Koinfox launches TrustScore on MATIC mainnet– the Universal Score that helps you decide.
Built using Proof of Reputation based Smart Contracts deployed on MATIC blockchain, TrustScore is your most reliable tool that helps you evaluate and enhance your decision making.
Koinfox, the intelligent trading platform for crypto, has announced the launch of TrustScore, the first of its kind Universal Score that scores an individual’s performance in the financial markets. Built using Proof of Reputation based Smart Contracts, TrustScore is the most reliable tool that helps one to evaluate and enhance their decision making in financial transactions.
The trust levels of financial markets have interminably fallen thanks to the massive scams that have ruptured markets and investor confidence. TrustScore works towards rebuilding that confidence into the financial world and hence the scoring system is transparent, cost-effective, and error-free.
Announcing this, Mr. Ankitt Gaur, Founder & CEO of Koinfox said, “TrustScore is a Universal Score that indicates an individual’s trustability based on historical transactions. The growth of blockchain has thrown light on addressing the crucial trust issues of peer-to-peer networks by endowing the system with a distributed ledger system which is tamper-proof. Blockchain protects properties like Reputation. Most of the current reputation enhancing systems using blockchain are inherently constrained by poor efficiency and very high consumption of the rudimentary blockchain. The series of interconnected Smart Contracts in POR, enable TrustScore to be automatically computed and stored on Blockchain thereby avoiding any bias or fraudulent activity around calculation of the user’s performance for the specific set of transactions. Our POR Smart Contracts are deployed on the Matic Network blockchain as it acts as a layer 2 layer scaling solution with Ethereum blockchain as it’s base. Ethereum being a robust Smart Contract enabled blockchain and having a huge ecosystem of developers was an obvious choice.”
TrustScore by Koinfox presents itself as the world’s first product that presents a much superior rating of the existing financial systems of the world. It records each transaction on the blockchain which feeds into the reputation contracts for computation of on-chain performance metrics which forms basis for an on-chain score that can be used by people in various businesses.
It makes use of Public Blockchain and premise of popular Proof of Reputation consensus to record an individual’s transactions and store it in blocks of the blockchain system. These transactions then ensure that a bias-less rating can be generated on chain without the need for any central authority.
TrustScore has been launched to empower decision making in relationship to:
a) Fund /Portfolio Managers: By tracking and analyzing the trades over a period of time, the TrustScore is able to provide you the average return delivered by the TRADER. Hence, an investor can confidently decide whether to invest with the respective fund. This not only applies to crypto, but to entire financial market including, stocks, bonds, commodities and other investment categories.
b) Signal Providers: By tracking and analyzing success of various signals provided by Signal providers, TrustScore helps followers and traders to take quantified decisions before following any signal provider
c) DeFi Lending Platforms: DeFi endows a trustless ecosystem based on blockchain. This includes lending market, digital transactions, credit support, and other conventional financial instruments.
The current problem with DeFi is due to the high collateral required due to lack of transparency about the borrowers credibility. Using TrustScore, Lenders can now get a better assessment of the borrower, leading to reduction in collateral requirement, thus increasing liquidity and creating a safer borrowing and confident de-fi lending atmosphere.
TrustScore by Koinfox is the missing part of the De-Fi jigsaw puzzle and with the right utilization of it can bring about a mass adoption thanks to security and trust enabled by this trust-less mechanism of scoring.
The TrustScore platform is live and is currently accepting registrations for a waiting list.
