Internet sources claim that as a result of fraud and theft, over $300 million dollars in cryptocurrency was lost in just 2017. CRYPTO TRUST NETWORK (CTN), is a cryptocurrency platform specifically designed to take security up a notch and patch up the gaps that cause this breaches. The platform is for merchants, wallets, debit cards issuers and exchanges dealing with cryptocurrency to help protect them and their customers from fraud and theft.
The tools offered on this platform will perform tasks like wallet verification, tracking of stolen currency, and risk ratings on transactions. The importance of security cannot be over emphasized when it comes to cryptocurrency. CTN is committed to growing tools that will ensure better accessibility, compliance and security. Thus help stakeholders and observers develop more confidence in cryptocurrency.
With more organisations adopting blockchain technology, there is the need to create water tight protection for customers and deliver better services. Since blockchain technology can be developed by businesses to manage their assets, CTN’s tools can also be adopted by businesses such as health care providers, ecommerce companies, accountants, government offices and law firms to secure their blockchain backed structures.
While the company, Crypto Trust Network is still developing tools and adapting them to the ever changing terrain, CTN’s initial services as dictated by their strengths will include:
- Verifying companies and wallets so that customers can be assured of safe transactions. Businesses can integrate CTN’s verified wallet on their own websites and carry CTN’s ‘verified’ sign.
- CTN is to offer data aggregation of fraudulent transactions and in obtaining such data, a reward process is underway for data suppliers.
- A trust rating system is in place using an algorithm that calculates trustworthiness based on factors like transactions with wallets linked to fraud, reports of scam, fraud and links to malware and so on.
- Real time alerts that users can subscribe to, to communicate necessary updates like phishing attempts, scam alerts, and other exploiting activities.
- CTN will also allow integration using APIs. CTN’s data and tools will therefore become available to third parties.
The CTN token, which is currently on sale will serve as the only mode of payment for use of CTN’s tools and services. The CTN token will also be tradable for other cryptocurrencies but such trades are locked pending the close of sale. The sale started on the 22nd of January 2018 and will run on to the 22nd of February 2018 (or until the hardcap is reached.)
Purchase of the CTN tokens require purchasers to have checked out the CTN website whitepaper and terms, an ERC20 supported wallet which the intending purchaser holds the private key to, Ethereum (Eth), and to have understanding of the risks.
The rapid advances in blockchain technology and cryptocurrency demands solid commitment to security of users in order to develop trust. CTN’s platform which has started off with the sale of CTN tokens has taken charge of this by providing additional layers of protection.