Waves Launches Decentralised Token Rating System

Waves | 04.29| 401

At the end of last year we announced a new protocol for decentralised asset verification. The idea is that, alongside other data providers such as BetterTokens, the community itself will provide information about which tokens are safe and reliable, and which are not.

The initiative is similar in some ways to a decentralised version of BetterTokens, though the idea in this instance is for the community to provide a collective rating score, rather than undertaking a full legal review. We want to receive feedback from a wide cross-section of the community about the quality of different tokens and projects.

Collective evaluation

The new tools provide a means to gauge and aggregate the opinions of the entire Waves community. Anyone with a balance of at least 1 WCT (and 0.001 WAVES as a transaction fee) can participate. You will need Waves Keeper installed for your browser, and at present, tokens can only be rated from desktop browsers (for mobile versions of browsers, the service is available to read only).

To rate a token, select the one you want from the ratings table on the voting website or find it using the search bar, then click on 1 to 5 stars, depending on how you view the quality of the asset. Next, click the Rate button and sign the transaction using Waves Keeper. WCT are not transferred during the voting process — only an existing balance is required to vote. Each vote is weighted according to the number of WCT in your balance. Each account can only have one active vote for each asset at a time, though if you want to update your vote with a different score, you can. Votes will be applied after 24 hours so there may be a delay in updating the token’s score.

Additional and upcoming features

In the future, this ratings system may be integrated with DEX, though for now it is just a standalone website. It’s also worth saying that although the scoring provides an indication of what the community thinks, users have to make their own decisions.

Additionally, we have implemented the Token Rating oracle that records each token rating to the Waves blockchain using DataTransactions! This means that third-party projects on Waves will be able to make use of a transparent and public token rating system in their dApps and other blockchain-enabled projects. In the future, we may also consider using ratings data to manage suspicious tokens in the Waves client.

If you have WCT, please use them to give your feedback on your favourite (and least favourite) Waves tokens!

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Waves Launches Decentralised Token Rating System was originally published in Waves Platform on Medium, where people are continuing the conversation by highlighting and responding to this story.

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