Floyx, a Malta-based social networking platform for the cryptocommunity, is trying to prevent impersonation scams from cryptomongering enthusiasts by developing an innovative system.
Floyx CEO Kamil Kępiński told Cointelegraph that the platform can prevent malicious actors from posing as companies and projects with a novel system of accounts.
As Cointelegraph reported on multiple occasions, fraudsters often try to trick people into giving up their cryptoactives by posing as large companies and celebrities. In July 2018, billionaire businessman and engineer Elon Musk himself said he was impressed by the scam accounts:
„I want to know who’s running the Ethereum scams! Crazy skills…“
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An innovative system of account verification
At Floyx, accounts are divided into organizations, companies and individuals, and all account types have their own dedicated features. The platform verifies the identity of the people behind the companies and organizations to ensure that they cannot be supplanted. Kępiński said:
„Only a personal account is immediately visible and receives the full functionality assigned to this account. A company or organization’s account requires verification before it is publicly available on Floyx. Until verification, they cannot contact any user on Floyx and do not receive access to the full functionality of the platform.
Kępiński explained that companies have several ways to confirm their identity at Floyx. The fastest way is for the company to use their Twitter profile to send a message to Floyx’s account.
Alternatively, the platform team can also request documents Bitcoin Revolution, Bitcoin Profit, Bitcoin Trader, Bitcoin Era, Bitcoin Circuit, The News Spy, Bitcoin Evolution, Bitcoin Billionaire, Bitcoin Code, Immediate Edge related to a particular person’s participation in a project, or about the company’s legal status. As far as personal accounts are concerned, security improvements are underway:
„We’re working on an additional system for verifying ‚personal‘ accounts for public figures. However, we cannot take action until these accounts are activated. We can temporarily block such a profile to confirm your identity or delete it completely if it turns out to be a fraud. In addition, users can check the entire team for a given project, because the ‚company or organization‘ account has a dedicated team tab where accounts registered on Floyx can be linked.
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The team behind the DASH (DASH) payment system already took the necessary steps to secure its own verified account on the platform in November last year.
Kępiński said the burden of the verification process falls mainly on Floyx and that the company carefully verifies the information available. He said verification takes less than 24 hours, but is often almost instantaneous. Finally, he added that organizations must be issuers of a cryptoactive listed on at least one cryptoexchange to be accepted on the platform.