Reputation is the ultimate currency

For the last decade, the digital world has been saturated with “cardboard” influencers that are using various methods to get your attention, likes, and views. Once crypto began to attract more eyes in 2017, most of them migrated to this newly discovered niche. The methods by which some projects promoted themselves were unethical and aggressive. We see it in every bull cycle.

Many of us live a good part of our day in the digital world, for the need of attention and acknowledgment of our every action, which is mostly false and destructive. I believe that the digital world can be improved. Of course, there will be resistance from some projects and influencers. Changing behavior is difficult, but not impossible.

It’s not uncommon for people to buy into projects with little to no research at all, without asking themselves if there’s any good utility to it, just because an influencer or a celebrity promotes them.

In crypto, the main strategy for promoting a new project is through influencer marketing and pure shilling.

A big part of the crypto influencers has no idea what they are promoting. There are influencers who ask the projects team to prepare the texts for them to publish on their social media accounts. Excellent professionals, right?

Who has to lose from all of this?

Their followers.

Occasionally, among those followers, there are a few who caught the hype at the beginning and did manage to make some nice returns. They’ll be the “supporters” of such influencers.

We should not forget that Facebook and Twitter are full of bots. Many influencers and projects buy followers or bots because let’s face it: most people look at this number as the sole metric when deciding to “trust” their content.

The truth behind most influencer marketing strategies is that the project team, the influencers, and a handful of early-birds are the ones who stand to gain. And that's it.

I agree and support that an influencer/content creator should monetize their work.

It is why we offer them a stage where they can prove their professionalism, and a new ethical method of monetization, especially one from which their followers can gain as well.

A while back ZachXBT leaked an excel sheet containing influencer names, their followers, and the amount they charge for the shilling. His tweet did raise some eyebrows, but apparently not enough. We were also approached by some of them (not directly but through different crypto marketing outlets) and yes, those fees are accurate. Not to mention that very few were interested in doing ANY due diligence on us.

In time, users with some crypto experience behind them got used to the false dopamine given by the hype of a project. Unfortunately, they’re not a big number. People want to see how their investment is multiplied. And they want it fast.

The dream of getting rich overnight with only a $100 investment has become the norm for many that join crypto - especially in bull markets. But the truth is that there are few people who have had this luck. And yes, it was pure luck. Everyone posts their winnings and “success stories”, yet too few post their losing ones as well.

The vast majority are scared by the volatility of the crypto market, scams, and bad actors. How many times have you heard the advice:

Never invest more than you can afford to lose.

And how many actually follow it? Unfortunately, too few.

In a bull market, everyone is vocal and full of money. This results in attracting new people who do not have enough patience to understand the market and how to choose the projects in which they invest. From my point of view, these people are cannon fodder. They are the ones who have the most to lose.

Back in the 2017-2018 ICO hype we also lost a lot of money because of the bad decisions we made. We let ourselves be manipulated by HYPE and FOMO.

It might sound strange, but I'm glad we lost. If we didn’t, we wouldn't have decided to act, and build something to help others not go through what we have.

Realizing that you were tricked by “a system” that isn’t meant for you to gain, is the first step towards freedom.

From that moment, we dedicated our time to better understanding what is missing in Web3 that can move things faster and further for the mass adoption and filtering of this entire space.

In the beginning, we positioned Coreto.io as a social platform. But it didn't take us long to realize that what we want to build is much more than a social platform.

People need trust and stability. It’s clear to everyone that there is a need for a filtering system that helps them make objective decisions, and not fall into the manipulation of their emotions.

Just like we lost money because we fell into the trap of HYPE and FOMO, so did others.

People need to be educated. And some are going the extra mile to find the right resources to educate themselves. But even in choosing the right educational content, there’s a challenge. How would it be to listen to those who have an unquestionable reputation? I believe this would tip the scale in the favor of retailers.

When we started developing the Decentralized Reputation System (DRS) concept, we began with only one question in mind:

How can we measure trust with the help of blockchain technology?

Our plans for it are big and ambitious. The system is designed so that we can customize it in such a way that it can easily be implemented on other web2 or web3 platforms as well. We’ll release a detailed explanation and use cases in a future article.

Four years ago we took the decision to transform the feelings of frustration related to the pains of the crypto industry into the needed motivation to build something meaningful and valuable.

Fortunately, there are influencers and reputable traders whose contributions bring actual value to their followers, expecting nothing in return. But they are overshadowed by the more vocal and aggressive ones.

With the help of the Coreto platform and our DRS, we can filter out the noise within the entire crypto space.

We’re just getting started. We are still testing, adjusting, learning, and applying. But one thing is for certain:

Reputation is KING!

You work on building it, we work on giving you the tools to showcase it.

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…end of transmission.

P.S: 

True story: one of the influencers I talked to about the DRS and Coreto asked me: 

“Why would I want my followers to know the truth about all of my calls?”

My answer was: 

"Because your followers deserve to know the truth. Because a true, long-lasting, and transparent relationship can only be built with trust."