It is no secret that many opponents of cryptocurrencies claim that Bitcoin and altcoins are largely used for money laundering and illegal trade. StopTheFakes is a project on a mission to increase public trust in cryptocurrencies by helping combat fake goods and copyright infringement.

The key idea behind StopTheFakes is to use the wisdom of the crowd to fight copyright infringement. Copyright holders will be able to engage anonymous users to report instances of copyright infringement, rewarding them with STFCoins.

The prototype Web and mobile versions of the platform are already up and running. The ICO also successfully passed the SEC Howey test.

How it works

A copyright owner tops up his StopTheFakes account with STFCoins and submits an assignment with a detailed description of what instances of copyright infringement users should look for and report. Assignments will be available to users by location or by certified level of expertise. Any user who has enough time and desire to look for websites with pirated content or shops with counterfeit goods can take an assignment.

Users are fully anonymous and report their findings by uploading video files, photos or screenshots. The data so submitted is registered on the blockchain and cannot be removed or altered.

The user’s reward is guaranteed by a smart contract. As soon as the copyright holder submitted the assignment, the required amount of tokens on his account is locked. As soon as the required evidence is registered on the blockchain, these tokens are transferred to the user who provided the evidence. A portion of these tokens is retained by the platform as a service fee. Active users will get an additional bonus from the platform in STFCoins.

Copyright owners will thus be able to get up-to-date information on copyright infringement, while law-abiding users will be fairly rewarded for their efforts and honesty.

Use of blockchain

The platform is built on Big Data collection servers and on the blockchain as a connecting link between the copyright holders and users. According to the whitepaper, the use of blockchain will:

– Guarantee that users will perform the assignments, and that copyright holders will pay for these services;
– Keep the evidence secure and protected from tampering with;
– Guarantee anonymity for the users;
– Help create a consolidated register of copyright infringements and perpetrators.

Roadmap

The project is currently at the stage of prototype testing: the web version was released in December 2017, and the mobile app was out in January. In February 2018 the Alpha v.0.1 will be released for testing and debugging. The final version of the Android app will go live in April 2018, while Chrome and Opera extensions will become available in May 2018. Following the security audit and vulnerability scanning, the service will be launched in June 2018, along with the iOS app and Firefox add-on. By September 2018 the team expect to reach 850 000 users and a total of 40,000 breaches detected. By the summer of 2019, the platform will deploy Big Data and expand the range of services.

Team

The project is spearheaded by its CEO Mikhail Krzhanovsky, an online investor, who has 4 years of experience in copyright protection, 4 years of experience in information security and 3 years of experience in supervising a franchise project, including 18 facilities in ex-USSR countries. The COO Igor Salikov worked for over 10 years in fighting counterfeit beauty products in EU countries and has 12 years of experience in photography and video production, as well as 2 years of experience in VR. The CTO Dmitry Kostachev has been in top management of IT projects for 23 years and worked as Information Technology Advisor in Central Aerohydrodynamic Institute in Moscow. The lead blockchain developer is Aleksey Zhunin who worked on a blockchain-based supply chain at Vneshekonombank and developed backend solutions for Sberbank at SberTech. He has 5 years of experience in IT development and 3 years of experience in blockchain.

Traffic summary

Top five geos that bring traffic to this ICO are Russia, Ukraine, the United States, Poland and Germany. The channel mix is split almost evenly between direct traffic (40,83%) and referrals (40,67%). Top referring websites include Bitcointalk and ICO calendars. The share of social traffic is slightly above 10%, with YouTube, Reddit and Twitter as the leading social traffic sources. This website has still to generate some ethereum traffic by launching ethereum ads.

StopTheFakes are holding the pre-ICO from January 15 to February 15 and then moving on to the main ICO stage. If their idea sounds interesting to you, learn more from their website.

For crypto exchange, please address our partner BestRate that provides always good rates!

To be always updated on latest ICO news follow our Blog!