Crypto Due Diligence: Using Github to Check Out Projects
I have decided to do a weekly post on various ways I do due diligence, each Saturday I will highlight a resource for doing due diligence and how it helps. The first I will highlight is Github.
Why Github?
Github is used as version control for code. It's a way for code to be available online, for code to be shared between multiple people and for teams to tackle code as a unit. There's more to github, but those are the basics. Because Github is THE place for these services in the programming, many cryptocurrency development teams use it. Some do not, but that's a story for another day. About 80% will likely have a Github.
How Do I Find the Github?
When looking for a Github, the first place I look for the Github is on a cryptocurrency project's website. The symbol for Github is rather recognizable and is often used as an icon. Sometimes it's on the homepage, the wallet download page, or buried a bit on a developer page. If not, you can search on github using the project name or coin name.
Found the Github, Now What?
Once you've found the Github, you're looking for a few different things:
1. Activity Over Time -
This indicates continuous development. Since coins go inactive, this is important.
2. Actual Code -
I once found a Github that had updated their "README" file every few days for over a year, minor things like verb changes or punctuation changes. This generated activity over time but was not updating the codebase over time. You need to see code getting changes and there will be blurbs telling you what was changed.
3. Commits -
You'll see below what I mean. Commits are changes. PIVX is a 4 year old project with 10k commits. A commit is a good thing, it means the developers are maintaining the project. KoreCoin has 6 commits in a 5 day time period 2 years ago.
There are a few different views of the same data available, but they all add up to show the same thing, code being maintained or code abandoned.
Here is a screenshot of one view of the PIVX Github:
Here is a screenshot of one view of the KoreCoin Github:
These Graphs of Code Frequency are seen under the Insights Tab:
What Does the Github Tell Us?
A Github with activity over time is a project being maintained. There are exceptions to this, in cases where activity over time is bluffed through changes to the README, in new projects, and in projects that choose an alternative to Github. I rarely support projects that I can't see the code, because it is an indicator that there may be something to hide. A Github is but one aspect of due diligence, but can reveal a lot. Due diligence makes crypto safer and scams less rewarding!
Do you know of any solid projects which do not have a github?
That's a complicated question. Having a github and open code is one of the things I look for in a project. I know of people who swear by certain projects, projects that don't have a white paper let alone a github. I do not generally invest in projects that don't have a Github because I'm nosy and wanna see the guts of what's going on. I code, so seeing the code is important to me. There are alternatives to github.
So I know of projects that use alternatives, I do not know of any project I would invest in that doesn't have openly visible code. Github is just a vehicle for open code to be open and some choose other vehicles. That's fine. What isn't fine for me is code that "exists" supposedly but isn't open.
Crypto is about decentralization, so centralized code no one has seen is a giant red flag that there may not actually be any code.
Helpful and concise. Thanks for sharing.
Great post! These screenshots have a wealth of information in them. Not knowing anything about PIVX, the pics from git also tell me the following things:
Yes, I considered clarifying the PIVX inheritance of DASH commits, but I figured I wouldn't clarify the inheritance of previous work for ETH prior to the fork. My thought was, that much work has been put into it, no matter how you look at it. Technically, Bitcoin was forked to create Dash and that's another clarification of inheritance of existing work and so on.
KoreCoin was exposed in another of my posts, essentially it was a pump and dump at the time and the mike mike guy says he's the developer now (including in the comments on the post itself) and they're supposedly not using the old source, but he's actively promoting the old source on bitcointalk and twitter, along with the "new" website. He was also the developer originally, though he denies it. It's still evident in his bitcointalk history however. Also, in the comments of the post are screenshots of the pump group actively attempting to discredit me.
https://steemit.com/cryptocurrency/@ashr/korecoin-s-dirty-little-secret
I help admin a fb crypto group (belonging to www.steemit.com/@cryptoclub ) and the associated beginner's group. I write focused on what the newcomers to the industry are being exposed to through hype and things they should know. I subscribe to the "teach a man to fish" philosophy. I focused on the major symptoms here because that's what our newbies need to help them learn right now (sideeye at "plexcoin", with no whitepaper, laughable github, but a great marketing team).
Cheers :)
LOL, I looked at the plex git, and totally see what you're saying. It looks like they just forked so they'd have a bunch of code that looks like something. And after reading your post on Kore, I tend to agree with you. Quite sketch.
I had no idea of all the history here, as I've only been paying attention to crypto for like a month and a half. Is there a chart somewhere that shows all the main base projects and then the forks off of it? I tried googling a bit but didn't find anything. I need to catch up.
Thanks so much for your posts. I need to dig into the rest of your stuff. You're providing a great service for those of us who have a lot to learn. This is a huge technosystem. Everything I learn leads me to 4 other things I need to learn about.
At risk of driving you nuts with links to my posts, here's one where I send you to a great resource on the history of blockchain. :)
https://steemit.com/bitcoin/@ashr/a-brief-history-of-blockchain-investor-s-perspective-worth-the-read
oh and if you're on facebook, this is a great group for getting started in:
https://www.facebook.com/groups/CryptoCurrencyCollectorsClubPublicForum/
yes... it is a great group...
Thank you for the valuable article. I'll surely be one to follow the Saturday's articles.
Very helpful, I saw the Github symbol sometimes, but I always checked the social accounts for their communication, nice to have this knowledge, will surely help to monitor projects, thanks!
Interesting take - we wrote something similar on ICO Analysis Framework, but should probably add referencing Git hub to the process.
Are you strictly an investor / analyst or do you get into mining as well?
This doesn't really apply to ICO's as much as it does to projects past the ICO stage. Many ICO's wait until their ICO is complete to release code or to even develop code, since ICO's are a funding vehicle. ICO Due Diligence is different than general cryptocurrency due diligence.
Good info, thanks! I will be posting some noob tips about crypto investing and trading as well. Will be following!
Hi, Thanks! It is very valuable content. But it requires people investors not to be lazy and review at lest basic things before they start investing into new project or project that starts to pump. It could help to find pump and dump people intentions. So if you have some coins to sell in time and not to buy when it is starting to get up to avoid dump on your buys. Now I will use your technique. Although I had look few times to github, this article clarifies it in simplicity to not to be lazy and to do due diligence of each project regularly before investing and during investing in the projects! I will try to make it my routine! Upvoted and resteemed!
What do you think about sibcoin? https://github.com/ivansib/sibcoin/graphs/contributors?from=2009-08-30&to=2017-07-16&type=c I have known about coingecko, that has some analysis of github and social media activity in cryptocurrency projects, maybe it can be useful for such summary pre due diligence detailed analysis of project github and legitimity of the projects?
https://www.coingecko.com/en/coins/sibcoin
Great writeup
Thanks Agilani
Thank you for providing this information. It is very valuable for those of use new to performing correct due diligence. Github is such a major factor and this connected everything perfectly.
I'm glad you found value in it :)