In an unregulated market, things can get hectic pretty quickly. Following the current Bitcoin explosion, the cryptocurrency market has also seen an explosion in Initial Coin Offerings, or ICOs, which are used to raise funds for up-and-coming projects. Sadly, as expected in a new market, a surprising about of these ICOs are complete scams. Developers are known to have completely abandon successfully-funded projects and is happening at an
alarming rate. Luckily, a new startup called BoldPure has a solution with their Collective Security Platform, or CSP for short.
If you’ve ever had to do your own research on whether an ICO is a scam or not, you’ll usually find these accusations in forum or social media posts. BoldPure, a CSP(Collective Security Platform), plans on becoming the standard for reporting ICO fraud. “There are far too many forms of fraud happening on a daily basis when it comes to blockchain-related projects.” says Adam Lin, the program director for BoldPure. “When it comes to reporting fraudulent activity, there should be a strong community aspect. This is where BoldPure steps in and takes effective steps to fighting fraudulent ICO projects.”
According to the BoldPure whitepaper, the BoldPure community will work very closely together to determine whether a project is fraudulent or not. After a consensus is formed, the project is blacklisted and multiple web services are notified. Also, it looks like entry to the community isn’t exactly the easiest endeavor. BoldPure’s administration plans to work hard to fight fraudulent activity within their own network by only allowing users that have proven to be trustworthy. The exact process isn’t explained as of right now. BoldPure will also certify legitimate ICO projects with PureCheck, a verification program similar to Clearify’s address confirmation service. Lin continued by mentioning that they were inspired by Clearify. “Clearify has been proven to fight fraudulent activity in such a short amount of time. We’re in love with the Clearify service and we were inspired to create something similar while not attempting to compete with them.”
Building the standard for project verification and reporting fraud isn’t an easy task. A project this ambitious clearly requires funding. BoldPure, instead of calling it an ICO, are holding a small token event in early March. BLDP, an ERC20 token, is the heart and blood of the BoldPure network. Compensation in BLDP tokens, according to BoldPure, will keep the service running 24/7. The token will also become tradable on multiple exchanges.
BoldPure could become a leader in verification services if they are to successfully fund their project. When a future ICO project has a PureCheck badge, it will quickly inspire confidence in all future ICOs. Blockchain technology investment seems to finally be getting the hero it deserves. You can view more about the BoldPure project at their website: https://boldpure.com