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Bitcoin reputation management system Bitrated goes live

18 February 2015  |  2159 views  |  0 Source: Bitrated.com

Bitrated.com introduces an online trust platform, which overcomes the main obstacle to mainstream adoption of Bitcoin: the lack of consumer protection mechanisms.

In the past, the permanent nature of Bitcoin transactions has made it potentially unfavorable for the everyday consumer, who might previously have had no recourse in case of fraud. Now, Bitrated can help consumers to find out more about the merchant that they are buying from with the world's first Bitcoin reputation management system.

Bitrated gives every user a bitrating score based on their online presence (Facebook, Twitter, Reddit, LinkedIn etc.), trust relationship with friends on the Bitrated platform and ratings based on past transactions. All of which are calculated to arrive at a final bitrating score that can help decide who is trustworthy enough to deal with.

Moreover, transactions at Bitrated use a secure payment system via multi signature transactions, to allow settling disputes, and to reverse transactions through a trusted third party - a trust agent.

The buyer makes the payment to a multi signature deposit address, which is locked until two of the three parties- buyer, seller and the trust agent agree to release it. If everything is satisfactory, the buyer and the seller agree, and the payment is released. If a dispute arises, the trusted third party can intervene and make an unbiased, binding decision, while not being able to control funds on his own. In order to do that Bitrated utilizes Bitcoin's inbuilt multi-signature transactions feature. This means that the strict escrow regulations, licensing requirements and associated high costs are not applied, and every expert can offer trust agent services.

Nadav Ivgi, Bitrated CEO: "We believe that Bitrated holds the key to the next wave of Bitcoin consumer adoption. While disputes about e-commerce are usually settled in a fairly easy process, Bitcoin transactions still hold a major risk of fraud. The new reputation management system is a huge leap forward in consumer protection when combined with the secure payment system, and it can help bring Bitcoin nd it can help bring Bitcoin one step closer to the massive numbers of users in e-commerce."

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