The crypto industry exploded with news of scams just as the number of ICOs increased. The security problem led to numerous countries trying to regulate crypto/blockchain initiatives and even outright banning crypto events.
Have you ever wondered why there isn’t a better regulating system governing the digital coin industry? Well, there is a platform going by the name of CryptoPolice that aims to “police” the Internet and even prevent scams, all in a decentralized fashion.
CryptoPolice: How It Works
According to CryptoPolice’s ICObench page, any user can submit an application to their platform with any suspicious fact. First, the application is reviewed by an Officer, who delivers a verdict. Following the verdict, the application passed along to other Officers through a multi-level verification process. Confirmed data is stored in the archive, which is the foundation for a scam notification system named Watchdog. The scam notification system helps protect other online users.
CryptoPolice: Why Is It Important
CryptoPolice calls itself a Community Based Scam Identification Protocol, and their mission is to meld the community and tech to protect online users against fraud. Risk minimization is important in the modern age of the digital world. Not long ago, the history experienced a large boom in cryptocurrency buying in late 2017 and early 2018. Despite the hype, the industry tanked largely in part due to hacks and numerous news regarding dubious ICOs and scammers.
Although the idea of blockchain is a great one, which allows for trustless communications due to a public ledger, hacks will persist in the industry. If, however, a new scam notification system will be able to alert people, it will decrease the number of fraudulent activities on the Web. That means users will become more aware of how they use the Internet.
CryptoPolice’s mission is big, as the Internet is used all over the world by billions of people. If the system is only policed by one platform, however, this can cause a case of Tragedy of the Commons.
Let’s hope that the aforementioned concept will get polished and will prevent the platform from being flooded by fake applications and hackers.
Talent wins games, but teamwork and intelligence win championships.