Scamfari: We are on-chain! Privacy and Transparency
Connect, Submit, Report, Reward - All on the Blockchain and With Smart Contracts
Last updated
Connect, Submit, Report, Reward - All on the Blockchain and With Smart Contracts
Last updated
Reporting and data submission is crucial to our mission to eradicate and contend with fraudsters, malicious actors, scammers, and phishing websites but so is our mission to be transparent, fair, and consistent. This is why we leverage Blockchain tools and Smart Contracts as they lend us the ability to adhere to all three aspects! Let's look closer at why Blockchain and Smart Contracts are of essence for Scamfari:
Transparency and Privacy
The primary feature of a blockchain is its decentralization, which means that no single entity has control over the entire network. This fits Scamfari's purpose perfectly, as the scam data comes from multiple users across different regions. Also, blockchain's transparent nature means that anyone can verify the data, which strengthens trust in the system. This means that data transparency helps not only with the credibility aspect but also directly influences data consistency and integrity. Privacy. Privacy is also essential when it comes to data submission especially such a sensitive data as reports on malicious or fraudulent activity. Privacy aspect inherent to the blockchain plays an integral role in our vision of Scamfari and allows users to feel at ease about their identity not being "leaked" or "misappropriated".
Smart Contract Automation
Smart contracts are self-executing contracts with the terms of the agreement directly written into lines of code. For Scamfari, Ethereum-based smart contracts automate the process of report submission and reward distribution. When a user submits a scam report, it triggers the smart contract, which automatically holds the report until it can be reviewed by investigators.
Incentivization and Token Economy
Motivation is a prime aspect of Scamfari. We want users to not only FEEL like they make a difference, we want to consistently reward, highlight, and motivate people. When a user's scam report is accepted after verification, the smart contract automatically rewards the user with tokens. This provides motivation for users to participate and contribute quality data.
Security and Immutability
The cryptographic security on blockchain ensures the integrity and immutability of the data. Once a scam report has been validated and added to the blockchain, it cannot be altered or deleted. This maintains a high level of security and accuracy for Scamfari's aggregated scam data.
