Mitigating Meme Coin Fraud

General
1

The internet is about 10% adult material and 80% cat and dog memes. While everyone loves cuddly and fuzzy dog memes, tokenising them comes with its own sets of problems, such as an epidemic of organised financial fraud groups generating large amounts of spam into various entry level community groups:

I wanted to explore what tools and methods there are to mitigate such fraud with / on the ICP, and understand how a person can mint their own pet as a meme token in a ways that are ethical and minimises the risk for people who may feel inclined to buy such tokens (which I found out is a large part of the community).

This may be a huge problem looking for a solution -

There could be an easy to use low-entry technical solutions allowing minting and rug pull protection, while at the same time providing mechanism and technology for the (adoption) benefit of the chain.

This trends is not going away,

Suggestions on tools, apps and methods for mitigating (some) meme coin fraud:

  • Content moderation (in public groups)
  • Doxying
  • DAOs (This solution has a high level of entry for now, and is not suitable for everyone)
  • Audit services / escrows
  • Minting service platform (dApp) taylored around fair tokenomics, transparency and mitigation of fraud.

…

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I agree mitigation should not be enforced on the protocol level, nor anything orvelian or draconian, I can not think anyone would stand behind that.

Nevertheless, if the consumers / speculators have options to choose from, they may prefer to choose tokens minted with some kind of mitigation in regards to fraud. If you invested into NFT you would probably prefer currated (?).

One simple example of mitigation may be something as simple as a service specialising on due diligence, analysis and rating on newly minted meme coins.