In recent years, we’ve seen the rise of Bitcoin and other cryptocurrencies, which have become alternatives for traditional monetary transactions. Cryptocurrencies can be used by anyone without having to worry about international fees, payment fraud, and invalid checks. Crypto Trust Network (CTN) then came into the picture to safeguard it from fraud.
While cryptocurrencies rely on encryption to make transactions secure, it is quite ironic that it is still in danger from fraudulent activities. In fact, for a time, the crypto world was regularly bombarded by bad news of funds getting lost, stolen, or compromised to the point that owners could no longer recover their funds.
Reuters report that cryptocurrencies “have become magnets for fraud and deception.” Mr. Gox reported an estimated 980,000 bitcoins stolen from exchanges since 2011 and approximately $15 billion total worth of stolen bitcoins.
Reuters also points out that investors will only get a portion of their investments after the Mt. Gox fiasco. Hence, the team behind Crypto Trust Network developed a system to add another layer of security for cryptocurrencies.
What is Cryptocurrency?
You’ve probably heard about Bitcoin or Altcoin, but do you know what cryptocurrency really means?
Cryptocurrencies are digital currencies that work like traditional currencies. However, unlike traditional currencies, there is no need for a middleman with cryptocurrencies. This means no fees or bank transfers necessary. This is almost like Paypal, but instead of transacting cash, you use digital money, as again known as cryptocurrency.
You might be wondering, “How would I know that someone didn’t just make many copies of the bitcoin that is being spent?” Well, the answer lies on the open source digital ledger on the internet. It means that whenever you give your cryptocurrencies to a client or merchant, the digital ledgers are updated.
“But can’t you just alter the ledgers?” Since these ledgers exist on the cloud, every computer will have copies of the said transactions. This ensures that users can only transact with the cryptocurrencies that they have.
The Team Behind Crypto Trust Network
CEO Jim Dowling and CTO Will Finlanson founded Crypto Trust Network in 2018. The team is composed of six other members, all of whom have vast experiences in dealing with cryptocurrencies.
Other members of the team include:
|Daniel Whyte||Systems Integration|
|Warrick Walter||Machine Layering|
|Allan Walter||Data Visualization|
|Dylan Erskine||Data Analysis|
|Billy Barrow||Blockchain Specialist|
Safeguarding Cryptocurrencies with CTN
The developers of Crypto Trust Network have been involved in the business of cryptocurrencies for a long time. In the process, they identified the vulnerabilities of cryptocurrencies to risks such as fraud. With this problem in mind, CTN developed a system that will warn users of possible fraud, theft, or phishing.
According to Jim Dowling, CEO of Crypto Trust Network, the new popularity of cryptocurrencies masks its security problem. In a press statement, he said that cryptocurrency is “an unregulated industry with few of the safeguards offered by traditional banking.”
The CTN Trust Rating
Crypto Trust Network developed a Trust Rating tool. This tool uses machine learning to give users a “risk rating” that will aid them in decision making. With CTN’s system, high-risk transactions and wallets are immediately marked. It warns users of possible fraudulent activities.
This tool is determined by a list of factors such as the CTN verification process, CTN insight engine, transactions with wallets linked to fraud, received blacklisted funds, wallet’s frequency of “emptying”, and reports of fraud, scams, and/or malware.
Other Crypto Trust Network Tools
CTN offers other safeguarding tools for users on top of its Trust Rating, The system also takes care of verification and whitelisting to confirm the security of a client’s wallet.
CTN explains that after verification, a client can embed a verified wallet within a website while CTN serves the content. The verified information will also appear on the platform.
Additionally, the system will also collect a significant amount of data from users to deliver Trust Rating and high-quality metrics. However, users need not worry since this information mostly focuses on stolen and fraudulent transactions.
To boot, CTN also offers CTN Blockchain Insights Engine, which looks at pure blockchain data to make accurate predictions. Integration services and APIs will also be available via subscriptions so that external groups could access tools and data.
What More Can You Get Out of CTN’s Services?
More than extra security features from Crypto Trust Network, the system could also help companies focus on blockchain. Regulations help companies add protection for their existing customers and target clients who are interested in cryptocurrency. Among the services are debit card platforms, cryptocurrency sales sites, and wallets.
What Happened to CryptoTrust Network?
CTN answered most of the problems in the crypto world. Crypto users who used to choose BYOB (Be Your Own Bank) or who store their funds in their hardware started to trust companies to manage their funds.
Cryptotrust Network played a significant role in protecting companies and crypto users. Nevertheless, as it becomes inactive, more companies of its similar nature continue to develop security and protection for crypto users. Hence, the future is still bright for the crypto world with new innovators coming into play.