Tuesday, 04 August 2020

Bitcoin Transactions Soon to be Protected From Fraud

With Bitcoin and Cryptocurrency volumes increasing daily so do the number of fraudulent transactions, due to its anonymity Cryptocurrency is fast becoming the payment of choice for cyber criminals and fraudsters the world over.

Since the dawn of bitcoin billions of dollars have been lost to fraudulent transactions.

Fraud is a $3.24 Trillion global problem that stretches far beyond Cryptocurrency transactions, fraud comes in all shapes and sizes. Though incredibly prevalent, in almost all cases fraud could be avoided if the reputation of the parties involved and the transactions between them could be verified trustlessly, which is why blockchain has been touted as a panacea to many of fraud’s entry points.

A key focus for the Kuverit business model, the cost of P2P scams passed US $120 billion in 2018. It is not just the cost to the individual or business that has the most impact, but the reputational damage that causes untold knock-on effects.

The lack of confidence in cross-border e-commerce, P2P and online markets is one of the leading causes of friction between buyers and sellers worldwide. Caused by fraud, inefficient payment solutions, lack of protection between buyer and seller and costly intermediate functions, this friction prevents smooth business transactions and is holding economies and individuals back.

Introducing Kuverit – A Global P2P Guarantee & Protection Application designed to Protect any transaction where there is a risk of financial loss to either party.

We are giving everyone with a smatphone and internet access the opportunity to get a guarantee for any two-way transaction. Whether you are a service provider or contractor, business or customer, transacting in Cryptocurrency or fiat the Kuverit application will let you deal with anyone, anywhere without risk of financial loss.

Through our innovative "Mainstream"smartphone application combined with corporate and institutional alignment we will aim to progressively reduce global fraud and increase consumer safety while harnessing the core fundamentals of blockchain.

Kuverit plans to fund its start-up through an ethical 3 phased ICO with escrow protection for contributors via a licensed broker. Kuverit’s main ICO will take place once the application is fully developed and available on iOS and Android. We are breaking the normal ICO structure by not accepting institutional investment through private pre-sale as we believe this activity only benefits the few and is detrimental to the success of legitimate blockchain project, especially one planning to penetrate the global mainstream market.

Unlike most ICO backed Blockchain projects Kuverit will not ring-fence itself into the still fledgling blockchain space, P2P fraud is a global mainstream problem and we plan for the Kuverit Application to grow into a global mainstream solution.

By design the Kuverit application will be user friendly with features not unlike that of well known multi trader platforms such as Amazon and EBay. But rather than trading products Kuverit users will trade in "Guarantees" with transaction fees based on user feedback and reputation.

The need for the Kuverit application in the global consumer market is obvious, where there is a Guarantee there is no Risk.

Transaction Protection with the will be easy easy, you simply post a guarantee request via the Kuverit application interface, (a bit like posting an auction listing) a guarantor will place a fee bid on your request and once you accept the fee bid you are protected from any financial loss. If your transaction doesn’t go to plan you simply file a claim against the guarantor.

To be a guarantor you simply create an account, transfer tokens to your wallet, review the open guarantee requests and submit a fee bids on the listings that you wish to guarantee and stake your KUV tokens on. When accepted by the requesting user you will be paid your fee, the staked tokens are withdrawn from your wallet and sent to the vault and a smart contract is deployed.

For more information on the kuverit application planned functions and features please read our white paper.

Bitcoin and Cryptocurrency transactions are just one of thousands of use cases for the Kuverit Application.

Once up and running we are confident the Kuverit application will revolutionize transactions by reducing risk and increasing customer acquisition that is often lost due to new buyer anxieties.

We have already engaged one of Europe’s leading marketing companies who will turn Kuverit into a global household name.

source: prweb.com 
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