If you’re reading this to know more about the famous scam and how the rug pullers managed to pull it off — head here. but if you wish to know more on how this rug pull could have been avoided, read on.
There’s a new concept in the NFT medium that can solve many issues that relates to authenticity. it’s called crypto stamping.
First, what is cryptostamping?
It is a system where people can attach their NFTs to websites, articles, images, videos, games, almost anything that is hosted on internet and has a URL. — cryptostamping.org, in essence, digital stamps.
and this system is signed on-chain, lives on-chain, & verified with on-chain details — meaning everything is public and decentralized or in other words it’s #web3.
Ok, Interesting, so how does this work as a scam alert?
Imagine a digital stamp, lets take this stamp from the NFT collection, Cutouts
Now imagine a person X who’s a famous crypto advisor holds this NFT, and uses this stamp to stamp on all websites that he believes are scams.
- I Person X stamps Trojan on squidgame website.
- II A common crypto user opens squid game website now, he would be able to see that it is stamped with a trojan stamp, thanks to the person X who just wants your good and made the contribution, and the cryptostamping plugin which displays it auto.
- III But this doesn’t stop there, you can get even more confirmation, by viewing the stamping history of trojan stamp and who is the owner of that stamp (wallet address or ens domain).
- IV And if you follow this particular stamp, you will also get instant notifications whenever person X stamps anywhere.
Can’t I do this on twitter?
Sure, person X can also share this info on Twitter, Facebook or else where but it is useless as that info is only readable if you go into those platforms (Twitter, Facebook or some social platform) and specifically follow person X, and listen to everything he has to say which is almost impossible.
But with cryptostamping,
- the info is tagged with website URL,
- it is displayed whenever a user opens the said website or URL,
- and is verified with on-chain details,
- i.e. an authentic medium that cannot be spammed
- and a decentralized means that can not be controlled.
This opens a whole new space on how users view websites in general, and this is but one of the potential use-cases, they are almost unlimited…
Crypto stamping website — https://cryptostamping.org
Cutouts Stamps website — https://cutoutsnft.com
