Should Bitcoin Exchange Bitsquare Adopt Reputation System?
Despite calls to adopt a decentralised reputation system on its platform, Bitsquare says it will not rely on it even though it is typically used to establish the trustworthiness of users in a network.
Some Redditers, have asked for the system to be included as a feature on the platform. However, in a chat with CoinTelegraph, Mihail Mihaylov, Bitsquare’s Chief Decentralist, said the system could be used to defraud others.
‘For example, if Jane has a high reputation, it means a lot of users find her to be trustworthy. However, such systems can be manipulated to inflate the reputation of a given user with the aim of defrauding others who rely on this reputation score. If Jane created a large number of fake identities, she can easily boost her reputation, tricking honest users into trusting her. This is called a Sybil attack and it is not too difficult to pull off.’
This post was published at Coin Telegraph on 2016-08-19.