there is usually a disclaimer stating that it might be a fake token and you have to check a box to continue trading. If these measures aren't sufficient and you are still falling for scams then you probably should stay out of DeFi.

Good, but staying out of DeFi will still not be a solution for both beginners and project owners because imagine if 50% out of 100% traders will stay out of DeFi because of this issue! Maybe new projects should make sure to put the full details of everything that they officially own including their token(s) so that it can be easy for anyone to get important things like the contract directly from the project owners themselves.

[RokokGudangGaram]

I'm not sure how it was allowed but yes sometimes it is confusing and some people really do get victim by a lot of scams because of this. Maybe let's observe well especially to this kind of things since one mistake could cost you really huge amount of money. I've seen many coins that were alike of the original one I'm not sure how does it happen but if you managed to buy wrong coin it will be gone.

[TheMimic1]

Projects can share the same name with different personalities, this isn't in the offline world where you can sue someone for sharing your company name, this is the blockchain and also even if you come up with a fresh name another project might later share the same name with yours but the only thing that will be different is utilities and of course smart Chain or smart contract

[smartaction]

It is true that scammers now come up with many projects with the same name of big project to scam Money. But usually its symbol can be same but The contract address can't be same. So you have to be careful and verify the token by contract address

[Jawadu]

I'm not sure how it was allowed but yes sometimes it is confusing and some people really do get victim by a lot of scams because of this. Maybe let's observe well especially to this kind of things since one mistake could cost you really huge amount of money. I've seen many coins that were alike of the original one I'm not sure how does it happen but if you managed to buy wrong coin it will be gone.

Yes, buddy! We should observe these things because one mistake can lead to unexpected loss. And it is very simple to create a custom token because it's just a copy and paste of one code! Very confusing, I wish they do something in the future to allow only one token name just like how they allowed one contract address.

[cabron]

It's the smart contract address that you have to compare if you want to buy the right token. It's a common mistake when a newbie goes to a swapping platform like the Uniswap or pancake. The smart contract address will exactly pinpoint the right one. This is why you need to copy-paste it on the search box before swapping.

There is nothing that will regulate these Tickers but probably it should have been part of the smart contract codes of the swapping platform to avoid mistakes like this.

[Jawadu]

Projects can share the same name with different personalities, this isn't in the offline world where you can sue someone for sharing your company name, this is the blockchain and also even if you come up with a fresh name another project might later share the same name with yours but the only thing that will be different is utilities and of course smart Chain or smart contract

I don't know if you understood what I mean, buddy! I am not talking about the same company name, but the same token name. It does not make sense to have the same token name with another token that represents a different project! Blockchain is all about new ideas but not copy and pasting other ideas!

Imagine if a developer copies a name from another token, do you think their services/products will be exclusive?

[Jawadu]

If me not wrong, smart contract every token is different. In crypto world, who can help us made us safety is ourself. In so many things and one of it what OP tell us, about fake tokens. Usually we can see token with same name and if we not sure it is the right coin or not maybe look on their website, try search their smartcontract and match it with our coin, same or not, if not it must be fake token.

I agree with you. The contract address is the important thing that saves us from fake coins. But I hope in the future only one name per token will be allowed because still some beginners are losing money with those fake coins. Maybe it would be good if each project will put their token contract on their websites so that it can be easy even for beginners to trade the right token.

[Jackl87]

Very disappointing! I wonder why there are so many tokens with the same names on the blockchain network, I have seen so many scammers take advantage of new projects by creating a scam token using those new project names! Many people have already lost money because of this trick [mostly beginners]. If a new project creates its own token and becomes popular, scammers will create a fake token using the original name of the new project! So if beginners do not know how to do in-depth research then it will be easier for them to lose their money by buying fake tokens.

The creators of these blockchain networks have used great knowledge to create these technologies and so far they work perfectly, so why not make an effort to improve them so that they can limit only one name for new tokens to avoid fraud? I think if they can do that it will also help add value to the new project because scammers will no longer have the opportunity to create a fake token using the details of the new one.

What are your thoughts on this?

I also think that this is kind of a flaw of blockchain projects that the names are not unique and can just be used again if u create a new token on a blockchain no matter ho many of these projects already exist. This was not that big of a deal like a year ago but with the rise of all the dexes that started with the release of uniswap it can now be a real problem especially for crypto beginners. Almost everytime now when a new and hyped project is about to be listed on uniswap or pancake swap or on another dex scammers are creating pools with a token that has the same Name and abbreviation than the "real" one. Now if you are one of the unlucky dudes that buys this token instead of the real one then you just lost all your funds.

[crwth]

Why not, right? Isn't it because we are in a decentralized system that no one can stop what you can do? That's just the disadvantage or the drawback with this system is that it make it easy for people to scam each other and those people who hack and destroy other people's lives are benefiting from it. That's why the best thing to do is to educate people on the possible scams that can occur.