BNBeanstalk ($BEANS), is a token on the Binance Smart Chain (BSC) created by a team of likeminded investors with the ambition of changing the way everyday people choose their investments on a day-to-day basis.
In the beginning of the BSC uprising in late 2020, the team estimates the likelihood of being subject to a scam project was approximately 20%. Now as we all know this figure is closer to 90% should you pool a sample of randomised projects launched on BSC.
This has put everyday investors on the backfoot, and has contributed to the success of now well-established projects like Pogged.Finance who have produced software to check newly launched contracts for malicious functions and Liquidity locks.
Although we strongly believe these “scam detectors” assist investors identifying malicious projects, we do not believe they go far enough. For example, a contract can be clean of malicious functions, but scammers have begun to retain ownership and add in malicious functions post-launch to allow delayed honeypots and token minting. We also believe that this has misguided investors as to the purpose of retaining ownership over a smart contract and has rightly caused mistrust in projects that do choose to retain ownership.
