- Crypto / Web3
- DAO / Community
TrustSight is a community-driven, EigenTrust-based Web3 reputation platform for crowdsourcing on-chain trust.
In the rapidly evolving world of web3, identifying legitimate actors and avoiding malicious ones on-chain can be a daunting task, particularly for beginners. New users may struggle to find reputable DeFi, NFT, or DAO projects, and it can be challenging to determine if a contract is legitimate or a scam. While experienced users may rely on metrics like TVL or seek advice from experts, these methods aren't always accessible for newcomers, leaving them vulnerable to scams, rug pulls, and phishing schemes.
To address these challenges, we have developed TrustSight, a platform designed to crowdsource reputation for on-chain actors by leveraging the power of the EigenTrust algorithm.
In summary, TrustSight is a groundbreaking web3 reputation platform that leverages the EigenTrust algorithm to crowdsource on-chain trust, making it easier for users of all experience levels to navigate the blockchain space securely. With features such as reading and writing reviews, flagging malicious actors, evaluating project legitimacy, and discovering top-rated projects, TrustSight provides a seamless and user-friendly experience for building trust and credibility in the world of web3.
The EigenTrust algorithm is an innovative method to establish trust and reputation within networks, and it is a valuable tool for overcoming the challenge of identifying legitimate actors and avoiding malicious ones in the blockchain space. One of the primary issues with web3 is the difficulty of discerning trustworthiness among anonymous actors who lack accountability. TrustSight leverages the EigenTrust algorithm to crowdsource reputation for on-chain actors, creating a more secure and reliable environment for users.
The EigenTrust algorithm operates on a principle similar to Google's PageRank system. It is based on the idea that trust can be derived from one's network of peers and extended to the peers of those peers, eventually covering the entire network. By aggregating trust scores from every peer and constantly iterating the computation for each individual, the values stabilize into unique global trust scores for every individual in the network.
In real life, trust is often established through personal interactions and relationships. For example, if Alice trusts Bob because of their positive interactions, and Alice vouches for her friend Carol, Alice's trust in Carol will likely be strong. Similarly, the EigenTrust algorithm uses this concept to determine trust scores within a network.
TrustSight utilizes the TrustScoreRegistry (link), a smart contract designed for managing and storing user reviews on the TRON blockchain. This contract enables users to submit reviews about other users (reviewees) and associate them with a unique key. The reviews are publicly accessible using the TRON addresses of the reviewer and the reviewee, as well as the key, which helps establish a foundation for trust.
TrustSight's implementation of the EigenTrust algorithm helps build trust on-chain by crowdsourcing reputation scores for actors within the network. By using a robust, non-distributed EigenTrust algorithm, TrustSight can efficiently calculate trust scores that can be used to gauge the trustworthiness of various actors in the blockchain ecosystem. This approach enhances security and fosters a more reliable and trustworthy environment for users.
TrustSight's primary value proposition lies in its ability to identify scam accounts and rug pulls quickly and efficiently, providing users with a reliable source of information to navigate the web3 landscape securely.
In conclusion, TrustSight's business model and value proposition focus on enhancing trust and security within the web3 space. Through a combination of monetization strategies, TrustSight aims to provide businesses and users with a reliable platform to identify scams, discover legitimate projects, and navigate the web3 landscape securely. By leveraging the EigenTrust algorithm and offering a range of valuable services, TrustSight aims to become the go-to platform for businesses and individuals looking to explore and interact with the rapidly evolving world of blockchain technology.
web3buildor is a talented and passionate Web3 full stack and blockchain engineer, boasting 2 years of industry experience working across various Ethereum Virtual Machine (EVM) ecosystems, Decentralized Finance (DeFi), and Non-Fungible Tokens (NFTs). With a strong foundation in computer science and a natural affinity for cryptography, he has contributed to numerous open-source projects, demonstrating his prowess in building innovative, user-friendly, and secure decentralized applications.