What problem does TrustScore solve??
Last updated
Last updated
TrustScore addresses the current issues with user identification in both Web2 and Web3
"Blue check mark" is a feature used on various Web2 social media platforms such as Facebook, YouTube, Instagram, and more. The blue check mark is used to verify that an account is credible and belongs to a notable individual, company, brand, or reputable organization. Information shared on accounts with a blue check mark is often considered more trustworthy compared to regular accounts.
But currently, the blue check mark can be easily purchased, so verifying the trustworthiness of accounts with a blue check mark is not entirely accurate.
💡 With TrustScore, credibility is evaluated based on numerical values, where individuals with higher TRUST scores have higher credibility. For those with average TRUST scores, they have already gained a certain level of trust and can distinguish fake or spam accounts. Furthermore, in the Blockchain technology, TRUST is used across the entire NEAR Blockchain, not limited to a single platform. This means that TRUST can be integrated with other social platforms like NEAR Social to establish the credibility of users.
The issue of impersonation and fraud through the creation of accounts resembling famous individuals (KOLs) and the formation of fake groups has become a serious problem on social media platforms. These behaviors can harm users by deceiving them, stealing personal information, or spreading misinformation
For TrustScore, each wallet is uniquely identified with a TRUST score based on the credibility they have established, and this score will be displayed alongside the wallet name. Therefore, this numerical value cannot be impersonated with Blockchain and Smart Contract technology, which helps to mitigate unfortunate scam incidents
The practice of selling accounts with blue check marks, accounts with a high number of likes/followers/subscribers, or selling large group memberships has become common on Web2 social media platforms. However, based on the characteristics of Blockchain technology and the use of private keys, no one would want to sell their wallet to someone else, nor would anyone want to buy an account that has had its private key compromised.
Currently, in many DAO models, decisions are often made based on the number of tokens held by individuals. However, this can lead to the abuse of power by project owners and large investors, making the DAO protocol centralized and controlled by a few decision-makers.
However, the TrustScore model addresses this imbalance by not evaluating based on the amount of tokens one possesses, but instead considering their level of credibility (TRUST). This means that users need to focus not only on accumulating tokens but also on building and maintaining a high level of trust within the community. This ensures that power and decision-making are not solely in the hands of a wealthy few but distributed based on the trustworthiness and genuine contributions of each individual.
With this model, TrustScore creates a more equitable DAO system where everyone can participate and have a voice in community decisions without relying on financial assets. This promotes fairness and diversity while encouraging each user to build and maintain their own reputation.
The current methods of identity verification often involve KYC and linking social media accounts to authenticate user identities. However, these methods can have certain risks and limitations.
Privacy risks: When using KYC, users are required to provide sensitive personal information such as ID numbers, addresses, etc. Disclosing this information can raise concerns about privacy and there is a risk of information leakage if not properly secured.
Security risks: Linking social media accounts can create a connection between accounts and users' personal information. If one account is compromised, information from the linked accounts can also be threatened.
Centralization fees: Traditional verification methods often rely on third parties to perform identity verification, which can result in centralization fees. Users have to trust and depend on intermediaries to verify their identities, which can incur costs and undermine the decentralized and distributed nature of blockchain.
To address these issues, projects like TrustScore have been developed with a focus on building fully decentralized identity verification systems. In such systems, users have control over their personal information and do not need to rely on intermediaries. This helps reduce privacy and security risks while decreasing centralized fees and enhancing the decentralization of the identity verification process.
