MyShield intends to create an ecosystem that will enable all affected parties to tackle these problems and create confidence and trust in online transactions. In the beginning, MyShield will bring trust to the cryptocurrency industry and so allowing more users to enter the market. As the market evolves, the solution will be adapted to the whole ecommerce and online ecosystem. MyShield intends to provide a solution to users that will alert them of online scams, including phishing, fraud, counterfeits, etc. The decentralized platform will be based on two sources of data stored on the blockchain – reports on potential scams made by users, and AI powered cyber intelligence providers. The MyShield ecosystem, will reward users that report potential scams for community use and benefit, with bounties from MyShield as well as from companies and organizations that are interested in encouraging such reports related to their brands. The users of the MyShield applications, will gain trust and confidence in their online transactions. Moreover, for those who choose to use the MyShield tokens, the MyShield platform will provide a guarantee for transactions made on online items marked as trusted by MyShield. The MyShield token, is a “Token of Trust”. The MyShield token represents the value of trust, by first providing value for the scam reports made by users, and second, for the guarantee MyShield provides based on those reports.
- Alert against scam. MyShield will alert users when they reach a scam online item (such as a website, social media post, marketplace listing etc.), attempting to perform fraud, phishing, sell counterfeits, etc. The alerts will be provided in different levels of detail. A general potential risk score will be presented, as well as specific scores based on users’ reports, and on the AI powered cyber intelligence provider.
- Crypto-transaction validation. MyShield will perform a validation process that matches a wallet number and a website. When a user intends to perform a cryptocurrency transaction, the MyShield app will alert the user when the wallet to which the transaction is about to be made does not match the validated wallet of the website.
- Reporting scam. The application will allow users to report online items (websites, social media posts, specific listings on ecommerce marketplaces, etc.), that they suspect as a potential scam (fraud, phishing, counterfeit sales, etc.).
The Scoring System
The scoring system of MyShield is comprised of the combination of both the AI powered cyber intelligence provider, as well as a score based on the reports provided by the community. The first AI powered cyber intelligence provider of the platform is BrandShield, which since 2013 provides robust cyber intelligence solution to leading brands worldwide. The scores created based on the two sources of data, make up the final scoring of the online item. The reports from the community and the scores from the cyber intelligence providers are stored on the blockchain.
The Price per token in stage 3 will be $0.11. MyShield will accept Bitcoin and Ether for the tokens sold in the Token sale, based on the exchange rate at the time of the transaction. The date of the crowd sale will be published in Q3 2018.