Cryptoflag

Decentralized crowdsourced fraud transaction reporting and flagging platform

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Inspiration

Our inspiration comes from personal anecdotes where we have been scammed by people and lost cryptocurrency. Due to lack of regulation, there has been nothing we could do about it. That's why we came up with the idea of Cryptoflag which helps users report and flag scammers. Also, will help get people back their lost assets while reducing scams.

In 2021, $14B worth of crypto was stolen by scammers or hackers, that is $38M daily. The high tech nature of crypto attracts new opportunities for sophisticated illicit activity which is often difficult to prevent. In the traditional financial world, many established tools exist to flag transactions or accounts. Such flagging tools are largely underutilized in the crypto world.

What it does

Cryptoflag is the solution to identify and flag fraudulent transactions using crowdsourced information. Users need to enter 3 items: Transaction address, wallet address and blockchain to get instant feedback on the flag status of a transaction. Entered details enter the expanding crypto flag database which can be integrated onto platforms such as Binance, OpenSea and Meatmask to help them blacklist and control scammers on their platforms.

How we built it

Cryptoflag is built on Stacks and will use Chainlink to broadcast scam claims data. Hiro wallet is used to authenticate users and data collected is stored on stacks of smart contracts. Users can submit details of their scam claim directly to the Cryptoflag website.

Challenges we ran into

How to link frontend to smart contract Build incentive mechanism

Accomplishments that we're proud of

Understanding Hiro/Stacks in a short period

What we learned

  • How to build and connect to smart contracts
  • Link frontend to Stacks
  • Market needs in fraud flagging
  • Lack of regulation in the crypto space

What's next for Cryptoflag

  • Scam verification through bitcoin miners or validators.
  • Integration with Cryptocurrency and NFT based platforms such as Binance, OpenSea and Metamask to help them reduce scammers and fraudulent activity on their platform.
  • Make chainlink oracle to broadcast scam claims data to other blockchains.
  • Expand the range of wallet integrations like Metamask and Coinbase wallet.

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