The community-based Yelp website is a platform for consumers to voice their experiences about different businesses. One Redditor decided to take this concept and apply it to their own platform that is centered around cryptocurrency instead.
The new website is the Crypto Canary, and community members are encouraged to post about their experience to bring crypto scams to light.
Publishing to Reddit, user stellarowl12 announced his new project to allow consumers to find out about honest platforms and untrustworthy ones. There is a rating system and an opportunity to leave other feedback that will help prevent investors from falling victim to scams without losing the hope they have in the crypto industry.
In stellarowl12’s opinion, one of the biggest barriers that the cryptocurrency faces in achieving its dreams of widespread adoption are the many scams that face it. The scams give a bad reputation to the crypto industry, and investors can pull out when they are worrisome. Without warning, these false platforms pull out of the industry with thousands or even millions of dollars that cannot be reconciled.
Still, the user adds that there are multiple platforms for consumers to warn each other, like Telegram, Twitter, and Reddit, hoping to deter newbies in the industry from a falling victim and leaving the industry for good. However, the messages are widespread and scattered, which means it can be hard to find this warning before it is too late.
Crypto Canary provides a place for users to post their experiences and has no restriction on registration. The user can provide the name of the crypto project that they want to warn others about, or they can put a more positive note to encourage users about the safety of a good project. There is a “shady” rating that each project gets to guide users in the best direction.
Right now, the platform is still young, and the reviews are few, which is to be expected with such a newly published website. For example, Apollo currency has a 63% shady rating, while BitTorrent comes in at 67%, Ethereum is 38%, and Tron is 58%.