The three-level audit is a product that differs in its essence from the classical understanding of smart contract audit.

The main difference introduced by Soken is the number of degrees of verification and the angle of verification. Historically, the market has established that the audit of a smart contract is a purely technical service. However, we are moving forward because we analyze the experience of our customers.

Why? To solve market demand. A private crypto investor needs the support and evaluation of experts. They want more transparency and to invest in really worthy projects, and to be as confident as possible about their investments. It is not about guaranteed earnings but about a conscious decision regarding one’s own investments. Against the background of these questions and problems, it is the three-level audit that helps to make a conscious choice and decision. Based on the name, a 3-level audit consists of three components:

1. First, KYB is a procedure that should close vulnerabilities. It is a deep examination of the crypto project as a business. We also use artificial intelligence to verify the authenticity of key team members’ documents. We also conduct video interviews with the team to make sure that the project understands its goals and ways to achieve them. We check a lot of things directly related to the team and the legal company that owns the project. It is important for us. KYB is a separate topic for the article. We will talk more about this procedure in a separate post.

2. Second, the legal part is aimed at making sure that the project complies with international legislation and the laws of the jurisdiction in which the legal company of the project is registered. This is necessary so that the project in which people will invest does not have vulnerabilities in the future from a legal point of view.

3. The third part is technical. It is difficult to surprise anyone with it, however, the Soken team has implemented a system of three additional independent checks of the audit itself. Meaning the first, second and third teams, independently of each other, conduct an audit with the goal of finding additional vulnerabilities that were not covered in the previous audit.

That is, the Soken team analyzes and makes a general report, and the technical specialist teams work independently of each other.

This process is a continuous improvement of the quality of the report. This is how you can achieve a new level of interaction in the market:

• improve the product;

• create conditions that will really move forward, and investors will be confident and calm.

Our goal is to instill a spirit of trust between market participants through Soken products and services.

The crypto market has its own peculiarity. Relations between entrepreneurs and investors, entrepreneurs and service companies made like that they start cooperation don’t even know each other. Even more, any participants don’t have any legal protection to avoid scam cases from each other side.

Always trying to find good projects in the early stages community really doesn’t have understandable tools to define the risks of their future investments. Many entrepreneurs create projects on assembly lines. Website, smart contract, marketing, presale, more marketing, listing — scam. Or they will scam even earlier.

Just having an audit is not enough for the project. Even more, having a KYC certificate is not enough also. Because most of the service providers don’t give a f*ck about security, they just earn money supplying projects with all the necessary tools to create a picture of fake trust.

Now, what about entrepreneurs who are honest and do all things right? Let’s take a look at the situation from their side.

To evolve the project you need to use different service providers. For instance marketers.

Most of them work without agreements and charge payments only in crypto. They promise results and take money. But after they cannot bring those results for any reason they just go lost.

Vice versa, marketers are struggling with dishonest entrepreneurs who don’t pay for work done.

Those things happen all the time. People starts interactions even didn’t see each other faces, just chatting on Telegram. It is no wonder they don’t want to take responsibility in front of each other in case of problems they meet on the way. It’s much simpler to create a new Telegram ID, isn’t it?

It doesn’t matter how small you are right now. My advice, take lawyers’ services, create agreements in all cases, and ask each other to pass KYC before deals. That will show both sides are ready to take responsibility. And don’t work with those who refused to follow these simple rules.

Speculation, dishonest, and greed have led the crypto market to a huge lack of trust among all participants

I believe that the main blockchain value is transparency. Meanwhile, many people are trying to use blockchain to stay anonymous. How is that compared with transparency?

I understand that people have fears, but still, the World is going to be transparent. That is the trend.

Knowing all that, I’m very happy to work in the Soken team because our fundament is our principles. Because we are building trust in the blockchain space.

And Soken has tools to increase trust among all participants in this market.

We believe our approach will build the community with a new level of values. And that will make people’s life easier, safer, and more comfortable.

