According to Evolution of Blockchain Technology, out of 80,000 blockchain projects established only 6000 actually succeed while the rest either fail or scam their investors. It’s easy for any crypto-enthusiast to research for a project, check out its founders online and judge on the basis of the information they have provided online to decide whether the project is worth investing or not. But honestly, that’s never enough. It is necessary to get to know the technical scope of a project before making financial investments in it. And the best place to check that out is none other than Github.
This article will have no conventional methods of figuring out how well a blockchain project can perform. No deep dives into Whitepapers or investigating roadmaps. This article will introduce you to the technical side of analyzing and identifying great projects to invest in just by using Github.
How Github works?
Github is a code development platform, it is an open-source control system for developers to keep track of changes made to the original code or project.
Additionally, Github also acts as a social platform where developers can show their skills by contributing to the open-source project.
To identify a great project, one should understand the working for Github this helps to spot the shady and scammy part of the projects in the first glance. To master this basic technique one should have a clear understanding of GitHub essentials. And they are listed below:-
- Commits and
- Pull Request
Repositories: The GitHub repositories can be used to store a Project. It contains many types of files (CSS, Html, JS, Py).
Fork: Fork is a copy of a repository. Forking a repository allows you to freely experiment with changes without affecting the original project.
Commits: Actual changes made in the projects are counted as commits.
Branch: A branch works as a pointer to commits, can also be called as versions of a repository.
Pull Request: Pull request acts as a proposal, after a certain number of commits they can be merged to the actual version of the project (also called as a master branch).
Let’s see how these above GitHub essentials help us to find the fake projects on ICO’s.
Cryptocurrency Projects on GitHub
On GitHub, almost every other ICO project is public, this simply indicates that the projects are open source and their code is available to the public to use. A developer can also fork a project and make their own separate from the original code. This fork acts as a different repository on GitHub (Something like Bitcoin cash a fork of Bitcoin) post publishing the fork, other different developers in the community can start contributing to the forked version.
Changes in projects such as Commits, Fork and Pull request can be monitored at analysis website. Which helps to analyze and judge the potential of the project.
Besides these analyses, scammy projects can be identified by three parameters:
- Empty Repository for Open-source project
- The community built around the project
- Quality of the code
Comparing top Crypto projects on Github
What you see on CoinMarketCap is nothing but how big the market cap is and how well the currencies rank, while these factors do matter, the growth and potential of a crypto-company can only be determined by its code quality and the prototypes they put forward.
I’ve picked Monero [XMR] and Ripple/XRP [XRP] as a comparison example. These two cryptos are pretty popular in the crypto space and are also one of the top-ranked coins on CMC.
As observed, Monero is currently number #14 and Ripple is at Number #3.
According to the CMC ranking and market capital value, it seems like XRP performs way better than Monero.
But the case is totally different on GitHub!
We are going to categorize the project strength by Commits and Forks because these numbers define the contribution of developers and the changes made on the main net.
Monero’s current score:-
Commits – 8343, Forks – 2023,
Star – 3836, and Market Capital $1,772,375,403
Ripple’s current score:-
Commits – 2914, Forks – 341,
Star – 813, and Market Capital $18,237,610,933
A huge difference in the counts of commits, forks, and stars clearly suggests that the developer community of the cryptospace is more interested in Monero than Ripple. This clearly suggests that Monero has a better scope to build an application on its platform and has the capability to attract more investors in the long run.
Scammy ICO projects on GitHub
For this comparison let’s choose some random coins ranked above 250 on Coinmarketcap.com.
Let’s take Noah coin and Genesis Vision
Noah Coin ranked 234
On GitHub, the case was totally different about Noah Coin.
While Noah Coin’s score is:-
Three Commits and Seven Forks (Commits – 3, Fork – 7)
The above case shown in the picture is called Empty Repositories. This project has only read me file, which serves no purpose. A blockchain developer should be able to download the published code and match it to what the project says it’s capable of doing. This research indicates that Noah project has nothing to offer to the developers. In this case, a developer may easily spot the flaw of the project, but most traders without technical knowledge end up falling into the ICO marketing gimmicks.
Developing ICO Projects on GitHub:
One can’t blindly say the projects are fake only by repositories. But we can find a huge difference between Developing project vs the Scam project. Here I am going to introduce a developing project named Genesis Vision ranked 258 on Coinmarketcap. which is ranked lower than the Noah coin(the previous example).
This Project will prove that ranking does not define the scope of a blockchain project, It was defined by developers community in the long run.
And let’s take a look on the Genesis Vision project on GitHub
The above project clearly implies that the codes are visible to the public.
Getting Commits from the various phase of coding is a healthy sign of growth. These types of projects attract more developers to build a dApps on its chain.
For a trader understanding simple technical concepts like Commits, Branches, Push Request can save thousands of bucks it intends to invest but loses due to ignorance. Apart from this lot more features are available on GitHub. One can download the full repository from GitHub using Git and can play with it in their preferred IDE (Integrated Development Environment).
So for everyone who doesn’t get the way through dodging scams, now you will.