FIREPIN (FRPN), Shiba Inu (SHIB), and Bitcoin (BTC) all have anonymous issuers, are they safe?

FIREPIN’s website strongly emphasises being a ‘community-driven’ cryptocurrency, so it makes sense for the issuer’s identities to remain anonymous

Although FIREPIN (FRPN) is transparent about almost all information on their website https://firepin.io/, including a detailed page clearly outlining the potential risks of buying the coin, there is no information on the team of creators behind the cryptocurrency. With the names and locations of the issuers unknown, it’s understandable to have questions about the security and legitimacy of the platform.

Is it a red flag that there’s no information on FIREPIN’s team?

FIREPIN’s website strongly emphasises being a ‘community-driven’ cryptocurrency, with democratic voting in place for making decisions. With this in mind, it makes sense for the issuer’s identities to remain anonymous. Instead of taking ownership of the platform, they assert that FIREPIN (FRPN) is a society composed of a ‘diverse group of individuals striving for a brighter future’, placing power into the hands of its participants and away from individual creators.

As for safety, FIREPIN is currently being audited by Certik and thereby undergoing a rigorous vetting process. Although proceeding with caution is important, as always with cryptocurrency, the decision to be audited by Certik is hugely significant in proving the coin’s safety. With a mission to secure the cyber world, anything underhand in the FIREPIN’s issuers would be exposed by this audit.

What other safe and legitimate cryptocurrencies have anonymous issuers?

A spin-off from DOGECOIN, the creators of Shiba Inu (SHIB) remain unknown other than the vague suggestion that they are based in China. Similar to FIREPIN (FRPN), Shiba Inu (SHIB) works on a decentralised model, calling itself a ‘vibrant ecosystem’. This focus on society and collaboration could explain the decision for the issuers to remain anonymous.

Last audited by Certik on 7th December 2021, Shiba Inu had no critical findings on its security assessment, with all issues now resolved. These results affirm the safety of the coin, increasing user confidence in the legitimacy of the platform. These findings demonstrate that anonymous ownership doesn’t directly imply a lack of safety as the secret identity of the team hasn’t held it back in security reports.

Shiba Inu has also had high-profile donations, such as $1 billion from Ethereum co-founder Vitalik Buterlin, which broke records as the largest cryptocurrency donation to date. Both the donator and the amount suggest legitimacy because it suggests that other large cryptocurrency platforms are unconcerned by the anonymity of Shiba Inu’s creators.

Bitcoin (BTC) paved the way for anonymous cryptocurrency creators

Despite being comfortably and famously positioned as the No.1 ranked cryptocurrency, the creator of Bitcoin (BTC) remains unknown. Although ‘Satoshi Nakamoto’ is commonly considered the person behind the coin, this pseudonym hides the identity of the real Bitcoin (BTC) creator. However, this anonymity hasn’t stopped the coin’s ranking as it has always retained a top position, reliably both popular and valuable.

With organisations like Certik in place to verify the security of cryptocurrency platforms, anonymous ownerships are less concerning than they may first appear. The current popularity of decentralised, community-led cryptocurrencies pushes away from singular leaderships and towards a more societal structure. This removes hierarchy and allows users to have equal influence and collaboration on decisions. Therefore, instead of the manipulation possible within a traditional cryptocurrency structure, decentralised coins with anonymous ownerships focus on transparency and verifiability.

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Disclaimer: The information posted in the article is for educational purpose only. By using this, you agree that the information does not constitute any investment or financial advice. Do conduct your own research and reach out to financial advisors before making any investment decisions.

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