There are many scammers and fraud risks in the web3 field, and users need to be highly vigilant. To prevent being deceived in the web3 field, the following points can be considered:
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Understand the basic knowledge. The web3 field involves concepts such as blockchain, tokens, NFTs, DAOs, etc. Users need to systematically learn these basic knowledge and understand the value of different products and projects to prevent being misled by surface false information.
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Verify the team and project information. Before participating in any web3 project, it is necessary to verify the team information, historical performance, and community reputation of the project party to confirm its long-term value and sincerity. Avoid participating in "passionate projects" created by scammers due to negligence.
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Confirm the security of smart contracts. Many assets and activities in the web3 field rely on smart contracts. Users need to confirm the security and audit status of the contracts to prevent theft and fraud caused by code vulnerabilities.
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Start with small amounts. It is recommended to start with small funds before participating in any web3 project or product, and increase investment only after confirming that the product and service are as advertised. Prevent exaggerated expectations and investments due to information asymmetry.
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Participate cautiously in the aggressive atmosphere. Many projects or products in the web3 field create a "lightning-fast development" atmosphere deliberately, arousing passion and anxiety. Users need to maintain rationality and judgment and not be influenced by this atmosphere in making normal decisions.
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Be wary of tempting benefits. If the benefits and returns promised by a web3 product or project are much higher than normal levels, it is likely to be a scam. It is necessary to carefully judge its business model and sources of profit and look for suspicious aspects.
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Strive to improve skills. Improving one's knowledge and skills in blockchain, encrypted assets, and the web3 field can better identify the value of different products and projects and make it harder to become a target of scammers.
In conclusion, there are fraud risks in the web3 field, but if users make efforts to learn and increase vigilance, maintain rationality and independent judgment, and participate in different projects cautiously, they can minimize potential fraud losses. Improving oneself is also the best tool to prevent scams.