Shark Tank star Mark Cuban recently aired his thoughts on Ethereum’s upcoming “Merge” upgrade. He pointed out how Ethereum’s utility as a smart contract platform and as a deflationary asset are at odds. In an interview with Altcoin Daily on Sunday, Cuban explained that there is an inverse relationship between deflation and utilization of Ethereum. “If utilization goes up, and the value of a token goes up, then the cost to do something goes up,” he explained. “So you have…
CheckDot is a blockchain-based platform that seeks to help investors determine the trustability of a crypto project.
In this regard, CheckDot will use relevant opinions to rate businesses operating in DeFi and other crypto sectors. The platform aims to use trustworthy assessments and user perceptions to accurately depict a project’s reliability. These opinions will come from various ﬁelds, including projects, companies, forms, etc.
Furthermore, CheckDot will enable projects to request advice or audits through two layers of advisors. To do so, they have to register and deposit the platform’s native token, CDT, in the rewards pool. This way, they can engage users in giving their opinions on the project and its features.
In this short CheckDot review, we look closer at one of the most intriguing projects to surface in the crypto market lately. Read on to discover how it works and how it should help increase reputability in the crypto space!
What is CheckDot?
CheckDot is a decentralized business verification rating platform. And if this definition sounds a bit out of place, it’s because it is the first of its kind. Therefore, it doesn’t have a precise classification yet. What we do know is that it aims to clear the air on crypto projects’ feasibility. In doing so, it should help investors make better-informed decisions before opening their crypto wallets.
The CheckDot developers believe that blockchain technology is advancing so fast that regular investors cannot keep up. Thousands of new crypto projects surface as DeFi protocols, NFTs, centralized exchanges, and more every day. However, except for a few reliable auditors, the industry lacks the tools and expertise to verify these projects’ transparency.
Furthermore, many platforms, forums, and media don’t always portray accurate information about a project. Also, we can never exclude the malicious intent of some users shilling frauds and scams under a project-like camouflage. Therefore, a solution to verify the authenticity of a project entirely anonymously does not exist for now.
CheckDot aims to establish lists of user reviews trying and testing platforms and projects in the crypto space. Additionally, the platform will strike partnerships with other industry entities to grow its user base.
How Will CheckDot Work?
CheckDot plans to provide trustworthy opinions about several crypto fields. Among them are NFTs, E-documents, decentralized and centralized exchanges, and other types of crypto projects.
The project chose to deploy its smart contract on Binance Smart Chain. This blockchain provides them with reliable and immutable sources of information. Therefore, it ensures the development of a trustful and reliable system.
As a first step, the CheckDot system will go through a validation test period with different platforms of the crypto space.
Next, the platform will work thanks to two core elements:
- Smart contracts, which the platform will deploy on different chains. They will be responsible for executing the protocol code securely and in a decentralized way.
- The platform’s app allows users to interact with its smart contracts through a user-friendly interface.
CheckDot will pass all project verification requests through two types of protocol checks. One of them, for smart contract audit verification, will require only one phase. However, those for exchange verifications will go through two verification phases. In both cases, only users who hold at least 30 CDT tokens can express their opinions. Lastly, both checks should provide a transparent and accurate score for the respective project.
The CheckDot developers aim to build an entire ecosystem through the proprietary platform. This way, they can provide a versatile suite of verification tools and services for projects and investors alike. And, here are the most important ones:
CheckDot’s native token, CDT, will maintain a dual purpose for credibility and credit. Some of its properties include:
- CDT is at the heart of the platform and represents the “trust” by way of verification.
- No demand can take place on the platform without an “insurance policy” in the form of CDT tokens.
- CDT owners will have a right to vote on the weekly platform’s future features.
- The token will also enable holders to vote on platform implementations through a governance feature.
CheckDot Rating Protocol Verification
Through this feature, contract creators can deposit funds to pay advisors and auditors. Also, a significant amount of the CDT tokens from rewards will help the platform with more content.
The two types of verification will be:
- Confirmation with rating restrictions (e.g., five ratings maximum)
- Verification with an unlimited duration on which validation pools will form every ten new ratings
CheckDot Smart Contract Audit Protocol Verification
Through this feature, contract creators will deposit funds to pay auditors. Also, they can upload the audit PDF into the IPFS Protocol. Eligible CDT holders will pass a validation process to enter the verification service. Lastly, they will have to hold at least 30 CDT tokens.
