BOTH Network Dev Team Takes Stand Against Pre-sale Amid Rising Crypto Scams

In a recent tweet, the development team behind BOTH Network, a burgeoning player in the crypto space, made a bold declaration against the prevalent practice of pre-sale in the industry. The tweet stated;

“More than 95% omf crypto projects that engage in pre-sale end up as scams. BOTH Network has no plans for pre-sale and any investment from the public at any stage of the project.”

This proclamation comes at a time when the cryptocurrency market is rife with instances of fraudulent activities, often disguised as pre-sale opportunities. The BOTH Network team’s decision to eschew this conventional fundraising method underscores their commitment to transparency and integrity.

Unlike many projects in the space, BOTH Network is opting for a unique strategy that excludes pre-sale altogether. The team believes that this approach not only mitigates the risk of scams but also fosters a more equitable distribution of rewards for both users and the development team.

The announcement has garnered attention within the crypto community, with many applauding BOTH Network for taking a principled stance against a practice that has tarnished the reputation of the industry. By forgoing pre-sale, BOTH Network aims to build trust and confidence among investors and users alike, emphasizing a long-term vision over short-term gains.

What is Pre-Sale?

In cryptocurrency, a pre-sale refers to the initial offering of tokens or coins to a select group of investors or supporters before they are made available to the general public through a public sale or initial coin offering (ICO). Pre-sales are typically conducted to raise funds for the development of a project or platform.

Participants in a pre-sale often receive tokens at a discounted price compared to what will be offered during the public sale. This exclusive access to tokens incentivizes early investment and can help the project raise capital quickly. However, pre-sales are also associated with certain risks, as they may lack transparency and regulatory oversight, leading to potential scams or fraudulent activities.

Benefits of not participating in a pre-sale for BOTH Network

1. Reduced Risk of Scams: By not participating in a pre-sale, investors avoid the potential risk of falling victim to fraudulent projects that use pre-sales as a guise for scams. This helps protect their investment capital and avoids potential losses.

2. Fair Distribution: Without a pre-sale, tokens or coins are typically distributed more fairly among all participants once the project launches. This promotes inclusivity and prevents early investors from having an unfair advantage over others.

3. Transparency and Trust: By foregoing pre-sales, crypto projects demonstrate a commitment to transparency and integrity. This can enhance trust among investors and the broader community, as they know that the project is not engaging in practices that could compromise their interests.

4. Long-Term Focus: Without the pressure to raise funds quickly through a pre-sale, crypto projects can focus on long-term development goals and building a sustainable platform. This enables them to prioritize product development and user adoption over short-term financial gains.

5. Community Engagement: Projects that do not rely on pre-sales often place a greater emphasis on community engagement and involvement. This can lead to a stronger and more loyal user base, as participants feel valued and included in the project’s growth and success.

6. Regulatory Compliance: Avoiding pre-sales can help projects steer clear of potential regulatory hurdles and legal complexities associated with fundraising activities. This reduces the risk of facing regulatory scrutiny or enforcement actions in the future.

7. Alignment of Incentives: Without the influence of pre-sale investors seeking quick profits, the project team’s incentives are more aligned with the long-term success of the platform and its users. This fosters a healthier ecosystem built on mutual trust and shared goals.

Investors and enthusiasts are closely watching BOTH Network as it continues to develop its platform and roll out its innovative strategy. With a focus on fairness, security, and inclusivity, BOTH Network aims to carve out a niche in the competitive landscape of decentralized finance.

As the cryptocurrency market grapples with regulatory scrutiny and increasing skepticism, initiatives like BOTH Network’s commitment to transparency and accountability serve as a beacon of hope for a more trustworthy and sustainable future. Read More