Token OverviewCTN is a security & trust platform that allows tracking of fraudulent/high-risk cryptocurrency transactions by provides tools for crypto services, exchanges, wallets or merchants to query our platform and gain a ‘trust rating’ on wallets and transactions allowing them to make informed decisions around their own business processes. The CTN platform is powered by our analysis engine; by combining advanced data aggregation techniques, service breach report analysis, blockchain transaction information, machine learning and our internal algorithm we’re able to calculate an industry leading indicator of wallet & transaction risk through our “CTN Trust Rating.”
CTN aims to add an extra layer of security to the crypto transaction process by calculating a “trust rating” that will give companies and investors peace of mind while making transactions. In an online world filled with hackers and scammers it is imperative that you know who you are dealing with when sending your hard earned money to an unknown recipient.
Think of this trust rating like a Better Business Bureau (U.S./Canada) rating. A concerned consumer may consult the Better Business Bureau to find the rating of a company they are considering doing business with. If the company has a high rating, the consumer then feels much safer when making a purchase. On the flip side, if the company has a low rating, the consumer would logically avoid doing business with that company. In the cryptosphere users can utilize CTN’s trust rating in a similar fashion.
Activity ReportTwitter
Account Created: December 2017
Tweets (7 days): 11
Plenty of activity on CTN’s Twitter account. While this is still a new account this is a good sign for potential investors. Early, frequent activity from the development team shows initiative and a willingness to engage with the community.
Reddit
Community Age: 12 days
Subscribers: 2
The development team commented stating that they expect Reddit to be the “go to” place for CTN discussion. Expect increased Reddit activity as the community continues to grow.
Medium
Followers: 15
Posts (7 days): 4
Claps (7 days): 99
4 posts in 7 days is another good sign coming from the development team’s blog. Blogs are typically used for tech updates and announcements. Acquiring 14 followers in their first 7 days is also a plus. Readers are also reacting to their blog posts via claps which shows strong community engagement early on.
Key FeaturesWhite Listing/Verification
Wallets and companies can request verification and if successful, gain a profile with all of their verification information on CTN’s platform. This wallet verification is CTN’s version of an SSL certificate. It will undoubtedly be an invaluable tool for anyone making crypto transactions. By using CTN’s platform users will have the ability to gain insight as to who is on the other side of the transaction. By dealing exclusively with trusted sources users will be able to feel safe when handing over their money.
Companies will have the ability to embed their verified wallet into their website. The verified wallet, along with their profile on CTN’s platform will allow customers to feel secure when doing business with them. Over $300 million worth of cryptos were lost in 2017 alone. Causes varied but some of the more serious offenses included phishing, fraud, and theft. By doing business with white listed wallets both consumers, and businesses are protected.
The CTN Trust Rating
So now that we know what CTN’s trust rating is used for, how does it work? The trust rating is a proprietary algorithm designed by the team at CTN. It is used to calculate a series of metrics for any given wallet address. These metrics are calculated by using a combination of factors including transactions with fraudulent wallets, reports of scams or links to breaches or malware, and receiving of blacklisted funds. The calculation also considers a wallets proximity to frequent wallet empties. A wallet empty is a wallet that frequently receives funds and is then completely emptied to another wallet(s). The completed calculations return the trust rating.
Integration Services
CTN really considered the big picture when it comes to mainstream adoption. By building powerful APIs external entities will be able to subscribe for access to features of the CTN platform as well as data. For example imagine you were the owner of an online movie retailer. You accept payments in the form of cryptocurrencies. Your customer goes to make a purchase and you want to verify the funds you are receiving are legitimate. By utilizing CTN’s integration services you can run a wallet check for that user and acquire an instant trust rating. If the customer has a good trust rating you know you are going to make a successful sale. If the customer has a bad trust rating you can then prevent the sale as well as the risk to your business. These same practices can be used for peer to peer transactions.
From the DevelopersJim Downling, CEO of Crypto Trust Network was kind enough to answer a few questions for me.
WPW: On page 6 of the white paper you state “CTN will incorporate and analyse data from a myriad of sources both public and private”. What are some examples of these data sources, and what data is being collected?
Jim: “Great question! There will be a large amount of data collected. Some examples of sources would be: repositories of crypto-based malware, exchange/crypto service breach information (e.g. site hacks), crowd-sourced data of reported theft/phishing wallets, aggregation of comments, threads and reports from other popular sources & plenty more. Alongside this the v2.0 implementation of the CTN Trust rating will incorporate a machine-learning component for some of the ratings weighing. The success of the service will be solely driven by the quantity and quality of data we can obtain which will be our key USP.”
WPW: On page 7, Item 4: CTN Trust Rating. How is it determined if a transaction is link to a fraudulent wallet? Also how is it determined if funds have been blacklisted?
Jim: “Once we have the base foundation data combined with our rating based on said data it’s pretty easy to link transactions due to the transparent nature of the blockchain. For example, an exchange is hacked or a phishing site is set-up. Providing we have the right data in place we can follow where the crypto is transferred infinitely no matter how many wallets it’s transferred to we can tell the base currency is blacklisted. If it’s spread between a large number of wallets and diluted it will come down to a ratio. It’s possible an innocent person may receive some of these funds among a range of genuine transactions so that’s of course something we will have to take into account.”
WPW: On page 8, you list a number of non crypto industries that you could see utilizing your platform in the future. What are some examples of uses of the CTN platform for law firms, or healthcare facilities?
Jim: “We’re seeing a growing trend of more and more companies looking at not only blockchain-based infrastructure but also as a payment method. Based on these two factors we see a large scope for CTN in the industries you’ve outlined. For example, future law firms will no doubt start implementing smart-contract based escrow services, or medical providers accepting payment in cryptocurrencies. These would be perfect implementation cases for CTN.”
ConclusionWith its completed platform CTN is primed to be a game changer in the crypto world. By offering tools to determine how risky a transaction is, both customers and businesses will have an added layer of security when moving their coins. The system aims to reduce the amount of money lost/stolen with the ultimate goal of preventing it entirely. For more information about CTN and the team behind it visit their website.
Source:
https://whitepaperwatch.com/2017/12/20/crypto-trust-network/
