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Endera launches nation’s first Trust Exchange Network – a game-changer in the digital and gig economies

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Endera, provider of the first continuous evaluation platform for post-hire workforce risk, has launched Trua™, a user-centric, digital trust exchange network powered by cutting-edge, patented algorithms that facilitate a Trust Score based on an individual’s verified identity, publicly available court records, and other verifiable data. Users can share their TruaScore™ with potential employers to establish credibility and trustworthiness, ultimately replacing the need for traditional background checks and credit-score inquiries that require personally identifiable information (PII).

Trua puts individuals in charge of their own data by enabling users to generate a dynamic Trust Score that’s continuously monitored and updated. The score, ranging from zero to 360, is generated by verified and validated background information pulled from nationwide court and public records.

The score takes into account a person’s identity, credentials, criminal and civil records, education, watch lists, and sanctions without exposing sensitive personal information such as Social Security numbers as in a traditional background check.

Over 8 million computations are factored into Trua’s cutting-edge proprietary algorithms that simplify the typically arduous screening of an individual’s background information into an easy-to-understand, personal Trust Score. Users have complete control over who to share their score with and the length of time it can be viewed by explicit authorization.

Trua’s mission is to enable the exchange of trust for life’s transactions and to empower people to have a confident and secure relationship with the unknown. The TruaScore is now the way to prove trustworthiness in person-to-person transactions such as workplace hiring, in-home-care and service providers, tenant screening, or even dating.

“Trust within the gig and sharing economies can be difficult to measure, especially because studies show that two-thirds of people solely rely on peer references and word-of-mouth in decision making,” said Raj Ananthanpillai, CEO of Endera. “Many digital platforms that connect service providers with consumers cut the vetting process short, leaving consumers with little to no real trust in a provider’s identity and credibility, which can be a safety or liability risk.”

The nontraditional gig/share economy is dramatically expanding as a result of the COVID-19 pandemic, fluctuations in the economy, and technological advancements that make remote hiring and work more efficient. In this market, there is currently no universal, standardized trust exchange method that gig and freelance workers can rely on to drive professional growth and personal protection.

“There is a clear need for a fast, reliable solution to assess trust without infringing on privacy or exchanging sensitive personal data,” Raj added.

By empowering people to take ownership of their data and personal information without compromising the integrity of the data, Trua allows users to prove their trustworthiness in person-to-person transactions without fear of identity theft or leaked PII. Unlike traditional background checks, the TruaScore is a non-biased trust exchange method because employers and hirers only see an individual’s Trust Score, not a lengthy document with underlying data and personal details.

With the constant risk of data breaches that leave personal information vulnerable, TruaScore does not require companies to collect an individuals’ PII and then outsource background checks to a third party. Instead, Trua lets individuals assemble their own background profile and enables the evaluator to verify them through the Trua Trust Exchange. This transformation allows Trua to reduce significant regulatory burden and liability risk for employers and better protects sensitive data.

“Employers should no longer have to bear the overwhelming responsibility of safeguarding every applicant’s or employee’s PII, especially as company data breaches are on the rise,” said Raj. “Trua takes that burden off of employers and allows them to hire smarter, safer and much faster.”

TruaScores are continually updated as new public information becomes available, eliminating the need for employers to run periodic screenings as they would with a traditional background check. It also provides situation-specific scores for employers interested in relevant history and credentials.

Trua users are able to review and dispute any incorrect data affecting their score, which is atypical during a traditional background-check process; applicants are merely informed that a background check is being performed on them and it ends there. Whereas Trua provides a dashboard of information on how to improve their score over time, similar to how individuals monitor and work to improve their credit scores.

Banking and financial service institutions will benefit from utilizing the holistic Trust Score, as Trua quickly verifies an individual’s identity, criminal and civil issues, watch lists and sanctions, and financial compliance without the need for third-party background checks or storing an individual’s personal documents.

“We are disrupting the archaic method of verifying a person’s identity and background in order to adjust to the realities of the new digital landscape of our lives,” said Raj. “Millions of people are renting vacation homes, hiring care givers and home services, ordering cars through rideshare, and meeting people from dating apps without confidently knowing if these individuals are safe and trustworthy. It’s time that we drive a societal change in terms of safety, security and personal responsibility, and provide a turnkey digital trust exchange, putting individuals back in control of their personal data.”

Trua Trust Exchange is based on blockchain technology and holds six patents for its proprietary processes, visual display and scoring technology. An individual’s records are verified by multiple sources to ensure legitimacy, and are cryptographically signed and stored on a blockchain to provide a chain of custody of all data sources applied in the validation.

All user data is encrypted and accessible only by multifactor authentication by the individual. When users no longer want to use a Trust Score, their data is deleted and never sold to third parties as it is when using traditional background checks and credit bureaus.

Trua is powered by facial recognition technology and backed by 15 years of research and product development on behalf of major corporations and U.S. intelligence agencies such as Homeland Security.

Blockchain

Virtualness want to be the Canva of Blockchain:Kirthiga Reddy

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Virtualness is positioning itself as the Canva of the blockchain world, according to Kirthiga Reddy. Reddy, the former Managing Director of Facebook India, is now the CEO of Virtualness. She believes that the platform can empower users to create content and communities in the virtual space, similar to Canva’s success in the design world.

Virtualness aims to provide tools and resources that simplify the process of creating and managing virtual communities. Reddy envisions the platform as a one-stop destination for individuals and businesses looking to leverage the power of blockchain technology for community building.

The platform offers a range of features, including customizable templates, social media integration, and analytics tools, designed to streamline the creation and management of virtual communities. Reddy highlights the platform’s user-friendly interface and intuitive design as key factors in its appeal to users.

