If you are in another country and need to convert your dollars to the local currency, you have a couple of options. You can go to one of the exchange offices available on the road and hand over your dollars to a person who may be familiar with. They will then count your money in front of you and give you the local currency in return. However, there is a risk of being deceived and receiving less money than you are owed. If you return to demand the difference, the office owner may not take responsibility as they claim to not be accountable for the money that left the office and you will be out of luck. Alternatively, there is a device located on the side of the road that allows you to exchange your dollars for the local currency. This device cannot carry out any fraudulent operations, and the amount of local currency you will receive is displayed before you insert your dollars. The exchange is governed by a smart contract that ensures fairness, and everyone can read it before making an exchange. This device, known as a liquidity pool in a decentralized exchange, has become a fairer option than the exchange offices with their potential for deceitful practices.
In the world of cryptocurrency, the situation is not much different from the example mentioned earlier. Bitcoin commenced trading in late 2009 at a price of $0.00099. On November 10, 2021, its price reached $68,789, which is more than 600 million times its initial price. Many major international companies and even some countries have decided to invest in it, even though no one knows the person or team that created this currency. The only information we have is that the founder of Bitcoin calls himself Satoshi Nakamoto. Despite no announcement from the creator or the team behind it, Bitcoin established trust to the utmost degree by laying the groundwork. This occurence is not limited to Bitcoin alone, as many cryptocurrencies have achieved great heights and are traded on the most important central exchanges, despite the lack of knowledge about the team behind them, such as Shiba, Rune, and Floki. On the other hand, some Arab tokens have dropped in value, despite everyone knowing the team behind them. Furthermore, the founder of one token stated on social media that the currency would reach a thousand dollars, and the founder of another token published a video clip in which he swore his token would reach one or two dollars (note: he deleted the video).
The transparency of a cryptocurrency is crucial to its success, credibility, and differentiation from other currencies. This is considered more important than knowing the names and data of the currency team. It helps to avoid criticism from analysts and experts. Additionally, the founder of a cryptocurrency must be responsible and avoid exaggerating or making mistakes in price expectations. They should also avoid making promises that cannot be fulfilled or are impossible to achieve. Failure to do so can harm the cryptocurrency's reputation.
The elements of transparency mentioned above are considered much more important than knowing the names and data of the currency team, as these elements will help the success of the cryptocurrency, its distinction and credibility, and spare it the expected criticism from analysts and experts. On the other hand, the founder of the cryptocurrency may harm it if he does not do his duty properly, or if he exaggerates or makes a mistake in the price expectations, or if he makes promises that are not fulfilled or are not possible to achieve at all.
When browsing our website, you will not see pictures or names of the currency team. This is because we prioritize the safety and privacy of our team members. Not displaying this information is based on the following justifications:
First: AMAL is a decentralized platform that is fully owned by the community. It operates with complete transparency and is able to function safely without any dependence on the founding team. As a result, there is no list of owners that need to share their data. As the community is the real owner of the platform.
Second: The process of creating the smart contract, filling the liquidity pool, presenting the smart contract for audit by competent companies, developing the website, marketing, and other related efforts have been and will be carried as volunteer work. The primary objective of all these efforts is to collect the maximum amount of donations to support orphans. We believe that volunteer work is a noble and humane principle, and it is even more valuable when the people involved in it remain anonymous.
Third: We want AMAL to be a symbol of supporting orphans and humanity, without any association with a particular region or culture. This is important because if we link it to a specific community, it may hinder our plan to make it a global digital currency. Successful digital currencies established in other regions don't have phrases such as "The first British currency" or "The first Japanese currency," and neither should AMAL. We believe that humanity, credibility, transparency, technology, and decentralization are universal values that everyone can relate to in the world of cryptocurrency, and that's what we will focus on.
Fourth:It's important to understand that simply knowing the team behind a cryptocurrency may not necessarily give you the means to reach them. For instance, if you want to take legal action against one of the Arab cryptocurrencies that was launched directly on a central exchange, knowing the currency team may not be helpful. This is because the companies behind these currencies are not located in Arab countries. Rather, they are registered in the Cayman Islands and Saint Vincent and the Grenadines, which are known for being top money-stashing destinations in the world. These companies often go to great lengths to help the wealthy hide their money.
To sum up, it should be noted that having a knowledgeable and trustworthy team managing a cryptocurrency is certainly not a negative thing. In fact, investors having knowledge of the team can establish a high level of trust and confidence in the cryptocurrency, which would ultimately benefit it. However, it is important to remember that the security and transparency of the cryptocurrency must also be proven through necessary measures.