bitsCrunch Scour: A New Tool to Fix the Issue of Wash Trades in NFT Marketplaces
When it comes to the crypto and DeFi ecosystem, one of the biggest challenges is the issue of wash trades. It’s so common that it has become sort of an open secret – everybody knows that it happens, yet they can’t do much about it. That is about to change though as a new project aimed at detecting and flagging wash trades has gone live. Scour by bitsCrunch aims to curb the menace of wash trades by combining the power of Artificial Intelligence with blockchain technology.
What is Scour?
It’s a new AI-based agent that aims to detect the manipulation of price and volume in NFT tokens. According to bitsCrunch, they are building a detailed knowledge graph of all the NFT transactions that take place on a marketplace. The graph will include a history of all transfers, wallet addresses, reward token distributions, etc., and it will then be used to educate an algorithm about the nature of suspicious transactions. As more and more transactions take place on the network, the graph will become larger and algorithm smarter… and that’s how Scour may eventually become the tool of choice for preventing wash trades.
The parent company behind Scour, namely bitsCrunch, is a blockchain startup that aims to emerge as the guardian of the NFT ecosystem with its multiple offerings that help in making the NFT ecosystem more secure, transparent and reliable. Just like its Scour offering, the company is also having more products and services that tackle different issues related to the transparency and security of the NFT ecosystem. Two such products include:
- Crunch DaVinci: It’s a digital asset forgery detection system that can help in identification and flagging of an original asset through its key features, regardless of the various manipulations and changes to the asset.
- Liquify: This one is a fair price evaluation tool for any asset, which decreases the risk of unfair practices used to drive the prices of assets in any particular direction.
bitsCrunch has also received early success in the adoption of its products and technologies. Some of the leading players in the decentralized economy, which include a major NFT marketplace and a well known blockchain scaling solutions project. Needless to say that there’s a lot of growth potential in the future for bitsCrunch and its products, so anyone interested in NFTs should definitely pay special attention to this project.
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