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Blockchain and cryptocurrencies have wrestled with one pervasive issue since the dawn of the industry: scams. Figuring out how to spot a real cryptocurrency site among those that are phishing or otherwise trying to access your personal information can be hard. It’s a topic on everyone’s lips as Cyber Week begins in Tel Aviv.
MyShield is designed to protect its partners and their users and combines AI with community feedback to give cryptocurrency users greater confidence. Interestingly, the platform offers incentives for marking suspicious activities, in addition to a money-back guarantee for premium users, thus providing insurance for online purchases.
So how much of the solution is AI-driven, and how much relies on human reporting of issues?
“Users of MyShield will get an initial notification based on the AI, even if there are no human reports yet,” CEO Yoav Keren told me. “If a user creates a report, and the website or social media page has still not been analyzed by the AI, an initial notification based on the user’s reports will be provided.”
Importantly, MyShield won’t just respond to a single user’s feedback. After all, it might be that a user is marking a perfectly good site as a scam either by mistake or to gain a competitive advantage.
“A certain website, social media page or post, marketplace listing, etc. will be determined as a scam only after there is a consensus between a significant number of users and the presence of an AI cyber intelligence result,” Keren said. “So an aggregation of human reports equals the AI-driven result in the analysis process.”
The platform goes further still to ensure false reports aren’t negatively affecting good projects.
“When a user creates a report, they will be required to put in a stake, paying with the MyShield token. If their report is found to be right (i.e., when there is a consensus among users and the AI cyber intelligence) they will get that token back, plus their share in the bounty. If they’re wrong, they lose their token (which will be added to the general public bounty). Furthermore, MyShield has a validation and dispute process that allows a website owner or social media user to challenge the score provided.”
This is the first time MyShield has partnered with Cool Cousin — a travel company operating on the blockchain — and decentralized cryptocurrency shopping platform Zeex. Both partners will support the application and promote it to their own consumers.
So what is next on the company roadmap?
“MyShield is currently in a private sale of its tokens,” Keren said. “A public sale is planned to take place during Q3 of 2018, and the beta version of the platform and application is planned to be launched during Q1 of 2019.”
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