CoinClarity

Inspiration

We were inspired by the large amounts of people losing tens if not hundreds of thousands of dollars to fake promises of being able to multiply their money by investing in cryptocurrency and crypto projects.

What it does

Our project is a tool that potential investors can use to scope any cryptocurrencies based on how risky they are based on the source of the currency, holder data, liquidity, volume history, amount of information behind the token and when the token was created. These factors are taken into consideration when making our risk number to inform the users of what state the cryptocurrency is in before making a decision.

Challenges we ran into

Setting up the logic and the right metrics to give an accurate representation of how risky the cryptocurrency is was the main challenge that we ran into as there are a lot of factors that can generate erroneous data that could harm the user rather and help and we solved these problems by making sure that the project collected enough information to generate a useful and insightful risk number to represent the token.

Accomplishments that we're proud of

We are proud that, despite having little experience in the topic and software creation, we have built something that has the potential of saving the what many people have worked so hard for, their hard earned money, from being lost to a crypto scam.

What we learned

We have learned of the many ways people around the nation fall for crypto scams and how they are misled online to trusting these scams due to the promises of high reward and low risk investments. We further learned how to use different AI tools, including ChatGPT, Figma, and more to aid us in making our project that can help people make better informed decisions. Additionally, we learned to put our ideas together as a team to a consensus that we can all agree in to move forward.

What's next for CoinClarity

We hope that CoinClarity can grow to make cryptocurrency investing into a save method of growing people net worth and reducing the amount of crypto scam victims.