Projects funded through BlockTrust are secured using multi-signature wallets, and no funds are solely held by BlockTrust. Multi-signature wallets ensure that funding cannot be moved by malicious developers by requiring BlockTrust themselves to act as a co-signer for all transactions. Funds are released in stages defined by project implementation in order to protect seed funding and enforce the project roadmap.
BlockTrust grants a certificate of integrity to projects that satisfy all requirements. This information is collected and notarized through the ClearingHouse protocol on the Viacoin blockchain for “cryptographic time-stamping of digital assets and documents” as described on the Viacoin blog. This creates a tamper-proof record of all BlockTrust certification activities for anyone to view.
Artiom Vontolazko, BlockTrust’s CEO and co-founder, explains,
BlockTrust is a service aimed at providing a powerful solution for blockchain entrepreneurs. Those entrepreneurs are in need of a secure, easy to use platform to fund their projects. We provide that while contributing to a fraud-free environment that traders and investors can take advantage of, rather than being taken advantage of.
BlockTrust will launch with the SendChat crowd funding project. As explained by SendChat’s founder, Alejandro De La Torre,
SendChat is a messaging app that integrates Bitcoin and other cryptocurrencies, allowing for seamless in-app transactions and total privacy. We are delighted to work with BlockTrust because their crowd funding platform has the most advanced security features in the market giving our investors the best protection.
BlockTrust is a partner of Arch Ventures, a venture capital company based on blockchain technology and developed by architect Edgar Soares. Arch Ventures’ portfolio currently includes Moby.io, a designer modular suite that uses smart property through archcoins blockchain technology, and iHash, a merged mining multi-pool using a next generation profit switching algorithm. As part of Arch Ventures, BlockTrust will be offering a free multi-pool service on iHash to any blockchain project that participates in a crowd fund at BlockTrust.org.
What are your thoughts on BlockTrust? Will they become an industry leader in crowd funding solutions? Let us know in the comments.
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