Bitrated News
3 articlesThis Is HODL.voting: Voting With Your Bitcoins but Better
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Bitcoin Company Bitrated Tries to Restore Trust in Bitcoin
Bitrated, an Israeli startup, is aiming to restore trust in bitcoin transactions by creating a platform that enhances security while maintaining anonymity. The company currently operates a reputation management system, a multi-signature verification for payments, and an arbitrated marketplace that allows for payment reversals. Bitrated also uses trust scores, or Bitrating, to gauge the trustworthiness of users. This is determined through an algorithm that uses information from the client’s social media profile. The companys founder, Nadav Ivgi, hopes to leverage existing social media accounts to add security features and reputability to transactions.
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How Bitrated Wants to Put the Trust Back in Bitcoin
Bitrated, an Israeli-based trust platform for bitcoin transactions, has upgraded its service to provide fraud prevention and consumer protection mechanisms. The platform operates on three levels: a reputation management system, a multi-signature payment system, and an arbitrated marketplace. The reputation system is based on reviews, a web of trust, and users online presence. Registered users can make reversible e-commerce transactions using 2-of-3 multisig smart contracts. Trust agents act as arbitrators and intervene only in case of disputes. Bitrated has almost 2,000 registered users and has processed approximately $80,000 in transaction volume on its arbitrated marketplace. Bitrateds main competitors are OneName and Bonafide. The company plans to become a platform that powers identity and reputation across the cryptocurrency ecosystem.
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