What Is Trustroot?
Trustroot is a blockchain protocol created to protect people from scammers. It verifies information and the identity of businesses to avoid scams. The service was created because many companies are using malware to steal cryptocurrencies or impersonate real ICOs to steal money from the clients.
In fact, many ICOs are scams and there is a great amount of money that is lost in them. Trustroot states that some studies are saying that nearly $400 million USD was lost from ICOs which were scams and that number might even be bigger. It is important for you to protect yourself against scammers.
How Trustroot Crypto Security For Sending Payments Works
Trustroot is a tool created by a team composed by Shayan Zadeh, Alex Senemar, Tim Wong and Sonny Chen to detect scams. At the moment, you can download the Chrome extension and it will help you to identify ICO scammers.
Basically, the extension works like this: the extension runs the company’s information on the database created by Trustroot and it decides whether the company is safe or not for you to use. By using the blockchain, it can store information easily and access it whenever it needs to verify a company.
The protocol is community-driven and the company looks trustworthy enough for you to use it as a way to discover if the companies that are interested in are legitimate or not.
If you are a business, you can contact the company and use it to prove that you are a real company and not a scammer. You might have to disclose information about you and your company to prove that you are real, naturally.
It is important to know in which company you are investing if you want to make a good investment. With so many scammers on the market, it can be daunting to find the right investment, but you still have to try, right?
Trustroot can definitely be an interesting tool to check the authenticity of companies that you find online and that you have some doubt if they are real or not because they might not provide much information. On the other hand, if a company does not provide enough information you might as well not invest in it because providing information is really important to be considered a good company.