Web3 is a much-discussed topic nowadays. While many see the benefits and are strong believers in it, others are more reluctant to use Web3 services. Almost on a daily basis, you hear of crypto scams, rug pulls, as project owners run off with the money of investors. Mostly, inexperienced Web3 users are victims of these rug pulls as they fall for well-engineered deceit.
CoinRisk tackles this problem with a self-serving audit & analytics platform. The platform allows projects, especially at the early stage, to undergo a holistic risk analysis and to receive an audit report including an NFT certification, if all critical errors have been resolved.
For retail investors, the platform provides analytics that were derived from the audits itself and various other sources that can be analyzed on-chain. The solution provides a 360° assessment on the technology, tokenomics, finance, and operations, basically combining a traditional financial audit with a security audit in Web3.
Building trust is the ultimate goal here by examining the mentioned areas and identifying risks that can have an impact on the project. Projects have the chance to enter relevant information in a quick & easy way. Aside from entered information, on-chain data will be imported, and industry averages compared to conclude on the project’s standpoint.
Adrien Resch, the CEO of CoinRisk told us “We are excited to soon offer a platform that can provide trustable data of projects and let retail investors experience valuable analytics to be able to use the data for their decision-making when it comes to investing. Audits will be for free while the analytics will be offered for subscribed users. The focus of the MVP is on Iota, Polygon, and Fantom.”
The project will drop NFTs to grant early supporters special benefits for the platform such as lifetime access to premium features. Besides that, the NFT holders will become the beta testers of the platform and have a voice in the decision-making for the product development. Regular users will have to pay a monthly subscription to enjoy the premium features. Therefore, the NFTs could also appreciate in value once the platform becomes more sophisticated. The NFT drop will be facilitated by Soonaverse, a DAO tooling & NFT marketplace platform on IOTA.