Each eligible verifier must complete all of the form steps and follow the guidelines to complete audit verification.
Once all the verifications are complete, the platform will produce a trustability score. If this rating is above 70 out of 100 points, the project will receive a green score. The author of the verification can then claim the Trust Index NFT.
CheckDot Rare Objects Protocol Verification
This feature enables contract creators to deposit funds to pay auditors. Also, they can upload the different pictures that the IPFS Protocol specifies in its guidelines.
Next, the CDT holders go through a validation process to become eligible to participate in the verification process. This time, they have to hold at least 50 CDT in their wallets.
Similar to the previous feature, all eligible verifiers must follow the audit verification guidelines. When these procedures end, the platform determines the project’s score.
The CheckDot Trust Index
CheckDot plans to have a trust barometer to which the industry can relate when verifying a project’s trustability. The protocol will return a trust index that it calculates from the total number of checkers. For instance, if four out of five checkers mark a project as positive, the project’s rating will be 80% positive.
The CheckDot Index Trust will range from 0 to 100%. If a project gets a score of 50% or below, it will have a red rating. However, a score between 51 and 75% will give the project a yellow rating. Lastly, any score above 76% and up to 100% will receive a green rating.
CheckDot NFT Trust Index
Additionally, CheckDot will provide an NFT Trust Index minting for limited contracts. This way, it should guarantee persistent storage of the trust index on the blockchain. Furthermore, the NFT owner can add the trust index to their website footer.
According to its Litepaper, CheckDot has set a maximum cap for CDT at 10 million tokens. However, more half of them will be subject to the following sales events:
- A private auction with 1 million CDT
- An IDO auction with 335,000 CDT
- A public auction with 4 million CDT
The platform will lock 60% of the raised funds in a Uniswap pool at the end of the public sale. Additionally, it will lock there 1,764,000 CDT more. The funds will remain under lock for six months to ensure liquidity.
Here are all the details regarding CDT distribution:
- Private Sale 10% – $0.10 Daily vesting for one month 1,000,000 CDT
- Public Sale 40% – $0.125 100% on Unicrypt, daily vesting for four days 4,000,000 CDT
- Bounty Rewards 5% Rewards for starting services. (1 month lockup) 500,000 CDT
- Staking Rewards 5% Staking program rewards (1 month lockup) 500,000 CDT
- Marketing 2% Vesting for one year (6 months linear lockup) 200,000 CDT
- Team 10% To pay employees (24 months linear lockup) 1,000,000 CDT
- Networks Fees 1.7327% Network BSC, Infra, Future Liquidity Pool, Nodes 173,227 CDT
- Treasury 4.4% Funds for future operations (48 months lockup) 440,000 CDT
- Liquidity Pool 17.64% PancakeSwap Liquidity Pool (6 months lockup) 1,764,000 CDT
- Fee ILO 0.8% Unicrypt Network Protocol Fees 80,000 CDT
- OTC 3.335% To start the project, long-term investors 333,500 CDT
- Fee Locks 0.0921% Unicrypt Network Protocol Fees 9,271 CDT
CheckDot is still in the early days of development. Nevertheless, it is rushing to ensure the project’s evolution. In this regard, it aims to:
- Deploy the CDT token on the BSC main net network.
- Prepare the Decentralized Application on the Ropsten network for presenting project services.
- Assess the security of the CDT Token contract with Quill Audits
- Deploy a PancakeSwap pool for the CDT token.
- Establish partnerships with other DeFi and crypto projects.
These are just a few of the next steps in the platform’s progress. For the future, the project plans to launch a page of NFT Trusted Businesses and develop an NFT marketplace.
CheckDot has set its aim very high, which is to provide more trustability in the crypto space. The project’s goals are not impossible to reach. But they are tricky. Nevertheless, if and when it will get them, the platform could become the go-to source for reliable project reviews.
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 or cryptocurrencies listed, mentioned, or linked to on our site. Trading cryptocurrencies is a highly risky activity that can lead to major losses. You should consult your financial advisor before making any decision. Learn More