The mass distribution of a large amount of information leads to an excessive load on users. Such fraud leads to the lack of properly constructed communication between brands — their social networks with their target audience.

It is necessary to understand that there are people who manipulate information in order to achieve certain goals.

People should think about it: if some information or content gets to them, then the chances are high it is beneficial to someone. That is, everything needs to be analyzed before consuming it. When consuming any information, it is crucial to use your critical thinking skills and take everything deliberately and with some skepticism.

What is the motivation of the Soken team to share their experience and thoughts? Our team understands that trust is not built through manipulation but through the conscious choice of each of the participants in this market. This is how we build our communication in our reports — openly so that anyone can evaluate the results of our analysis and audits on their own.

So the independence of our conclusions is a principle that shapes us as a brand. Our products are designed to minimize manipulation and create difficult conditions for manipulators.

Soken helps inspire the Spirit of Trust and helps any investor make a conscious choice of a project for investment with an independent assessment. We write reports in such a way that they are equally understandable to both the team and beginners who are in the crypto market.

In order to achieve trust between investors and the project, you need to build meaningful communication. It is necessary that the project is ready to work on problems and other issues if there are any.

At the end of this post, we would like to say that whether you follow us or not is purely your conscious decision and we thank you for your reaction or comment. This really helps and motivates the team not only to do their work well but also to create relevant content.

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Contact info 👥

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In fact, every crypto investor does not have clear project evaluation criteria. However, if it exists, it is formed on their own experience or on the experience of other market participants.

We have conducted research and therefore understand that people pay attention to those things that sometimes do not need to be paid attention to. And important things, on the contrary, are bypassed.

We are a team that develops products and services that aim to increase trust between projects and their communities. This means that we constantly analyze many projects and offer to get acquainted with certain criteria for the initial review:

1. Technology

If the project does not have any technology behind it, then its practical benefit for the market may be doubtful. This does not characterize the project as bad but may affect the general conclusion during further analysis. If the project is not based on its own technology, we pay attention to its positioning. The more straightforward and specific the positioning, the more likely it is to impress investors.

2. Team

People are the background of any business they create. Therefore, we pay attention to those behind the project: what kind of people they are, what experience they have, and how this experience strengthens their current activity in the project. Of course, this is a subjective indicator, but at the same time, it is very important.

The goal of the crypto market is mass adoption. There are projects that contribute to the spread, and there are projects that simply speculate on the popularity of the blockchain market. Of course, those who help the market achieve its goals are more interesting and have more long-term perspectives.

3. Project’s benefits

There are many projects that simply say that they will solve an “important” and “global” problem. But here the goal and benefits of implementing the project must be clearly defined at the very beginning. The conclusions are very similar to the “Technology” criterion. If the benefits are dubious, far-fetched, or without clear wording, this is a red flag. Fun- and meme-tokens that clearly position themselves have more chances of being trusted than a project that declares “Salvation from global warming of the planet Earth.”

4. Regulations

What should be understood here? Any project, sooner or later, will need to interact offline, and because of this, fulfill the requirements of the legislation in which it conducts its activities. Of course, there are certain exceptions in the field of Defi, but if the project is about decentralization, then its team is people who conduct professional activities. While the crypto market is loosely regulated by governments, this problem has a hidden threat. Sooner or later, the volcano will wake up, which must be considered in risk assessments.

5. Market trends

If they contribute to the project, then they are compatible with it and that’s great. However, if the project is outdated, then other parties must be very strong in order to integrate into this market.

We cooperate with projects that are in different fields and at different stages, which allows us to form our own criteria for project analysis through the prism of experience.

Content from Soken is aimed at developing critical thinking, sharing practical experience and creating a space of like-minded people.

Claps under the post and comments are the best feedback for the team if you liked the format, content and topic of the post.

Where you can find us 🔗

💻 Website

🐦 Twitter

✈️ Telegram

💡 LinkedIn

Contact info 👥

📲 Telegram

📧 Email