Last year, the media latched onto the story of Squid Game Token, a token on the Binance Smart Chain (BSC) that flew to a staggering multi-million dollar marketcap before the developers locked the trades and stole the liquidity, in a move known colloquially as a “rug pull.” To onlookers, the crime seemed extraordinary, but to those well-acquainted with the ecosystem, it was anything but. 

In the world of decentralized finance (DeFi), rugpulls and similar “Boiler Room” style scams such as honeypots are somewhat commonplace and are treated almost like an occupational hazard to be avoided; indeed, one can even purchase their own honeypot scam on Fiverr for as little as $15. However, one team of developers, recognizing the danger posed by these criminal elements, has decided to take matters into their own hands with a new project called NeverRug, launching on the BSC on March 1st.

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The vision of NeverRug may be grand: to provide a regulating force within the DeFi ecosystem and rid it of fraud to restore investor confidence and foster growth; however, their two-prong approach is simple. 

A Capital "C" Community Token

The first part is building a foundation of education, rooted around a community–something that is well-underway, according to developer and team spokesman Kevin Glynn, who comes to the project from a background in financial technology. 

“We previously did a quiet test-launch of the NeverRug concept, and the support from the community was so great that we decided to pool our resources and give it a proper launch. From this community, we hope to see a wellspring of safe, vetted projects that can grow with mutual support and promotion.”

The second prong of the approach comes from the technology the team brings to the table: the NeverRug software will build upon risk assessment AI already utilized by some insurance companies to assign projects a “Pull Score.” This software will analyze the important metrics of DeFi projects in ways that eclipse all current competitors, and will strive to become the standard rating system within the environment. 

“Most scanners out there just read contracts and flag functions commonly used by scammers, however, their scope is somewhat limited and prone to errors–shady developers know how to game those metrics to look good, and honest developers are often misclassified as bad actors,” says Glynn, “through holistic methodology, we aim to change that.”

Preserving the DeFi Environment

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This form of analysis includes analyzing the media presence of a project both on socials and more traditional outlets, and incorporating those metrics into the overall score. For example, a project could have a sizable following on social media, which would be a net positive, but the software could dig deeper and, through analysis, uncover that a majority of the following is just ‘bots,' which would count against their overall score.

“This is only our first step though,” explains Glynn, from his office in Cambridge, “from there, we plan to provide more in-depth audits of projects that we can, in turn, share with our community. Our mascot is Pully, an orangutan who also serves a forest guardian; that's how we see ourselves in this project. We see an intrinsic value in this ecosystem, something good that's worth protecting, and we think we can be the ones to foster positive growth here, and that's what we plan to do.”  

NeverRug Token will launch on the Binance Smart Chain on March 1st, but pre-sale information is now available at the NeverRug Website where the token will be for sale after launch, as well as through the Flooz.Trade and PancakeSwap exchanges. You can follow the NeverRug Project channel, or the community channel in Pully's Lounge Telegram, or read the NeverRug whitepaper.

Disclaimer: All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

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WILMINGTON, DE - February 22, 2022 - A social experiment concocted by Dutch artist Dadara and NFT digital rights management platform RAIRtech has resulted in the creation of 7.9 billion digitally identical NFTs of CryptoGreyman. While physically, the NFTs all look the same, each carries its own serial number - a commentary on the way in which people are viewed in the centralized corporate world; generalized to numbers.

In a sea of NFTs that artificially create scarcity by imposing ‘rare' traits, limited collections, and exclusive communities, the identical CryptoGreyman NFTs - available for purchase for 1 MATIC (~$2.05 USD) -  seek to be the opposite. 

“I see this as a dead serious prank, which can rattle the cage of consensual reality and elevate conversation. It's an experiment with an unpredictable outcome,” said artist Dadara. “No one specific NFT is better than another, and because the minting price is widely accessible it will be interesting to see what value each individual CryptoGreyman holder brings.”

The NFTs feature the Greyman character, originally created by Dadara in the 1990s, but have been given a pixelated, web3 makeover. The NFT's only unique characteristic is the serial number, which is given out in sequential minted order. The project is a commentary on the way that government and corporate society have stripped people of their individuality, often reducing them to numbers and statistics, which is paralleled by the unrelenting pressure that social media has put on people to be radically unique. By launching CryptoGreyman, Dadara hopes to raise conversation on the potential in the decentralized Web3 space to create a more honest form of individuality, by putting the users first. 

“This year this whole NFT “status symbol” idea has really developed, to the point where people will spend hundreds of thousands of dollars on a Bored Ape NFT or other PFP projects and will use that piece of digital uniqueness as what defines them. This project is more democratized, the barrier for entry is intentionally low,” said Garrett Minks, CTO of RAIRtech. “When a person purchases a CryptoGreyman, that attached serial number is theirs. That number, if they chose to keep it, will be theirs until the end of time, or the blockchain ceases to exist.”

This project is not only a statement piece, it also brings real-world benefits to refugees. The project has teamed up with non-profit Movement on the Ground, an organization that seeks to dignify refugee reception across the globe. RAIRtech is placing 2,222 of the most coveted numbered NFTs in a treasury. Movement on the Ground will disperse those reserves as part of an educational program that teaches refugees how to set up a wallet and sell their NFTs, enabling the start of their new lives with a wallet that can travel with them anywhere. 

The cause was chosen because one of the largest issues that refugees face is the struggle to obtain proper forms of identification needed to seek refuge. Often refugees and asylum seekers are seen by countries and governments not as people who have fled unimaginable situations not of their own making, but rather as piling paperwork on a desk. 

Polygon will provide the Layer 2 solution and will mint the drop, which is slated for February 22nd at 2:22pm EST. Each NFT will cost 1 MATIC ($~2 USD). 

ABOUT RAIRtech

RAIRtech (https://rair.tech/) Is a blockchain-based, distributed digital rights management platform that enables streaming NFTs.  Currently the NFT marketplace supports public-facing images whose ownership is proven on the blockchain.  With RAIR you are able to take this same NFT and attach a video, song, document or data to it.  RAIR uses a decentralized key management node system to allow anyone to create NFTs that are tied to the underlying content, while also providing NFT minting, royalties & metadata management.  With RAIR, creators can turn any type of media into an encrypted, access-controlled file that is accessible on any type of browser, making any digital file scarce and therefore valuable.  

MEDIA CONTACT: Transform Group, [email protected]

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Advanced data protection capabilities to protect technical data stored inside and outside of Siemens Teamcenter

(PRWeb February 22, 2022)

Read the full story at https://www.prweb.com/releases/2022/2/prweb18509953.htm

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