There has been an increase in economic crimes for the past few years, this has been reported to affect cryptocurrency industry with a forecasted report of more than 49% of global investors affected. Fraud happens every day and one of the main things that fraudsters take advantage of is the lack of awareness among the victims. This is a serious economic problem and needs to be addressed as soon as possible through the help of technology towards identification of threats that are a causing fraudster to use advantage towards committing crimes. Fraudsters have no boundaries and can affect organizations and individuals in all countries.
The rise of cryptocurrencies have witnessed a rise in fraud cases that affect naïve cryptocurrency investors through fraudulent projects, this is mainly due to the decentralized nature of conducting financial transactions online with frauds approximated to reach a staggering $2.8 trillion estimated to be committed by 2022 its time for a change, one of the project planning to use the power of a decentralized community and blockchain technology towards the fight against scam is MyShield, a project with an aim of combating phishing attempts, false representations and blind jacking of victims.
MyShield.
MyShield plans to incentivize a decentralized community towards raising awareness of scams allowing the financial industry to prevent the raising scam attempts, the figures approximated to reach $2.8 trillion can affect us or one of our friends and relatives.
The platform plans to use the information provided to them by the community towards alerting and raising awareness to fraud attempts, this will caution victims through a business model that gives accounts of potential scam. MyShield network will create a database of scam reports that will be controlled by artificial intelligence and blockchain technology and recorded on the blockchain network which is immutable.
How it works.
Myshield will incentivize the community through bounties to individuals, organizations and clients with an aim of boosting scam awareness through active reporting of potential scam and fraudulent movements on the internet.
Though the power of artificial intelligence the platform will use algorithms that will create a database of scam reports allowing the database to be stored in a distributed ledger that promotes transparency, the platform use of its own brandShield will alert potential victims through reports and alerts breaking the scam process and online threats.
THE PROBLEM.
The internet is one of the methods used by fraudsters to scam victims, they use methods such as phishing and misrepresentation of information to delude their victims. With the growth of the use of internet online scams have doubled each year with reports of victims losing millions of dollars on the internet to fraudsters.
The growth of financial Technolgies such as cryptocurrencies that is about to take the financial industry to the digital age is one of the new victims and favored method of scamming victims. Tis is due to the naivetés of investors entering the cryptocurrency industry through initial coin offering with reports indicating online scams in the cryptocurrency market are approximately $1.5 million every month.
MYSHIELD SOLUTIONS.
Through the use of blockchain technology and with the help of a decentralized community Myshield plans to offer a solution to this problem, through an incentivized business model that allows the community to be rewarded by reporting positive scam attempts on the internet. This report will be used to caution potential victims through accessibility of the reports on an immutable blockchain database of this reports.
Conclusions.
MyShild has promised innovative features such as Myshield Trust StamTM that will guarantee the quality of online platforms, this will allow users accessing the internet be assured of their security when accessing the sites that have the trust stamp on them. As a way of ensuring confidence in the eyes of their visitors' websites will make sure they request MyShield trust stamp that will be processes after full verification which will be recorded on the blockchain. This is one of the noble I would love to see their plan implemented and when the project is on operation I will use it to report scam activities and protect myself from fraudulent online activities.
References
Link to the website - https://www.myshield.com
Group in Telegram - https://t.me/MyShield_TM
Official Facebook - https://www.facebook.com/MyShieldTM/
Official Twitter - https://twitter.com/MyShield_TM?lang=en
Whitepaper - https://www.myshield.com/whitepaper/#!
ANN - https://bitcointalk.org/index.php?topic=3179901.msg32931789#msg32931789
Author: jamesndungu1
BitcoinTalk Profile: https://bitcointalk.org/index.php?action=profile;u=1856049
