Bonafide Raises $850k to Build Reputation System for Bitcoin
A startup called Bonafide has raised $850,000 to build a reputation system for the bitcoin industry. The funding round, which comes from Quest Venture Partners, Crypto Currency Partners and the AngelList Bitcoin Syndicate, among others, is a step towards creating a scoring system for addresses on bitcoin's network. Notably, Bonfide.io was included in Silicon Valley's 500 Startups incubation program last year. Brian Moyer, the firm's co-founder, said that 500 Startups venture partner Sean Percival saw early on the potential for Bonafide to create more credibility in bitcoin commerce,....
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As long as there is money there is power, and as long as there is power there is room to expand and grow. One of the biggest issues bitcoin has faced throughout its existence is that many traditional businesses and institutions just don't take it seriously. They look at it as something that attracts scams and illegal activity, and they don't quite understand the innovation the blockchain can bring to the digital world, so whenever a bitcoin company is able to raise a substantial amount of money to further secure its place in the world of virtual business, it is music to our ears. Recently,....
Welcome to the latest edition of the NewsBTC Weekly Bitcoin Recap, where we highlight our top bitcoin news stories of the week. Let's take a look at the biggest headlines for the week of February 1 - 7, 2015. 1. Bitcoin Startup Bonafide.io Raises $850,000 to Further Secure Bitcoin's Reputation - as reported on February 2nd. Recently, the startup known as Bonafide managed to raise almost $1,000,000 ($850,000 to be exact) through a special funding round. The money is slated to be used to build a reputation system for the bitcoin industry. Investments came from a number of prestigious....
Bitcoin reputation startup Bonafide has elected to cease operations and commence liquidation less than one year after raising $850,000 from investors including Blockchain Capital and Quest Venture Partners. According to an email sent to shareholders and obtained by CoinDesk, Bonafide had been approached by a "leading" bitcoin company for possible acquisition, however, the sale was declined as it was deemed "only beneficial to team members", not investors. Founded in 2013, the startup offered an API that provided reputation data to bitcoin firms offering exchange, wallet and other consumer....
The World Table, a startup company in Orem, Utah, is building a quantified reputation system to aggregate reputation data and report trust scores for individuals and organizations. The system is built upon Open Reputation, an open source decentralized reputation platform under development, sponsored by The World Table, which maps identity and reputation onto the Internet-of-things (IoT). The Open Reputation concept is open and flexible, able to accommodate diverse applications and usage patterns, from user reputation and "karma" in online discussion spaces to automatic reputation-based....
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. Mihaylov says: “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....