Stay up to date on all things crypto and blockchain

Token Daily is a place to discover trending news and products in crypto and blockchain.

Peerkey - Add Trust and Reputation to Peer-to-Peer Crypto Transactions

Add Trust and Reputation to Peer-to-Peer Crypto Transactions

Launches posted 1 year ago

with or if you'd like to join the discussion.
Nick Neuman
@yoroomie & team - nice work on the MVP site! Do you plan to store profiles & reviews on the blockchain at any point? How will you guard against "Sybil attacks" (hate to use jargon, sorry) where people pump up their average review with a bunch of bots? I could see that being an issue when you need to trust people for payment interactions.
3
Mike Williams
@nneuman thanks Nick! We are certainly looking at storing on blockchain and/or IPFS hash value to blockchain (much cheaper) in the near future. For now though, we're going to focus on user feedback, adoption, seeing how Peerkey is used, where, and then things such as reducing gamification with this MVP. We don't think that we need to go beyond the lightweight product and tech stack currently used to do this.

When it comes to sybil attacks in the future and mitigating the risk of this, we would most likely have a minimum network fee for ratings and reviews that would be correlated with the rate of potential spam at that time. This is of course would be dependent on how we actually implement blockchain with Peerkey and is subject to change. To go one step further, we would probably also limit the number of ratings and reviews left within a certain time duration, in addition to weighting a rating and review left by that users own Peerkey rating, account maturity, etc.

To be honest, this is my first project in the crypto and blockchain space, so learning more and more every day and sure we will refine our approach with the product and implementing blockchain tech. Great questions!
1
WeTrustTeam
Very cool! We'd potentially be interested in discussing partnering up to add this element to our TLC product.
1
Ben Tossell
Hey guys!! I remember testing this out early on - pretty neat! Love how the linking accounts was the quickest and smoothest experience of my life haha

What is the story here/why build something like this?
0
Mike Williams
@bentossell thanks for posting about us here and spreading the word with the Token Daily community! Cool that we both also launched today 🚀

Credit to Seth and Mubs for the design and build. They're both amazing to work with and have been a big part in taking Peerkey from an idea to MVP the past two weeks. The idea actually originated after going down the crypto rabbit hole a few months ago, trying to use crypto as a form of payment in transactions, and realizing that there seemed to be a lack of identity and trust in place with crypto transactions where it would be beneficial. Also being a marketplace operator and extensively studying decentralized marketplace projects, I became aware of the need for identity, trust, and reputation in marketplaces, regardless. Without a centralized rating and review system in place (i.e: Airbnb, Uber, etc), it's hard to create trust in transactions. That's where the concept for Peerkey really came to life and evolved into the MVP we're launching today.

The easiest way to think about Peerkey is an About.me for crypto transactions. It’s a linkable and sharable profile page with Peerkey verified identity, in addition to displaying trust through P2P ratings and reviews. People can create a Peerkey (with @username) in minutes. You can then add and share your URL on social, direct messages for transactions (SMS, WhatsApp), and also decentralized marketplaces that do not have rating and review systems in place. I’ve already added mine to my CryptoCribs profile 😄

I also wrote a Medium post that goes into more detail on the story/why here:
https://hackernoon.com/building-trust-in-cryptocurrency-transactions-dedab6afd3f6

I'll be here today, so if anyone has any questions comment below and I'd love to get some more feedback from the Token Daily community! 👊
3
X