Posted 9 months ago | by Ben Armstrong
You might not Have been Paying Attention if You Think Cardano is a Scam
Cardano, the open-source and decentralized blockchain project with its cryptocoin (ADA), has seen a growing interest from the crypto community in recent months and with that, comes some criticism which is not always valid.
In the crypto world is not unusual to hear people referring to projects they didn’t benefit from as “Scams” without any actual justification for their assertion.
If you want to know some of the why people referring to Cardano as a scam are wrong, make sure to keep reading or watch the latest BitBoy Crypto video!
Cardano Does Not Fit the Definition of a Scam
The first important thing to mention is that the word scam has no legal value except when considered as a particular instance of Fraud but even then, its specific characteristics are not described.
That being said, a scam is defined as a plan intended to make money by deceiving the victim by using dishonesty and wits.
Examples of actual scams taking place in the crypto world are the giveaway scam, Ponzi schemes, impersonation, and phishing scams that target people and trick them into taking their much-valued crypto.
The Cardano Project has not shown any such scams characteristics as people are benefiting from it by both investing in it and using the network, which is a fully-functional product.
Cardano Gets Closer to Complete Decentralization by the Day
With its governance and functions becoming more decentralized as the project advances in its roadmap as with Shelley coming at the end of the month, it would be hard for a scam scheme to run without the participation of everyone involved.
Decentralization will put the governance of the network in the shoulders of its participants, which means they will be in charge of making decisions and directing the future of the network as time passes.
This decentralization process adds transparency to the network making it difficult for deceit to take place via governance, with the only other option for such deceit being a backdoor or code unknown to those participating in the governance.
Cardano is Open-source and Anyone can Audit it
Just as mentioned before, if the governance of the project is not in the hands of any individual or group that could benefit from it, the other option would be technical.
Fortunately, Cardano’s code is free for anyone to look at and participate in its development as a result of its open-source nature.
Being an open-source project brings transparency to the project as anyone with a GitHub account, which is free and as easy to open as an email account, and some technical knowledge could look at the code and find vulnerabilities or backdoors.
Just as with the centralization, the code being out there for anyone to check and collaborate with means that everyone involved in the project’s development or who checks the code is a part of the scammers.
With the community keeping the development of the project updated constantly as well as the company having a dedicated team, this is a team effort between the company and Cardano enthusiasts.
Cardano has an Authentic Community
Cardano enthusiasts are some of the most vocal a supportive communities out there, with people actively supporting the project by developing, providing feedback, investing, and sharing their excitement about the project.
With no indications of the community being manipulated, paid for, or composed by an army of bots working for a shady overlord who programs them, there are no reasons to doubt the potential people see In the Network.
The community is constantly growing with over 14.000 new addresses being added daily despite the focus of the crypto community being on the DeFi ecosystem for the last month.
Community growth and support can be seen in the recent pump Cardano’s token has seen over the last 3 months, with its value and market capitalization increasing by 400%
The growing community also benefits Cardano's staking program as the more contributions that are hold means more people will join and probably hold, increasing scarcity and pump the price.
Cardano Just Works…
By taking it slowly with its development and abiding by its roadmap, Cardano has been able to avoid issues that could arise during the development process as was the case with node centralization for TRON or Neo.
With Shelley’s release, Cardano will be making a big move to compete with Ethereum as well as making it to the big stage, which a scam would not be able to as it intends to earn money for the scammers instead of developing a product.
Moreover, with success comes visibility and everything it entails, which would make it more difficult for any scam to work.
The continual development and functionality of Cardano are testaments to the project's authentic intentions and interest in creating a usable product to revolutionize the industry.
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