Crypto Wallet Trust Scores by Chain Champs
Trust is crucial in the world of blockchain and cryptocurrency. Trust through decentralization is the backbone of our community, granting us freedom knowing that every transaction is validated in a fair and unbiased way. But the consequence of decentralization is no single authority can tell you which internet stranger is your friend, fellow collector, or gamer, and who is there to trick you into buying a fake project. This leaves people and dApps in web3 vulnerable to fraud, scams, and other nefarious activities. Despite recording everything, the anonymity granted by blockchain technology and the sheer volume of data makes it difficult to trust anyone. So who can you trust?
That’s where TRUST by Chain Champs comes in. This innovative AI service uses the latest in AI and Machine Learning technology to score wallets based on their transaction history. This empowers dApp authors to quickly identify and address bots, profiteers, wash trading, token laundering and more. TRUST is a powerful, evolving tool, constantly adapting to new behaviors and tracking evaders from one wallet to the next. The system is trained on over 20 million transactions every day, quickly identifying the patterns and signs of fraudulent activity.
Available in your Cloud Wallet!
We are thrilled to announce our partnership with wax.io to bring a level of TRUST to everyone on the WAX blockchain. Every Cloud Wallet will have basic trust scores visible to every single person and dApp on the blockchain via Cloud Wallet UI and waxjs library integrations. Additionally, as a phase 2 of this rollout, all wax blockchain accounts will have their basic TRUST score available on-chain via a specialized Smart Contract. This will allow wax blockchain dApps to access this critical information from both their smart contracts and web applications. These will be regularly updated so you can continuously protect yourself from changing conditions.
How TRUST Works
At the forefront of AI and Machine Learning, TRUST uses both to analyze transaction data, creating a living model that constantly improves and adapts. Trained on over 20 million transactions every day, nothing gets by it. Through this analysis of transaction data, it provides insights into everything the owners of wallets are doing. Whether it’s playing games, trading tokens, or buying and selling NFTs, TRUST sees it all.
TRUST finds the patterns of behavior that identify bots, profiteers, wash traders, money launderers, and anyone else you might consider a bad actor. It also finds the patterns of regular everyday people like you and me. It then builds a web of connections across both groups, flagging accounts as suspicious or trustworthy, including who they interact with. Every bot has a network of selloff accounts and TRUST can tell the difference between those and the regular people buying the bot’s purchases.
TRUST’s goal is providing dApps the information they need to make critical decisions. Since you have access to the trust scores, each dApp can define its own risk tolerance. Some dApps may choose to block wallets that are 90% likely to be a bot, while others can choose to draw the line higher at 99% certainty.
A deeper dive into the inner workings of TRUST will be shared out across multiple articles over the coming months.
Basic TRUST score will be available to dApps via Cloud Wallet waxjs library and on-chain via a specialized Smart Contract.
Detailed TRUST score will be available through an API, making it easy for developers to integrate it into their dApps. It will be offered as a paid service to projects on the WAX Blockchain, with plans to expand to other chains in the works. This service is a valuable asset for any dApp that values transparency and building trust with its community.
Using TRUST, collection owners can quickly identify potential fraudulent activity, ensuring that their projects are safe and secure. It will also be available at a range of service levels, catered to the specific needs of projects large and small.
At its most useful basic level, TRUST can be used to identify wallets that are likely to be bots. With expanded service, it can provide insight into the intent of wallets, not just if they are actively pumping a collection, but if they have in the past and are likely to in the future. This covers other common patterns like wash trading, profiteering, and many more. dApps can also define their own unique rules, patterns, and contracts, and integrate them into their own implementation of TRUST. We know a lot of projects have invested into protecting themselves, in ways that are unique to their data set and dApp. TRUST can leverage the work you’ve already done, bundled together in one convenient package.
If you’re interested in learning more about TRUST, please visit our TRUST homepage or contact us directly. We are happy to answer any questions you have and help get you started with this powerful crypto wallet scoring tool.
Thank you for your interest in TRUST by Chain Champs, and we look forward to working with you in the future!