With the emerging risk of scams and frauds, people are becoming more and more vigilant with whoever they transact with, especially within the blockchain network. Cryptocurrency and blockchain technology has received some security-related flak over the past few years, so being a reliable platform is advantageous. But for developers, is exposing themselves to the public a great way to show the platform’s legitimacy, or should they stay anonymous?
If you are well-versed in cryptocurrency, you might have already known or at least heard the term “doxxed dev.” But in honor of those not aware of this terminology, let PrivacySwap give you a brief explanation of what “doxxed dev” means and how it applies to cryptocurrency.
Exposing yourself to the public, Is it safe?
Doxxing is the act of disclosing personally identifiable information about someone online, such as their true name, home address, workplace, phone number, financial information, and other personal information. That information is then disseminated to the general public with or without the subject person’s knowledge. This sounds dangerous, but cryptocurrency investors see it as proof that the platform is not a scam. In one of our medium posts, we added that doxxed dev is one of the seven ways to spot a scam. Despite the many benefits it could offer to the developer platforms. However, we also need to weigh in on their disadvantages.
So what are the negative impacts of exposing the developers’ information?
Just imagining the idea of exposing yourself to the public is already terrifying as anything could go wrong, and people might use it to do wrong things that could ruin your reputation or life, especially in the blockchain ecosystem. There have been numerous high-profile hacking cases in recent years, confirming a need to be cautious.
As cybersecurity professionals, we believe that security and privacy should remain our utmost priority. And we are keeping ourselves anonymous yet approachable to our users. PRVarmy could always reach us out on our different platforms in any case they have questions and concerns.
On the other hand, why do other crypto investors prefer “doxxed devs” instead of staying hidden?
Newbies are the most skeptical investors as they are still unaware of the benefits of crypto. In addition, new investors tend to focus more on the drawbacks of the ecosystem as they are scared to lose all their investment in a second. Therefore, knowing the people behind every platform in which they will be investing is what they prioritize. This could be because they want to know who to reach out to (or blame) if things go south with the platform.
Furthermore, crypto investors also look for developers’ credentials to conduct background research to identify these people’s past jobs and positions. With that being said, we think “doxxed devs” will be another way to attract users.
What are the benefits of being anonymous?
Data security and personal safety are the two most apparent benefits anonymity could offer. They also perhaps allow you to express more of yourself without risking that your identity could leak elsewhere. The same goes for the crypto-verse. Though it really will help you build more credentials to your platform (if you are a developer), it might put your identity at risk. In the worst-case scenario, people could use developers’ information to duplicate the platforms, leading to a loss of customers’ trust in the event of scams.
In a nutshell, it is tough to identify which platform is legit and which one is not. So, doing further research on specific platforms before investing is necessary. Developers’ names and information indeed play a small part when it comes to platform credibility. However, there are still ways for the platforms to prove their legitimacy and assure their users’ comfortableness.
Furthermore, it is always advised to look for a platform that will help you grow financially. We continually offer free DeFi classes to help you learn more about crypto’s fundamentals and complexity. We also have a new game called Hack The Vault which might exponentially increase your assets. On top of that, it is highly engaging and interactive.
What are your thoughts about this? Let us know!