MyShield is a decentralized platform that seeks to alert users whenever they reach a phishing website, an online counterfeit sale, and other types of online scams. MyShield will provide users with alerts against scams and will provide validations for crypto transactions. The MyShield model is based on two sources of intelligence – reports of potential scams by users of MyShield shared with the community, and providers of AI powered cyber-intelligence.
While BrandShield AI powered cyber intelligence already provides a fully operational solution on the B2B level and can exist without blockchain, the MyShield decision making process is much more complex. It is based on the combination of the already existing cyber intelligence (of BrandShield and other cyber intelligence providers), as well as reports by the community, crowd wisdom scoring, and the capability of storing data that is not manipulated by both the users and the providers. As part of the model, users will be rewarded for their reports. Hence the need for the blockchain - a transparent, secured database.
The reports of potential scams by users (transparent to the public on the blockchain) and from the cyber intelligence providers (encrypted) will both be stored on the blockchain. The MyShield application will communicate with the information stored on the blockchain autonomously. The secured structure of the blockchain inherently prevents the possibility of the stored data being manipulated by both users and the cyber intelligence providers.
The MyShield token, called MSLD is a token of trust. It will be the medium of exchange and usage within the MyShield platform, and will have several uses in the MyShield eco-system including premium subscription, guarantee programs, reporting, reporting bounty reward, subscription of companies to the cyber intelligence providers, issuance of the MyShield Trust Stamps, and payment to enforcement service providers.
MyShield system will reward active users helping to detect scams by reporting suspicious websites, social media pages or posts, listings on marketplaces, mobile apps, etc. In order to be eligible for rewards as part of the MyShield reporting bounty program, the end user must subscribe to a premium subscription. The premium subscription will provide the user with a basic money-back-guarantee for transaction performed on websites market as trusted by MyShield.
MyShield will present two scores to the users – the score based on the reports from the community and the score of the AI powered cyber intelligence provider. There are two potential resolutions when there is no consensus between the two sources of data. In the case the AI cyber intelligence provider's score indicates an online item is a scam, but the community reports are positive, the entity responsible for the online item in question will be required to apply for The MyShield Trust Stamp. In case the AI powered cyber intelligence provider's score marks the online item as trusted, and the community marks it as a scam, the provider will receive an alert and will perform a process of reassessment of its scores. If no consensus can be reached, both scores will remain visible to the user.
The MyShield Trust Stamp is a certification stamp that will be provided by MyShield to verified and validated online items such as websites or web-pages including for example to a specific listing on ecommerce marketplaces, social media accounts or pages, etc. The stamp will allow users to know that the website they have reached is genuine.
To gain a MyShield Trust Stamp the website owner, the seller on a marketplace, the social media account owner, etc. will need apply for validation by MyShield. The validation process will be performed by the AI powered cyber-intelligence provider validation officers, who will check different information, in a process similar to a Know-Your-Customer (KYC) process, including validation of the organization behind the online item, validation of address, email, phone numbers, incorporation documents, key personnel, trademark documents, certifications and partnerships (for example whether a certain seller is an official seller of a brand), etc. In addition to the provider validation officer, for each validation process, two public validation officers will be required.
In case of applying for The MyShield Trust Stamp two types of validation officers participate in the validation process. One type is the AI powered cyber-intelligence provider validation officers, who are the official representatives on behalf of the provider. The second type of validation officers are the public validation officers, who will be randomly selected from the approved validation officers' pool. In order for a user to become a public validation officer the user will need to go through a Know-Your-Customer process. The identity of the validation officers working on a case will stay anonymous until the end of the validation process, in order to prevent possible intervention in the process. At the end of the validation process the public validation officers’ identity will be transparent to the community.
If the MyShield application marks an application as trusted ("green light"), that means that MyShield’s assessment from both the cyber intelligence and the community reports classified the website or the wallet address on the website you are looking to transfer funds to as secure and legitimate. If you have any doubt at this stage, don’t worry since MyShield will provide a money-back-guarantee for transactions made on trusted websites.
MyShield tokens provide their holders the ability to report scams, subscribe to the premium membership of the application, receive a basic money-back-guarantee, and the privilege of being rewarded tokens for their reporting (from the bounties). MyShield tokens will also be used for paying for the guarantee programs.
The scoring system of MyShield is comprised of the combination of both the AI powered cyber intelligence provider, as well as a score based on the reports provided by the community. The first AI powered cyber intelligence provider of the platform, is BrandShield, which since 2013 provides robust cyber intelligence solution to leading brands worldwide. The scores created based on the two sources of data, make up the final scoring of the online item. The reports from the community and the scores from the cyber intelligence providers are stored on the blockchain.
The reports made by users, the scores provided by the AI powered cyber intelligence provider, the MyShield Trust Stamp, the MyShield Trusted Wallet Stamp, the validation results of the website or wallet that were provided with the stamp.
MyShield wants to accomplish a complete decentralized solution and therefore will enable multiple AI powered cyber intelligence providers to integrate with the system on the same level as BrandShield’s AI powered cyber intelligence. The users will be able to choose which of the providers they are interested to use on the MyShield application. The scores provided by the different cyber intelligence provides will be encrypted and stored on the blockchain, and therefore fully protected from the competitors.
A basic money-back-guarantee for transactions performed on trusted websites will be provided by MyShield. MyShield plans to offer additional extended guarantee programs. MyShield will also enable multiple guarantee providers to take part in the eco-system. The users will have the option to choose guarantee programs from the different providers. The meaning of the Money-Back-Guarantee will be that if a user performed a transaction on a website that was marked by MyShield as a trusted online item (website, webpage, listing on a marketplace, etc.), while the online item was actually a scam (phishing, counterfeit, etc.) the user will have the ability to claim back from MyShield the money paid in the transaction. The basic guarantee will be capped at a certain value per transaction, and for a certain amount of transactions for a period of time. Initially, the guarantees provided by MyShield will be restricted to cryptocurrency based transactions, and may be limited to websites with a MyShield Trusted Wallet Stamp.
In the beginning, MyShield seeks to bring trust to the cryptocurrency industry providing an eco-system of confidence to the community. As the market evolves, the solution may be adapted to the whole ecommerce and online ecosystem.
The MyShield platform is planned to be based on the Ethereum Blockchain, therefore initially, any wallet accepting ERC20 tokens will be compatible.
The MyShield Trusted Wallet Stamp will only verify to users that the website they have reached is a genuine website of a certain company, and not a phishing or fraud website, or that a specific marketplace listing is genuine, etc., and in addition to that will verify that the wallet to which they are about to transfer crypto-currencies is actually owned by the entity they are intending to transfer to.