Fake news posing serious threat to Crypto Industry

The ETH crash was just one example of how fake news can cause a landslide in a coin market. A lot of similar cases have happened in the past

BRAND CONNECT
Published: Sep 1, 2020 11:06:02 AM IST
Updated: Sep 1, 2020 11:07:25 AM IST

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We all know how Ethereum crashed last June, leaving ETH users in utter shock and panic. Do you know how much that price drop wiped off of the coin value? A whooping 4 billion USD. And all this for what? - a stupid hoax. Yes, a hoax, a fake news. Rumor had it that ETH co-founder, Vitalik Buterin had expired in some car crash and immediately the Ethereum market plunged down to an exorbitant low. In reality, Mr. Buterin was just in the pink of health and thankfully he responded promptly to the fake news with written confirmation.

Fake news affects crypto industry big time

The ETH crash was just one example how a fake news can cause a landslide in a coin market. A lot of similar cases have happened in the past.

The crypto market features a highly volatile scene and the crypto community is influenced largely by the media. In other words, the rise and fall of a crypto coin is largely determined by the information circulating about it by the crypto media. So, if there is a negative news around about a coin, chances are high that the coin will suffer a crash immediately. Sad part is, the crypto market is marred with many such fake negative news reports that are simply toying with the future of several crypto coins. Another matter of concern is that, given the advancements in communication technology today, such fake news reports take no time to circulate worldwide, making the hoax a widespread phenomenon.

Put simply, fake news reports spell serious trouble for the crypto market, force down margin calls as well as abet investors to make ruinous decisions.

How TCA can help?

TCA a.k.a. The Currency Analytics is a leading crypto media site launched by crypto veteran Sydney Ifergan. What’s so crucial about the site is that it’s especially launched to relieve the current crypto media of the scores of fake news circulating around. The Currency Analytics is equipped to empower the crypto industry with the most authentic and ethical news reports to help investors and traders take an informed decision.

The TCAT token

In that light, Mr. Ifergan and The Currency Analytics has come up with a new crypto token that will help to beat fake news around and establish a fair and transparent crypto media. Titled ‘TCAT’, the token aims to patronize ethical and professional crypto journalists who will enrich the crypto scene with only the most genuine news reports. It’s to note here, the TCAT token is guided by a unique REAL protocol. The term “REAL” here stands for:

●       Real news only written by professional and dedicated journalists

●       Ethical news only based on authentic facts

●       Attributive news reports that are verified thoroughly before publishing

●       Lasting news reports that can make some positive and long-term contributions to the crypto   community

TCAT developed by XinFin network

TCAT is developed by leading blockchain network XinFin- another major crypto platform where Mr. Ifergan sits as a senior advisor.

XinFin stands out as a state-of-the-art “hybrid” blockchain platform dedicated to address the glaring deficit in global trade and finance of late. Being a hybrid blockchain, XinFin combines the power of both public and private blockchains with interoperable smart contracts. The platform is geared to introduce a powerful advanced financing mechanism which will team up with the existing financial ecosystem seamlessly to support the advancement of global trade and finance.

The XinFin hybrid blockchain is powered by XinFin’s native utility token XDC. The token serves as a settlement medium for Dapps to be built on the XinFin blockchain. It extends utility to global trade and finance scene by facilitating domestic and international transactions as well as supports various business efficiency use cases in several sectors through both tokenized and non-tokenized solutions.

It’s about time the crypto industry gets alert about fake news reports around and starts voicing for a fair crypto media. For more information visit: https://thecurrencyanalytics.com

Disclaimer: This content is distributed by Digpu News Network. No Forbes India journalist is involved in the creation of this content.

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