The Essential Coin Is Succeeding in Their Mission to Provide the Most Secure Crypto Project Possible

March 08, 2022 2:57 PM EST | Source: The Essential Coin

Dallas, Texas--(Newsfile Corp. - March 8, 2022) - The Essential Coin team is happy to announce the security measures instituted in their coin have proven to be effective in protecting investors. They have acknowledged the security threats that the average individuals face and have designed their project to fight against those faults in crypto. The core team has put the following measures in place to maximize the security of The Essential coin holders.

Essential Coin Security Measures

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Audits

Just like in other aspects of business and finance, audits are a reliable way to make sure a crypto coin is trustworthy. There are numerous auditing companies that deal with crypto - Hacken, RunTime Verification, QuantStamp, BlockAudit and Audithor, just to name a few. Two well-known names in auditing, Certik and Techrate, are known as the gold standards of crypto security. Without an audit being conducted, suspicious and fraudulent activity can go undetected to amateur and veteran crypto investors alike. The Essential Coin has employed both of these top companies to audit their coin, thus assuring holders that their investment is in good hands. After a preliminary report was issued with some minor issues, the team corrected the issues found and received a passing grade. Both reports from Certik and Techrate passed The Essential Coin contract with flying colors.

Multi-sig Wallet

There are many forms of scamming in the crypto world. This can take place as a group or by having a bad seed within the team when all team members have full power to make changes and transfers. Though the team has full trust in the intention each one has, The Essential Coin team utilizes a team wallet that requires multiple approvals before any transfer of funds can take place. This means no single member can remove any funds from wallets for any purpose that doesn't benefit the project without consulting with other team members.

Doxxed and KYC

"Know Your Customer" (KYC for short) is where a financial institution will use certain identity and background checks on its client before allowing them to use its product or platform. On the other hand, Doxxing is a term used when an individual's identity has been publicly revealed so that trust can be built with the community. A person who is doxxed now has a personal incentive to do whatever they can to be honest and trustworthy in all their financial dealings. The Essential Coin team has gone to the lengths of doing both to provide holders with peace of mind, which there is a shortage of in the crypto world.

Locked Liquidity

When a crypto project is created, the team has to raise funds for liquidity so that the coin has value. Unfortunately, many crypto projects will gain their liquidity and then drain the funds they raised, leaving anyone who invested with worthless coins. When this happens, it is known as a rug pull. As common as these are, investors continue to fall victim to this malicious act. A crypto team can ensure the public that they will not conduct a rug pull by locking their liquidity. When the liquidity is locked, no one, not even the team who created the token, can touch the funds that provide the value for the coin in question. The Essential Coin team ensured trust by locking their liquidity on PancakeSwap for two full years.

Renounced Contract

Another way a coin can build trust is by renouncing their contract. This means they make the contract and then lock it in such a way that they can never unlock it. This provides a level of trust that the contract creators will not change the original code that guides the tokenomics. When a contract hasn't been renounced, the project can turn into what is called a honey pot. This means that you can buy into a project at low or no tax but then suddenly find the sales tax has been raised to 100% or that you cannot sell your tokens at all. The Essential Coin too has its contract renounced.

Invest Wisely

It is important to know your investment and its creators if you have or plan to become involved with cryptocurrency. The Essential Coin strives to set an example of how creators of alt coins should develop such sensitive projects, especially given the reputation of crypto as a whole among many people. Always do your own research and become informed so that you can successfully invest in safe crypto projects.

The Essential Coin Contract Address:

0x4c48cca6153Db911002F965D22fdeFcD95f33BE9

Social Media Links:

Twitter: @Essentialesc

Telegram: t.me/The_essential_coin

Reddit: r/TheEssentialCoin

For more information contact info@theessentialcoin.com

Essential Coin Security Measures