COs (Initial Coin Offerings) have been plagued with scandals ever since their inception. So many ICOs ended up being scams that public opinion has pretty much cemented around the fact that the overwhelming majority of them are fraudulent in nature. We’re now well over a decade since ICOs went viral and quite surprisingly a lot of the negative stigma has disappeared. That being said, they are so rare nowadays that it’s an actual surprise to see one.
So, what happened? How did ICOs become the favorite practice for scammers? The answer surprisingly is not cryptocurrencies being more popular, but regulation. Not specifically regulation, more like the lack of it. When ICOs were at their peak, cryptocurrencies were just picking up steam with Bitcoin nearing $1K.
Today the situation is drastically different. Bitcoin was recently up to $60K and is now steadily moving back upwards from a recent low of $29K. The biggest difference however, is not the price of cryptocurrencies, but the laws and regulations that were created in order to manage the drastic market growth. Almost every country in the world has come up with countless regulations and El Salvador recently became the first country worldwide to accept Bitcoin as legal tender.
This is where the ICO for Darenta comes into play. The project aims to create a currency that is entirely unaffected by any form of government regulation and bypasses any third party influence and at the same time, is completely anonymous. As many people are realizing by the day, most cryptocurrencies, aren’t as private as they are made out to be. In fact, most of them can be traced really easy and really accurately. Only a few currencies like Monero and Pirate Chain are currently truly anonymous. Darenta has is aiming to change that and become the third currency, which can never be tracked or tampered with by government authorities.