Since the advent of blockchain technology, it has had a tremendous impact in virtually every industry. We hear about the use of blockchain in supply chain management, in the health sector, in the financial industry, just to mention but a few. However, with all these achievements, there have been numerous scams and fraudulent blockchain-based projects and applications designed to rob people of their hard-earned money.
To mitigate against these occurrences in the blockchain industry, many projects have been working on innovative ways to ensure the authenticity of blockchain projects can be ascertained by potential users. One of the leading companies on this task is. Just a few days ago, the company came out to announce the launch of the first-ever decentralized protocol (anonymous validation system) in the blockchain industry.
About Anonymous Validation System
This is a system that makes it possible for crypto and blockchain enthusiasts and businesses to determine the legitimacy, how trustworthy and transparent a crypto project or application is. The interesting thing is that these crypto enthusiasts can do this anonymously and seamlessly. Some of the projects under review will be smart contracts, NFTs, DeFi projects, codes, etc., on the blockchain.
With this innovative project, CheckDot has become the first blockchain-based company on the BINANCE Smart Chain to build an "opinion platform" for people to see the hidden details and hidden information about crypto and blockchain-related projects. Users are able to do this via the gathering of information from other people on the blockchain. Therefore, this new platform will help increase the trust users and clients have in these blockchain applications and projects.
One very good "side attraction" of the CheckDot anonymous validation system is that users can earn by performing some verification tasks such as smart contract audits, NFT trust indexes, KYC audits, e-commerce pre-verification opinions, e-document verification, business verification, and so on. To be eligible to participate, you need to have a specified number of CheckDot utility tokens. The token is the access card to partake and earn in the verification tasks. Once the verification task has been executed, you will be rewarded with more CheckDot tokens. At the time of this writing, the private sale of the token has come to an end. However, you can participate in the ongoing public sale of the token.
The CheckDot Company
CheckDot is a blockchain-based company with a mission to help digital asset owners and users to build trust in crypto and blockchain projects and companies. The company enables these users to verify whether the blockchain applications or projects they have subscribed to are authentic, trustworthy, legit, and transparent. CheckDot created the anonymous validation system to help sanitize the blockchain and cryptocurrency value chain. There are already 10 projects lined up by CheckDot, but the first of them all is the Code Audit. The audit will be available to users before the end of the year (2021).
As a CheckDot user, you can request advice or engage in audits with the help of a minimum of one layer of advisor or a maximum of two within the community. The company is already setting plans in motion to move to the second phase of its service by the first quarter of 2022. This second phase will enable users to authenticate or validate special firms or services, and the result of the validation process will be listed on the CheckDot platform for other users to review. After that, all crypto and blockchain applications or projects evaluated with the CheckDot community guidelines will be listed on the platform by seasoned professionals and experts who have a good knowledge of how to evaluate a business.
Conclusion
The CheckDot autonomous validation system is undoubtedly a good way to prevent fraudulent projects from stealing from unsuspecting individuals and further stopping them from bringing the blockchain concept to disrepute. Although it's still the early days for the project, we can only hope it lives up to the expectation of crypto enthusiasts. You can also see more details in their
