My Thoughts on The Trutheum ICO: Rewarding Whistleblowers & Incentivising Truth-tellers.
The Concept
Trutheums idea was one of the quickest concepts ideas I've grasped in this space.
It's beautifully simple. Reward whistleblowers & truth tellers anonymously.
All ICOs must solve a problem - and I believe this to be a good one ...
The issue with WikiLeaks is that whistleblowers risk everything for almost nothing in return, except being a martyr - Just look at Edward Snowden.
How It Works
With Trutheum, bounties are created, whereby users place rewards on truths. Other users can submit evidence which can be voted by users to determine the winner. There are a few rules in place to stop fraudsters too.
This could incentivise people to speak out, anonymously - and hold high-ranking officials accountable for their actions.
Threats
Obviously keeping the anonmity of whistleblowers is incredbily important.
The system will be built ontop of Ethereum - I'm no expert but using Ethereum isn't the safest place to hide because transactions are public. If coins like Monero & Zcash had Ethereum's capabilities, perhaps they'd be a better option.
Other Applications
This simple concept clearly has other applications like Yahoo Answers, Quora, Stack Overflow etc - Users could be finacially incentivised for writing answers and asking questions.
Is The ICO A Good Investment?
Although it's a great idea, I'm concerned about the lack of development. The team have clearly stated it's purely an idea at this stage. It baffles me that a team could potentially raise $10m for an extremely basic white paper (essentially an 8 page plan), no code, no proof of concept and no metrics.
Love the idea, but I'll think I'll save my ETH for now.
Nice post! Could you go more in depth about how the annomity is being kept for the senders and recievers? Looking forward to it :)
Upvoted
Thanks!
Unfortunately, the white paper doesn't go into depth about how you're transactions are kept anonymous - I imagine they aren't.
Every transaction on the Ethereum blockchain is publicly visible. The only thing keeping your anonymity is your public key - However, if people find your key, perhaps on your computer, it's gameover.
The benefit of Monero & Zcash is their ability to keep transactions anonymous. Perhaps Trutheum will develop a method of hiding/scrambling your transaction.
Okay, thank you.
I invested recently in stealthcoin as well they seemed very good and use the tor network. Im curious how fast the transaction can be on here.