TrustSight

TrustSight: A Web3 Reputation Platform Powered by EigenTrust for Crowdsourcing On-Chain Trust

Problem Statement:

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.

Two key questions arise:

1. How can the community collectively assess the legitimacy of accounts and contracts?
2. How can we create a seamless user experience to showcase this "legitimacy," especially for beginners?

Introducing TrustSight:

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.

TrustSight operates as follows:

1. Crowdsourcing trust scores on-chain from users about other accounts through the TrustScoreRegistry contract.
2. Utilizing a simple, non-distributed EigenTrust algorithm to compute global trust scores for all actors within the network.
3. Showcasing these scores in a user-friendly, beginner-oriented interface.

Key Features:

1. Read reviews for on-chain addresses: TrustSight enables users to access and read reviews about other on-chain addresses, providing valuable insights into their reputation.
2. Write reviews for on-chain addresses: Users can contribute to the platform by writing reviews for other on-chain addresses, fostering a collaborative approach to trust-building.
3. Check addresses for maliciously flagged actors: TrustSight allows users to verify if an address has been flagged as potentially malicious, helping to avoid scams and safeguard investments.
4. Assess project legitimacy: TrustSight enables users to evaluate projects based on their trust scores, ensuring a safer and more informed decision-making process.
5. Discover top-rated projects: Users can explore the highest-rated addresses on TrustSight to find reputable projects, simplifying the search for trustworthy opportunities.
6. EigenTrust re-computation cron job: TrustSight employs a cron job to regularly update trust scores, ensuring that users have access to the most up-to-date information.

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.

Technical Details: How EigenTrust Works

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.

Business Model & Value Proposition

Monetization & Platform Maintenance Strategy:

1. Premium subscription for businesses: TrustSight offers a premium subscription plan that provides businesses with a verified checkmark, signaling their credibility and trustworthiness to users. This plan also grants businesses access to additional features and benefits tailored to their needs.
2. Targeted advertisements: TrustSight can generate revenue through targeted advertising based on users' queries and preferences, ensuring that ads are relevant and appealing to the user base.
3. Featured DApps and explore page: TrustSight showcases featured DApps and provides an explore page, allowing developers to promote their applications and gain exposure to potential users.
4. Donations from public good platforms: TrustSight can receive financial support from public good platforms, recognizing the platform's contributions to enhancing trust and security within the blockchain space.
5. API for wallets: TrustSight can create an API that allows wallet providers to block scam contracts automatically, protecting users and enhancing the value of the wallet service.
6. Educational content: TrustSight can generate income by offering educational content on the platform, helping users better understand blockchain technology, smart contracts, and the importance of trust in the web3 space.
7. Crowdsourcing contributors: TrustSight enlists the help of community members to remove fraudulent or spam reviews, ensuring the integrity and accuracy of the platform's trust scores. Active contributors may be rewarded for their efforts, creating an incentive to maintain the platform's quality.

Value Proposition:

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.

1. Identifying scams and rug pulls: TrustSight's EigenTrust algorithm helps users identify potential scams and rug pulls, enabling them to avoid malicious actors and safeguard their investments.
2. App store for DApps and contracts: TrustSight functions as an app store for decentralized applications (DApps) and smart contracts, giving users a single, trustworthy platform to discover and interact with web3 projects.
3. Go-to place for web3 newcomers: TrustSight serves as a starting point for users new to web3, offering guidance, educational resources, and a user-friendly interface to help them navigate the complex world of blockchain technology.
4. Enhanced security for businesses and users: TrustSight's verified checkmarks for businesses and API integration for wallet providers enhance security for both businesses and users, fostering a more trustworthy ecosystem.

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.