The Crypto Trust Network, abbreviated as CTN, is a platform that will add yet another layer of trust to the cryptocurrency world. All of the services offered have the Trust Rating, which lets users make informed decisions. With CTN, exchanges, wallets, merchants, and debit cards can trace and black-list transactions with high risk based on the fact that their wallets have been connected to fraudulent activities.
Who Is Behind the Crypto Trust Network?
Jim Dowling and Will Finlayson founded the Crypto Trust Network. Dowling is the CEO and deals with vision, partnerships, and growth. Finlayson is the CTO and works with infrastructure, scalability, and technology. Other members of the team include Daniel Whyte, in charge of systems integration; Nash Varghese, in charge of administration and accounts; Warrick Walter, who works with machine learning; Allan Walter, who does data visualization; Dylan Erskine, in charge of data analysis; and Billy Barrow, the blockchain specialist.
Why Is CTN Necessary?
The team behind Crypto Trust Network has been involved in the cryptocurrency world for a long time. However, members recognize some downfalls with the system, such as the ease of fraud. The website cites a figure that in just 2017, theft, fraud, and phishing led to a loss of $300 million across the market.
Over $300 million in cryptocurrency lost due to phishing, fraud or theft in 2017 alone
CTN aims to provide a tool that lets users instantly determine if fraud, theft, or phishing is likely to occur, dramatically reducing the risk of its users being part of a similar figure in 2018. In the long term, the system would hopefully be adopted by enough users to even bring the figure down.
What Is the Trust Rating?
The Trust Rating is a key tool offered by the Crypto Trust Network. This is essentially a “risk rating” that is automatically calculated by the engine, which is backed by machine learning. It delivers a metric with industry-leading information that gives users the data they need to make their decisions with confidence. The system instantly marks high-risk transactions and wallets to reduce the risk of users. The Trust Rating is determined by a long list of factors, including the CTN verification process; the CTN insight engine; transactions with wallets linked to fraud; having received blacklisted funds; the destination wallet’s frequent “emptying;” and reports of fraud, scams, or malware.
What Other CTN Tools Are There?
At its onset, CTN will offer much more than just the Trust Rating. It can also take care of verification and whitelisting, which is essentially confirming that a client’s wallet is secure. This will then let the client embed this verified wallet within the website while CTN serves the content. The verified information will also appear on the CTN platform.
As part of the research necessary to deliver the Trust Rating and other high-quality metrics, CTN will collect a significant amount of data. This mostly includes information about stolen and fraudulent transactions. There is also the CTN Blockchain insights engine, which looks at pure data on the blockchain to make accurate predictions. There will also be integration services and APIs that let external groups access the tools and data via subscription.
Who Can Benefit from CTN’s Services?
At the beginning, the services behind the Crypto Trust Network, like their Trust Rating, will help companies focused on the blockchain. It will be particularly useful in industries with many regulations, those who want to add protection and help their customers, and those who want to target getting more people into cryptocurrency. The list of potential users/clients includes exchanges, debit card platforms, cryptocurrency sale sites, and cryptocurrency wallets.
As the use of blockchain technology expands, the businesses that can take advantage of CTN will also increase. Whether a company is in the public sector, health care, ecommerce, accounting, law, or something else, it can benefit from the Crypto Trust Network as it transitions into technologies or assets backed by the blockchain.
Why Does the Token Matter?
The CTN token is the designated method of paying for CTN’s services and access to its data and will be the only way to do so. There will eventually be an exchange service within the platform to make it easier for entities who want to take advantage of the services to get the tokens. These exchanges will be useful both for buying the tokens and selling them; they can also be traded independently and on other exchanges.
The team behind the Crypto Trust Network made the token the sole payment option as a way to seamlessly transition from fundraising to functionality. The team will need significant resources to run the system, and fundraising via the token makes it possible to get them. All the funds raised from token sales go directly to growing the team, scaling the services, and developing the platform.
How Do You Get CTN Tokens?
The Crypto Trust Network is currently in the token offering phase, with the sale starting on Jan. 22, 2018. As part of the offering, it also has a bounty program. Those who help promote the platform will receive a designated sum based on the type of promotion and its reach. This method rewards those who spread the word about CTN, helping more people learn about what it offers as the team is confident in the platform. After all, to do the most good, CTN must extend its reach.
During the token sale, investors can contribute their ETH and receive CTN tokens immediately. To start, there will be 630 CTN awarded per ETH, with an additional 20 percent bonus, up to 2 million CTN. The number of CTN per ETH will lock in place an hour before the sale begins.
Conclusion
Once the platform is completed, the Crypto Trust Network should be a welcome addition to the cryptocurrency world by protecting entities who use crypto, as well as their clients. By letting users determine if a transaction offers high risk, CTN could eventually lower the amount of money lost to fraud or theft, although this will require entities to use it. In the meantime, CTN will reduce the risk for each user of its platform, beginning to chip away at the problem of fraud in cryptocurrency.
