Subnet 14
Palaidn
Palaidn
Palaidn uses blockchain and AI for decentralized, cost-effective fraud detection in crypto transactions.
SN14 : VectorStore
| Subnet | Description | Category | Company |
|---|---|---|---|
| SN14 : VectorStore | Vector storage | Storage | VectorStore |
The current landscape of fraud detection, especially in centralized systems, faces considerable challenges. Users are often exposed to data breaches and privacy concerns, eroding trust in online transactions. Furthermore, centralized fraud detection systems can be inefficient and costly to operate, making them less accessible for smaller organizations.
Cryptocurrency transactions are particularly susceptible to fraud, with frequent hacking attempts targeting wallets and exploiting network vulnerabilities. The decentralized nature of cryptocurrencies complicates the application of traditional fraud detection methods, leading to significant financial losses and threats to network integrity.
Palaidn offers a groundbreaking solution by leveraging blockchain technology to create a decentralized, incentivized fraud detection system for crypto transactions. By distributing control and data across a decentralized network, Palaidn improves transparency and trust, making fraud detection both more efficient and cost-effective.
Beyond monitoring transactions, Palaidn employs AI to identify vulnerabilities in code dependencies, addressing potential security risks before they can be exploited. By rewarding participants with TAO tokens, Palaidn ensures continuous and robust fraud detection and vulnerability scanning, democratizing access to essential security measures.
The Palaidn Ecosystem
- Validators: Design and oversee fraud detection campaigns.
- Miners: Analyze transactions, report fraud, and earn TAO tokens for accurate detection.
- Palaidn Core: Manages detection campaigns, processes reports, and verifies miners’ findings.
- Incentive Structure: Miners earn TAO tokens based on the accuracy of their fraud detection, ensuring cost-effective detection for clients and substantial rewards for miners.
Integration with Bittensor
Palaidn utilizes Bittensor’s decentralized network to delegate fraud detection tasks to miners. In its initial phase, Palaidn will showcase its fraud detection abilities within the Bittensor ecosystem and incentivize participation. This approach will help safeguard the Bittensor network’s integrity and security. By leveraging the collective efforts of network participants, Palaidn aims to greatly improve Bittensor’s security and trust, laying a strong foundation for the future development of both Palaidn and Bittensor.
Initial Phase
The initial phase of the Palaidn Network will focus on developing an open-source fraud database. This phase is essential for allowing miners to train their models with real-world data, improving the network’s fraud detection effectiveness. During the first month, we will operate the subnet to expand the fraud list and identify compromised wallets.
Creating this comprehensive fraud database will lay a strong foundation for Palaidn’s detection system. Miners will be encouraged to contribute to this database, ensuring it remains robust and up-to-date. This initiative will showcase Palaidn’s capabilities and promote a collaborative effort to strengthen the security of the Bittensor ecosystem.
Real-World Application
The Palaidn Network’s data will be used by PayPangea, a rapidly expanding decentralized wallet. Launched in February, PayPangea has quickly attracted 2 million accounts, reflecting its swift growth and strong reputation within the crypto community. By incorporating Palaidn’s fraud detection features, PayPangea seeks to bolster the security and dependability of its wallet services, offering users exceptional protection against fraud.
Advantages
- Decentralization: Enhances security and trust through widespread distribution of miners and validators.
- Cost-Effectiveness: Low-cost operation with TAO token incentives for miners.
- Accuracy: Encourages precise fraud detection through rewards.
- Competition: Promotes high-quality detection by motivating miners to excel.
Validator Income Sources
Validators can earn from the following:
Offering paid API access
Providing fraud detection services
Developing applications using Palaidn’s API
Awaiting Data