Listen to this article:
Let’s face it, as a spec-miner or altcoin miner you are putting a ton of trust into a developer and their team. I personally have made some significant gains from spec-mining, but more often, I have been burned with scam developers or by a crypto team with insufficient technological skills to truly push a project forward. Consequently, after a few days of aimless mining, I was left with a wallet full of useless coins. But in all fairness, that’s the gamble you sign up for when you decide to spec mine. There is often a lack of transparency in projects that can leave you and other community members neglected and abandoned.
However, the crypto-twitter OG @Growdigi has helped create a concept called Proof of Diligence (PoD) to help combat the massive influx of scam coins that have appeared over the past year. The PoD concept will include a developer rating system based off a verification and identification of the team, project, and code. This is a huge opportunity for the developers to display their talents and showcase their projects with hopes that this will gain investor/miner interest and confidence in a particular team.
According to the PoD Team, the premise of this project stems from the transparency of the development team of the highly successful DASH cryptocurrency. Lead Developer, Evan Duffield openly promoted DASH with his name attached to the project and was extremely transparent with the DASH community and consequently DASH is a top 10 coin.
The PoD rating system will include three categories: Gold, Silver, and Bronze. The developer will be placed in a category based of the requirements below. The ratings will be placed on the PoD website for potential investors/miners to evaluate (personal information will not be shared).
To complete the rating process, you must:
- Contact the PoD Team at email@example.com
- Choose verification tier
- Submit documents through verification processor within 48 hours along with payment
- Allow 3-5 business days for verification to be completed
Currently, the Proof of Diligence Team is doing a PoD Token Airdrop twice a week. The initial utility of the POD token is for marketing purposes only. In time the POD token will be used to access the POD platform housing developer ratings after Phase 3 of the road-map is complete.
- The PoD Airdrop began on July 22nd, 2018.
- 250 tokens will be distributed to 200 recipients in two rounds a week, every Sunday and Wednesday from 12pm PST for a 5-week period.
- Airdrops are limited to 1 airdrop per person per round.
- Each airdrop will be open for 24 hours per airdrop or until all 200 applications have been successfully completed
Be sure to mark your calendars for the airdrops, as Airdrop 4 was completed by 200 people in less than 5 minutes.
I believe that a project of this manner is a little over due. As a miner, we are investing our hashing power and electricity into projects in hopes that the developer and their respective teams will diligently move a project in the right direction. Although this project will not completely eliminate scammers and incompetent developers, it is a step in the right direction to protect miners. I would love to see this project grow to check the diligence of pool owners and exchanges, as these are other avenues in need of checks and balances.
As of the time of this writing their website seems to be undergoing maintenance thus you can check out the Proof of Diligence Twitter for more information.
As always follow me on twitter @CoachCryptos. Happy Mining!