This is a golden advice!
Engaging in cryptocurrency comes with significant risks, so thorough research is essential, especially when dealing with activities like airdrops that often involve new projects. To avoid potential pitfalls and focus on reputable projects, I have devised for myself a system I called RIPPER.
Currently, I am participating in the Prom Testnet Campaign, and I will demonstrate how RIPPER is applied to Prom Network:
1. Reputation: Investigate the project's history and the involvement of its team. A newly created Twitter account can be a red flag. Prom Network, active on Twitter since 2020 and listed on Binance, shows a more established presence.
2. Investors: Knowing the backers of a project is crucial. Prom Network is supported by DWF Labs, a respected market maker, reducing the risk of scams.
3. Platform: The platforms used for project activities are important. Prom Network uses Zealy for its campaigns, known for its partnerships with well-established projects, which enhances my confidence.
4. People: A strong and knowledgeable community is a good sign. Prom's community is highly engaged, with members writing insightful articles on Medium and Reddit, which builds trust in the project.
5. Explicit Requirements: Understanding what is needed to qualify for airdrops is essential. Prom offers a clear dashboard that tracks and calculates points for tasks, ensuring transparency and fairness.
6. Resources: Be wary of projects that require significant financial investments. Prom Testnet tasks are supported by free test tokens distributed daily from a faucet, eliminating the need for monetary investment over the past month.
I hope this explanation of my RIPPER system clarifies my decision-making process and could assists others in their own research.