What is Proof-of-Developer (PoD)?
Let's find out Proof-of-Developer (PoD) meaning, definition in crypto, what is Proof-of-Developer (PoD), and all other detailed facts.
Proof-of-Developer (PoD) is a type of proof that identifies a living cryptocurrency software developer. It prevents fraudsters from acquiring control over projects (particularly their funding) without providing finished products to investors. Usually, cryptocurrency-based projects use PoD.
Names, country of origin, social media handles, and personal email addresses are all stored in the PoD mechanism. Besides, the procedure entails checking the information and determining the developers' educational degree as well as their GitHub page.
PoD began in 2014 when crypto investors experienced losses as a result of pump and dump schemes. In the digital currency sector, these are scenarios in which malicious investors or developers of coins artificially boost prices. When they see a high return on their investments, they dump (sell) them, causing the price to drop, which results in the loss of money for other investors.
At a time when initial coin offers (ICOs) were gaining popularity, PoD was developed. Some ICO issuers were merely looking to take advantage of naive investors. PoD allows investors to go beyond the flashy ROI figures to discover if an ICO project actually has living, breathing developers.
Furthermore, PoD helps to detect people who are simply copying and pasting other crypto codes and promoting them as their own original initiatives in order to attract investments.