Virtualness is tapping into the growing demand for virtual experiences and communities, driven by the shift towards remote work and digital interaction. Reddy sees immense potential in the platform’s ability to democratize access to blockchain technology and empower users to create meaningful connections in the virtual world.

With Virtualness, Reddy aims to democratize access to blockchain technology and empower users to create meaningful connections in the virtual world. She believes that the platform has the potential to revolutionize the way people interact and collaborate online, much like Canva has transformed the design industry.

Virtualness has already garnered attention from investors and industry experts, positioning itself as a promising player in the burgeoning virtual community space. Reddy’s vision for the platform reflects her deep understanding of the digital landscape and her commitment to driving innovation in the blockchain industry.

Overall, Virtualness is poised to make a significant impact in the virtual community space, offering users a powerful tool to create, manage, and monetize their virtual experiences. With Reddy at the helm, the platform is well-positioned to become the go-to destination for virtual community building, much like Canva has become synonymous with design excellence.

Source: exchange4media.com

The post Virtualness want to be the Canva of Blockchain:Kirthiga Reddy appeared first on HIPTHER Alerts.

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Blockchain

Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility

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Sei Foundation, the overseeing entity of the Sei blockchain operating at Layer 1, has taken a significant stride towards version 2 of its network, as revealed in an announcement made on Monday. Spearheaded by Sei Labs, this upgrade aims to elevate the blockchain’s performance by introducing a high-performance instance of parallelized Ethereum Virtual Machine (EVM).

Following the necessary approval of the governance proposal, the network upgrade is scheduled to take place one week later. This swift timeline underscores the Sei team’s dedication to continually enhancing the efficiency of their network.

The introduction of Sei’s parallelized EVM marks a notable technological advancement in the company’s operations. This innovation enables Ethereum-based contracts to be seamlessly deployed on the Sei platform, resulting in near-instantaneous execution. Such a feature drastically reduces transaction validation times, significantly elevating existing efficiency and effectiveness standards.

Version 2 of Sei’s blockchain, slated for release, will support Ethereum and parallel execution, akin to other high-performance blockchains like Solana. This development further solidifies Sei’s standing as a formidable player in the industry. The upcoming Sei v2 update will also compete with other parallelized EVMs, including popular ones like Monad and Neon, in the fiercely competitive blockchain landscape.

Sei Labs has already indicated that the current upgrade is poised to attract significant interest, given the applications available on Ethereum. Notable investors and partners such as Uniswap, Frax, X2Y2, Bancor, Balancer, Rarible, Layer Zero, Nansen, and The Graph are currently in discussions with Sei to access v2. The anticipated adoption of Sei v2 is a significant testament to the platform’s potential to emerge as a leading hub for blockchain collaboration.

Since its beta launch on the mainnet within Cosmos in August 2023, Sei has primarily focused on applications developed with Rust that run on Cosmos. However, with the introduction of Sei v2, the team intends to expand its reach by engaging both new and existing users and optimizing network compatibility. This strategic pivot aims to foster inclusivity and adaptability for development.

Having secured substantial funding in April 2023, Sei Labs is now prioritizing the transition to Sei v2. The successful funding round, which raised $30 million across two rounds from investors such as Jump and Multicoin Capital, underscores Sei Labs’ commitment to supporting the Sei blockchain ecosystem financially and technologically.

The recent developments at Sei exemplify a strategic direction aimed at enhancing the blockchain’s efficiency and competitiveness. By embracing cutting-edge technological innovations and bolstering support for Ethereum-based applications, Sei positions itself as a potential catalyst for its services and a significant player in the blockchain industry. Investors and the broader tech community are closely observing how this substantial change could shape the future of blockchain.

Source: cryptonewsz.com

The post Sei Foundation proposes a version 2 network upgrade to bring EVM compatibility appeared first on HIPTHER Alerts.

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Brazil Central Bank Crafting Crypto Regulation Plan, Expected by Year’s End

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Brazil’s central bank has revealed a multi-phase strategy to regulate cryptocurrency and virtual asset service providers, intending to finalize the regulatory framework by the year’s end.

These regulations will establish guidelines to ensure and enforce increased transparency regarding the potential benefits and risks associated with these investments, the bank stated. It opted for a phased approach to effectively oversee Brazil’s cryptocurrency service market.

“The contributions received will be utilized as we proceed, and the regulatory proposals are slated for completion by the end of 2024,” the bank added.

Reuters reported that the central bank’s recent decision delays the finalization of the process, following a 2022 law granting the bank authority to formulate these regulations.

During a congressional hearing in the previous year, Otavio Damaso, the central bank’s director of regulation, anticipated completing the crypto regulations by June 2024.

In December 2023, the bank conducted a public consultation on the matter, concluding in January. Subsequently, it announced a new public consultation scheduled for the latter half of this year.

The central bank informed Reuters that the initial consultation aimed to gather feedback from the public on the proposed regulations, also addressing aspects not covered by the 2022 law, such as the segregation of assets by virtual asset service providers. To this end, the first public consultation necessitated “considerable dedication from the involved teams.”

Additionally, the bank is progressing with the regulation of stablecoins, especially those utilized for payments and foreign exchange.

Brazil Restricts Crypto Contributions in Elections
In an effort to curtail cryptocurrencies’ role in campaign finance, Brazilian authorities recently enforced a ban on crypto donations to political parties and candidates.

The electoral court defended this ban, underscoring the importance of transparency and traceability in campaign financing. It reiterated its commitment to safeguarding elections “against irregular or illicit practices.”

Source: cryptonews.com

The post Brazil Central Bank Crafting Crypto Regulation Plan, Expected by Year’s End appeared first on HIPTHER Alerts.

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