MyShield: World's First Decentralized Secured AI Anti-Scam Platform

em00n01 (25)in #ico • 6 years ago

MyShield would like to provide protection against scams for the entire e-commerce ecosystem. The company is currently fundraising using the My Shield token cryptocurrency with the hopes of fully launching their anti-scam platform the first quarter of 2019.

Driven by growth of e-commerce, as well as the sophistication of hackers, sales of counterfeit and pirated goods are estimated to reach up to $2.81 trillion in 2022 annually. In the cryptocurrency industry scams pose an even greater challenge.
According to an Ernst & Young research from January 2018: 10 percent of funds raised in ICOs has been stolen. Hackers steal up to US$1.5 million in ICO proceeds per month. The magnitude of this problem poses a risk on the growth of the entire cryptocurrency industry.

About MyShield
MyShield was developed with technology from the company BrandShield. Founded in 2013, BrandShield developed a cyber-intelligence system powered by artificial intelligence to detect fraud and counterfeiting in cyberspace.

BrandShield’s system monitors the Internet in search of scams, phishing, fraud, trademark infringements, and other nefarious activities occurring on websites, social media sites, e-commerce marketplaces, and mobile apps.

A man named Yoav Keren is the CEO of both My Shield and BrandShield. According to his LinkedIn page, he is a native of Israel and has an MBA from Northwestern University’s Kellogg School of Management. He has a background in marketing and business development and has also served as an advisor to Israeli politician Haim Ramon, who spent more than a quarter-century in the legislative branch of Israel’s government.

How MyShield Works
There’s little doubt that scams have become more prevalent with the recent emergence of cryptocurrencies. The MyShield website cites a study that found that hackers steal up to $1.5 million in cryptocurrency funds from ICOs every month. My Shield hopes to combat the fraud and security issues that come with cryptocurrencies and provide what Keren calls “a scam free digital landscape.”

The My Shield platform will operate with the help of both My Shield users and AI-powered cyber intelligence providers who will detect and report potential scams. My Shield will be available as both a free app and as a browser add-on that gives users alerts on scams that threaten their online security.

According to the MyShield website, the platform will include:
MyShield application
MyShield blockchain
AI-powered cyber intelligence providers
Enforcement services providers
Guarantee providers
MyShield bounties
MyShield Trust Stamp
MyShield Materials
The MyShield platform will run with the help of My Shield tokens. My Shield will distribute 1 billion tokens to use on the platform. The My Shield website explains that tokens can be used in the following ways:

Bounties – The MyShield decentralized platform includes bounties created by MyShield and by companies, organizations and users in order to incentivize members of the community to report potential scams. The MyShield token, is a “Token of Trust”. It provides users with a guarantee for their transactions made on online websites being marked as trusted by MyShield, after a community consensus is reached.
Reports – Users will deposit tokens when reporting potential scams. If they accurately report a scam, those tokens will be returned as well as their share of the bounty.
Premium Subscription – A subscription to My Shield will allow users to learn about scams and earn bounties when they discover a scam.
Guarantee Programs – Provides a money-back guarantee for customers on transactions.
Unfortunately, there is little information about the actual token sale on the My Shield website. The site states that the token sale has started, imploring you to enter your email address to receive more information about it. However, the email sent out only provides links to My Shield’s social media pages, sharing no information about how to buy tokens or the cost of buying tokens.
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Is MyShield Right for You?
If you use cryptocurrencies on a regular basis or conduct frequent online transactions, My Shield may be right for you. It’s more important than ever to detect and stop online scams. If My Shield is able to fulfill its promises, they will be able to provide additional online security that can benefit almost everyone who uses the Internet.

Benefits & Side Effects of MyShield
The benefits of MyShield are clear. Cybersecurity as it relates to both cryptocurrencies and e-commerce transactions are of the utmost importance. Being able to better identify and shutdown scams is a much-needed service, especially since it allows users to help identify scams.

By all accounts, MyShield is capable of accomplishing their goal of bringing companies, users, cyber intelligence providers, and community enforcers onto one platform. However, there is some level of concern that they are not sharing how to actually purchase the tokens needed to use their platform.

The MyShield platform includes:

MyShield application
MyShield blockchain
AI powered cyber Intelligence providers
Enforcement services providers
Guarantee providers
MyShield bounties
MyShield trust stamp

AI powered cyber intelligence providers for the MyShield ecosystem

Enforcement service providers

TOKEN DETAILS
The MyShield token will be an ERC-20 based token. Its symbol will be SHLD. MyShield will be create a finite amount of 1 billion MyShield tokens. There will be no inflation or additional creation of MyShield tokens.
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MyShield Token Model is composed of various parts, all merging together to bring a powerful and disruptive tool against online scams.