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What is Shield Network (SHIELDNET): Mitigating Rug-pulls and Scam Projects

Shield Network is a pre-audited token launchpad and deflationary digital currency that was launched in April 2021. SHIELDNET trades at $0.00004504 per token with a total supply of just under one trillion, for a total market cap of almost $38.3 million. It ranks as the #2897 most valuable cryptocurrency and has gained 6.84% in value in the last 24 hours.

shield network What is Shield Network?

The Shield project is built on the BSC and rewards long-term holders by redistributing tokens every time a transaction is made on the network. This redistribution incentivizes investors to hold the token and not participate in pump and dump schemes. Shield Network is aiming to become the next big BSC platform with the goal of preserving the crypto space and making the market safer for all investors, particularly newcomers who lack experience. Specifically, they strive to do this by exposing rug-pulls and scam projects. Thus, the Shield Network aims to avoid damage to the mainstream perception of the crypto market and make it more widely accepted.

The team compared their vision multiple times with the Swiss Bank by stressing their goal of reaching a gold standard of safety and security and creating stability in the DeFi space. Currently, the team mainly focuses on the release of their launchpad (ShieldPad). Investors can access IDO offerings on the launchpad, which will also function as a marketing tool for new projects. Apart from this main project, marketing and building a strong community, several listings, and the team’s expansion are all on the project’s agenda.

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What does Shield Network do?

With every transaction on the Shield Network, 1% of the SHIELDNET tokens are burned forever, 1% are redistributed, and 4% are added to liquidity, thus elevating the token’s value and making the price less volatile in the long term. The more a holder invests, the more of the 1% of the redistributed tokens they receive. With the launch of the ShieldPad, investors immediately know whether a project is legitimate and trusted. The ShieldPad provides a network with an income stream via listing fees to fund other aspects of the project and marketing. 50% of these listing fees will be used to buy and burn SHIELDNET tokens to increase their value. Apart from this, the team announced that they would be donating to charities chosen by the community.

What is the ShieldPad?

The launchpad will consist of a tiered system containing three tiers. Tier one is the most thoroughly vetted and tier three is the most decentralized. The three tiers are also called the guardian, audited, and decentralized launch. Projects launching under tier 1 will require KYC verification for all the project’s different team members and the project’s smart contracts will be thoroughly assessed.  The Shield Network team will follow the development of tier 1 projects from the very beginning and meet the respective developers. Developers need to meet similar requirements to launch their project under tier 2 on the Shieldpad. However, these requirements are less strict, and there are none for the most decentralized tier 3, which means that the Shield Network team will not meet most of the teams personally.

What is the SHIELDNET?

In addition to safety requirements such as the modification of smart contracts, there are token requirements for tiers 1 and 2. While investors need to hold the largest amount of tokens to be able to invest into tier 1 projects, followed by tier 2, the exact amount has not been announced. Once the launchpad is released, SHIELDNET holders will be able to participate in the presale of tiered projects for which a rewarding system is in place.

On the one hand, holders owning the most tokens have the best chance to appear on the whitelist. On the other hand, the duration that investors have held the tokens is taken into consideration as well. Investors who have held SHIELDNET for a period longer than 50 days will be whitelisted automatically. Holders of SHIELDNET are currently able to stake their funds on Rocketbunny and will be able to stake directly on the ShieldPad. Investors have the option to either double their amount of the held tokens annually or receive seven times the original amount when staking their assets in a liquidity pool.

The Shield Network team has also announced the release of a multi-signature lock. Once an investor locks their tokens in the liquidity pool, neither a project’s team nor the Shield Network team are able to remove these funds without the signature of the other. Should a case occur where a project’s team finds a loophole and starts removing a considerable amount of liquidity, Shield Network has implemented a frozen contract that allows investors to exit the project safely with their funds before the price falls drastically.

Who is Behind Shield Network?

Shield Network launched with a team of eight developers complemented by team members working in marketing and design. Currently, only five members remain in the core development team. Most contributors have not fully revealed their identities to protect their personal lives and make arrangements to go public. Despite the team’s partial anonymity, they are very transparent about the project and its roadmap. For example, as seen in their AMAs. The project is supported by a small but continuously growing community.  Holders can communicate in a telegram group and ask questions. Therefore, the Shield Network’s team members play an essential and active part in the conversation.

SHILD / SHIELDNET Price History

The project was launched on April 26, 2021, at a price of $0.00005181. The currency reached an all-time high of $0.00007885 on May 3, 2021. Following this spike, the price fell continuously to $0.00001965, before entering a manual migration period from the token’s version one (SHILD) to its version two (SHIELDNET). During this two-month period, the token’s price movement was disconnected from CoinMarketCap, as depicted by a flat line along the zero dollar mark in figure one. Shortly after its reconnection to CoinMarketCap, SHIELDNET is experiencing a significant uptrend beginning on July 29, as can be seen in figure two.

Shield Network Price History
Figure 1: Price History: Shield Network (Source: CoinMarketCap)

 

SHIELDNET Hourly Price History
Figure 2: Price History: SHIELDNET, hourly chart (Source: Popcorn)

What is the Future of Shield Network?

Shield Network is a recently launched project with much room to grow. Its purpose is straightforward and also extremely essential for the crypto market’s mainstream growth and adoption. The project sets itself apart from not only scam and rug-pull projects but also popular and legitimate meme coins often relying on hype. The Shield Network team has emphasized from day one that they are not interested in a quick profit. They focused on the long-term and achieving a reputation comparable to that of the Swiss bank.

The Shield Network team is urging their community to support the project’s reputation by promoting it in a professional and fact-based way. Experienced and knowledgeable members complement the team. They rely on grass-root marketing, serious conversations, and the work with quality partners and influencers. Two of the projects Shield Network has partnered with so far are Black Diamond and Solid Group. The purpose of Shield Network is not purely the launch of ShieldPad to mitigate scam projects. The team aims to create an entire ecosystem encompassing staking, cross-chain swapping, yield farming, a stable coin, and more.

Shield Network has received some criticism regarding the manual migration from the old contract (SHILD) to the new ticker (SHIELDNET) mentioned above. Some investors have failed to migrate their tokens, even after several weeks of announcements and a generous extension of the migration period. Others bought the old token after the migration period was completed. At that time, the team had lost all access to any SHILD funds and therefore the ability to recover old tokens. Although Shield Network had no other choice than manually carrying out a migration after Pancakeswap’s upgrade from version one to two, some people are dissatisfied and claim to have fallen victim to a scam. The manual migration and all issues coming with it delayed the release of the launchpad by approximately a month.

Despite these issues, SHIELDNET is on a strong uptrend and is among the top gainers on CoinMarketCap. This has increased the token’s popularity and value. The price is expected to rise rapidly once the launchpad is released and gains in popularity.

Conclusion

Overall, Shield Network is a promising project with a great purpose urgently needed to revolutionize the crypto space. It presents an actual use case providing a solution to one of the most significant and fastest-growing problems in crypto. As such, this project is very likely to be highly successful in the future. However, despite SHIELDNET’s current uptrend, its price is still relatively low, making it now an excellent time to invest.


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