Please describe your proposed solution.
Unfortunately, anywhere that there is money there will be malicious actors looking to take advantage of others for their own gain. It is extremely common for experienced NFT collectors and brand new ones alike to lose some or all of their assets in a scam. The scams have increased in quantity and complexity as the community has grown. These scams not only limit our growth potential, but also push experienced community members away.
The SecurityBot Discord bot is already used in over 85 NFT communities and has prevented thousands of scammers from stealing ADA from legitimate community members. Because of this, scammers have begun resorting to creating phishing websites in order to continue stealing ADA and assets. We’ve already seen the massive impact of these phishing sites on other blockchain communities, and we have to get ahead of these scammers here in the Cardano community.
Our chrome extension will prevent these scams. We plan to develop this chrome extension in stages, with later stages coming after the chrome extension is already protecting the community. For this stage, we will:
- Create a chrome extension that compares a database of known safe domains to the currently visited site and notify the user if the current domain is suspiciously similar to a safe domain.
- Mint all phishing links found under a policy ID on the blockchain to ensure the entire community can benefit from this tool
In future stages (not covered in this proposal), we will decentralize this process, to uphold the Cardano values and ensure security and integrity of the process. We plan to create a DAO to allow the community to vote on safe and dangerous links, decentralizing the entire process.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
This tool will help improve the Cardano ecosystem by increasing safety and trustworthiness. Scam prevention is a necessary focus not only to maintain the current community, but also to continue growth and expansion.
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
There are very few risks that would prevent the completion of this project. The most challenging part of this stage is ensuring that legitimate sites don’t cause alerts while not allowing phishing sites to get through. We will mitigate that risk through constant testing and iterating on our algorithm.