Greetings Comrades,
I was just meandering around the interweb and stumbled across something inordinately novel and practical. So many of the new cryptos coming out now are not geared towards the masses or people that don't know how to use and store crypto safely. Crypto Trust Network (CTN) is basically offering security services and metadata analytics of crypto transactions in order to build a safety profile of different wallets that are used all over the world. I know this sense of security and scrutiny in anathema to the crypto community, however, if you're a true believer in crypto and want to see mass adoption, a service like CTN is imperative.
Imagine you're some average joe who knows nothing about crypto, but you have a safeguard like CTN that allows you to conduct yourself with a bit more confidence. They have this awesome feature where you enter the wallet address you're sending to and it does a scan of the address to see if it's a legitimate address, at which point you'll see a green check mark, if it's a dubious wallet address, you'll see a red-check mark.
In order for CTN to achieve their goal of assessing risk among various transactions, they will need the ability to collect large amounts of data. This sounds big brother-ish I know, but pretty much everything you utilize in every aspect of you life these days is being collected as huge amounts of metadata that allow companies to offer quality metrics that tell you truly valuable and empirical information about what you're about to do, who you're doing it with, if that wallet has been related to a scam, etc.
An even cooler feature, which seems near impossible, is tracking down stolen funds. They specifically acknowledge the difficulty of trying to trace funds that have been transferred via privacy coins, specifically monero. In cases such as that, they said there is not as much they can do, but they can look for when the funds come back as visible money, i.e., when they try using an exchange to convert them into bitcoin or cash out with any various currency.
Here's the caveat for the crypto purists that see this as intrusion, there is no way that the world would ever let crypto exist without creating ways to monitor it. In this case though, we are still in a better position than we were before crypto arrived, so this is still a victory for us because we have and will continue to have more privacy. Furthermore, there is always monero and other privacy coins that can more or less circumvent intense scrutiny from outside parties.
What's MOST important to keep in mind here, regardless if you hate this idea or like it is that it will bring legitimacy and relief to people who are hesitant about using crypto due to the risks that they're not well-informed enough to handle themselves. For crypto to go mainstream and really 'make it' it's inevitable that we will need services like CTN to offer protection and risk management to big corporations who are sending large amount of money to faceless crypto wallets. I see CTN as an indicator that crypto is here to stay, people that are not crypto purists are getting into the space because they see the legitimate potential of blockchain and all the possibilities it offers.
Also, as of now, Crypto Trust Network is just a private company offering a proprietary algorithm to build a risk assessment score on potential transactions you make. They are not the police, they are not giving information freely to police, they are offering their proprietary service to paying customers. They've created a CTN token that is the sole manner in which you can pay for their service. Additionally, they do plan on making their tokens available on various exchanges so holders can liquidate their tokens if need be and desirous users of their service may purchase the tokens in order to use the CTN safety analytics.
They're in ICO right now, which can be found at:
https://cryptotrust.network/ . I am very impressed by their page, their white paper, their FAQ, and their team seems capable, though bios on everyone would be great. Additionally, they seem to be backed by two venture capital firms which can be seen at the bottom of the homepage next to the picture of their strategic advisor. They are accepting Ether as payment for tokens at the rate of $1 per CTN. See you guys on the moon!
