Checkdot Introduces First Blockchain Platform For Securing Opinions On Crypto Projects
Checkdot is a blockchain-based network with ideal solutions, especially crypto product reviews. This network intends to give opinions on projects, companies, and more. Checkdot makes it easy to request advice or audits and inspections from users.
By offering opinions on projects, Checkdot aims to protect investors from scams. Moreover, investors who share their views on Checkdot earn some benefits. Investors getting thoughts from Checkdot will meet profitability by selecting risk-free projects.
Checkdot combines a decentralized business rating system to offer verifications. Since the verifiers give opinions, investors will understand the qualities of projects.
How it Works
Checkdot deploys its smart contract on the Binance smart chain. However, although Checkdot uses Binance Smart Chain, it aims to interact with other blockchain networks soon.
The network’s users could see Checkdot providing services in other chains in order to foster security and decentralization.
Checkdot combines its smart contract program with an application. The role of the application is to allow users to interact with the contracts. The application will help provide services on the following three fronts;
- Services for users. Checkdot’s first flagship component is a tool for servicing the users. The average users offer opinions to the Checkdot network using the guidelines provided. They will validate a form that rates businesses on a score. As a result of their opinion, they will receive CDT coins.
- Services for businesses. Crypto businesses will register and get reviews and verification. But, the business must stake a CDT reward pool to encourage users to voice their opinions. They also provide a link where the community can join the form, verify and earn rewards.
- Services for external users. The third kind of service offered is that aimed towards the external users. External users can search for reviews on search engines. They can access the Checkdot reviews, which will help them understand the project.
The CDT tokens, which are BEP20-based, enable investors to earn rewards while making reviews and opinions.
According to Checkdot’s policy, every transaction using CDT must be trusted entirely. Creating a CDT reward pool is an insurance policy for persons giving opinions. CDT holders will vote weekly for any features planned for introduction and implementation, as the tokens facilitate both utility and governance.
Checkdot caps the total number of CDT at 10 million. The platform does not plan to mint any more tokens but will be selling at least 50% of them in crowdfunding rounds.
Business Rating Protocol Verification
This is a rating system that revolves around contract creators, auditors, and paid advisors. It has a rating protocol has two types of authentications;
- Restricted rating and verification systems with a maximum of 5 ratings
- Unlimited duration verifications which have no restrictions. After every ten ratings, this verification system creates a validation pool.
Smart Contract Audit Protocol Verification
Another protocol concerns the verification of the quality of smart contract audits. Developers deposit funds for the payment of audits and upload their reports into the Protocol.
Persons holding over 30 CDT will take part in validating the audit. They use a form and follow the established guidelines.
This validation by CDT holders will define the trustability score for the contract. If the score is superior(70%), the developer can claim the trust index NFT.
Rare Object Verification
It occurs when developers deposit funds for paying auditors and upload the necessary pictures based on guidelines. CDT holders(50CDT) validate the image using the required procedures. Their validation and verification help define the trust score. The author gets a trusted certificate NFT if their trust score is superior.
Audit and KYC
To ensure it secures the investor’s wealth, Checkdot took a protocol audit from Solidproof. There was no real threat noted.
Moreover, Solidproof scanned the Checkdot team for KYC purposes. KYC scanning aims to ensure the team has no former or ongoing money laundering charges. Both the audit and KYC scan report links are available on Checkdot’s documents site.
Benefits and Downside
Of course, Checkdot launches as a platform for providing information to the average investor. It comes with benefits like;
- Shield investors from poor decisions caused by lacking reliable information.
- Protect investors from scams
- Rewarding people for their share in reviewing and providing verifications on a business
Although this platform will benefit investors, it’s still relatively new and not a lot of information. Hence, there is a lot that investors will learn on the way. The lacking information is a downside for now.
Checkdot is a blockchain network focusing on providing rookie investors with information on crypto businesses. The concept is using a review, opinion, and rating system which is transparent and immutable. Checkdot offers services to verifiers, businesses, and general users.
While it’s just new, it intends to reward users, protect them from scams and help generate profits. The CDT token is its most flagship asset as it powers this network using the BEP-20 smart contract. Before putting your money on the project, DYOR uses social media channels and other analysis networks.
Disclosure: This is a sponsored post. Readers are encouraged to conduct further research before taking any action. Furthermore, Crypto Adventure does not endorse any crypto projects cryptocurrencies listed, mentioned, or linked to on our site.