Vivigle service: checking and rating cryptocurrency wallets
Despite the fast pace of development of the crypto industry and the obvious advantage of blockchain-based technologies, cryptocurrency has not yet become a ubiquitous and universal instrument for settlements. Everybody wants payments to be made without delays and without draconian fees collected by the bank system. But how to check a counterparty, how to find out about its reliability? Can it be true that all we can do is just to trust?
Pain points of the cryptocurrency world
The cryptocurrency world does not have something that banks do – the ability to check a counterparty. At the same time, regulators of the financial system develop mechanism of control over the circulation of digital cash, which, sooner or later, may cause serious difficulties in settlements using cryptomoney.
It is known that Bitcoin and other popular coins are used in the shadow market segment as well as can be used for money laundering or for other fraudulent purposes. Meanwhile, good faith companies do not want to have on their cryptoaccounts coins that were previously involved in illegal transactions (which can be easily checked, as a blockchain keeps the entire history of each coin). It may cause unpredictable consequences in terms of reputation and even suspicions of legislators, which is especially harmful for any business.
The verification systems implemented in the today's financial world significantly reduce opportunities that are opened by anonymous cryptonetworks for offenders. However, within cryptosystems, there are no tools making it possible to check a counterparty and find out how much it is reliable.
Another important problem is the question of trust. Thus, for example, freelancers and entrepreneurs who actively use money transfers on the Internet would like to use Bitcoins, Ethereum or Litecoins more frequently for these purposes, but they just have no warranty as to the reliability of the other party of the transaction, because often it is an absolutely strange and, sometimes, fully anonymous person from the Internet.
Universal solution – Vivigle's comprehensive check service
The today's market literally shouts that it needs new universal mechanisms making it possible to assess somehow partners and counterparties. And such mechanisms have already been developed – a new concept exists, that provides an opportunity to comprehensively track transactions by cryptowallets, the balance on a current account, assess the level of the holder's activity and so on.
Counterparty check services are offered by the Vivigle service and the site's operating principle is brilliantly simple: Vivigle maintains detailed analytics and studies all wallets registered in the system and collects data on them. First of all, it is the history of all transactions made, wallet creation date, its rating in the system, account's current situation and many other details for analysis.
A user registered in the system can bind all of its wallets and specify its personal information in order to explain this way its partners that it can really be trusted. Information is provided only voluntarily and there is no mandatory verification – it is one of the site's key operating principles.
Based on the activity on the service, an overall rating of users and their wallets is generated. Upon performance by counterparties of mutual obligations, coins that are to be transferred as payment can be marked (by agreement of the parties) and information on this will become available to other users – this guarantees that the contractor will receive money for work. In current assessment of rating, complaints of other users in the system are also taken into account and, in case of a disputed issue, a user can resort to the assistance of Vivigle as an arbitrator.
Eventually, the service will become useful to all users of the crypto industry and, as Vivigle develops, more users who will want to prove their honesty will join it. Quite likely that this wallet rating may become kind of Google in the cryptocurrency world, the more so, as, at present, the service has no direct competitors.
Vivigle's other useful features
It is not an exhaustive list of opportunities that the service offers. As Vivigle develops step by step, it acquires new options and becomes similar to a full-fledged and vast social network in which users can network, gather important business contacts among friends, and track other users' activity and rating. The project's developers take efforts to make it as much popular as possible to collect in its base a great number of active users of cryptocurrency wallets so that one day the service becomes commonly known and, to some extent, even a requisite tool.
Among other interesting features, we can mention, for example, checking own wallet for so called "toxicity". It's not a secret that some number of existing Bitcoins in the world are in some way or another involved in various illegal transactions. On the shadow market, cryptocurrency is actively used for selling and buying drugs, arms and other restricted products. Many people's money was stolen from accounts or quite serious sums were simply snatched through fraudulent schemes.
Vivigle can check all coins available in an account, showing the percentage of funds marked as "dirty". One should understand that sooner or later authorities of various countries will turn to an active search for and identification of such funds. In order to avoid confiscation of your Bitcoins, it's better to exchange them for new "clean" money, using the services of miners and exchangers on the service.
TrustLink service allows you to send a cryptographic message from a wallet and satisfy yourself that it is your partner's wallet that he/she has given you and that he/she has not shown someone else's wallet to assure you of his/her paying capacity. This option is a perfect tool for large-scale exchange transactions between users and, in addition, it will allow you to make sure that your partner has been in the market since long ago.
Another useful option is the opportunity to track the subsequent fate of your coins. Switching it on, a user will always know where its cryptocoins are subsequently sent to. It may become an additional guarantee of good faith in making transactions. If money is snatched by a fraudster, the system will continue to track its route until the offender's identity is established in some way or another.
Vivigle: the future of the cryptocurrency world
Based on all of the received data from users, a lot of ratings will be generated by countries. People will be able to share their feedback regarding dealing with any participants of the system as well as study them so as to decide whether they can trust the person. Eventually, it will help to make the cryptocurrency world more transparent, removing the trust factor from here - when you have to trust a counterparty, relying on our intuition rather than real facts. Active wallet users will look after their rating, making efforts so as not to violate the law or harm other people.
All of the above, including the opportunity of cleaning cryptocurrency, checking wallets, tracking your funds and networking with business partners within a large social network, will make Vivigle a very popular instrument.