In 2019, I was associated with a cryptocurrency startup for some time. They wanted a better authentication system. They thought biometrics was a good choice. I pointed out the security lowering issues of traditional biometrics technologies, such as fingerprint, face, iris, etc. They wanted me as a consultant for developing brain-sensing technology for human authentication.
They already had two persons (from the US and Spain) on the board to improve their ‘patent pending’ blockchain protocol. We had many video meetings with several board members. After three months or so, the interactions stopped. Later I had a chat with the blockchain expert from Spain. He got good exposure to crypto startups. I learned from him that many cryptocurrencies stopped operation even after the formal launch and selling of ICO (Initial Coin Offerings).
Suppose, you have invested in a cryptocurrency with a promise of huge returns. Then, one fine morning, you come to know the cryptocurrency has vanished. How do you judge the reliability of a cryptocurrency?
That means a cryptocurrency may stop operation or close business without any notice to the public. This is a crime to which no police department can offer tangible help.
