Bitrated is the trust platform for the cryptocurrency economy. We provide fraud prevention and consumer protection mechanisms for Bitcoin and other cryptocurrencies, based on our unique identity & reputation management system and by utilizing the Blockchain technology to allow for payment reversibility and smart arbitration contracts.
Launched in 2013, Bitrated was the first multi-signature application ever released to the public. Bitrated is operated from Israel and was founded by Nadav Ivgi, a software developer and a long time Bitcoin enthusiast.
The reputation management system allows users to build their reputation and demonstrate their trustworthiness by linking their online identity, making connections within the web of trust network and gaining positive ratings. Each user is assigned with a Bitrating score, a numeric measurement of their trustworthiness.
The payment system provides multi-signature smart contracts, allowing buyers & sellers to appoint a trusted agent to act as an arbiter for e-commerce transactions who can intervene in case of dispute, adjudicate and reverse payments.
The arbitration marketplace allows anyone to provide dispute resolution services in exchange for fees, without holding user funds in escrow and without the regulations and costs associated with that – lowering costs, encouraging competition and making the dispute resolution process more innovative, comprehensive and fair.
Bitcoin has long been criticized for its lack of regulatory bodies that can govern transactions and protect consumers against fraud. And indeed, Bitcoin payments are normally final and irreversible, with almost no recourse for consumers in case of fraud. This, in addition to the semi-anonymity provided by Bitcoin, leads to a growing problem of fraud with thousands of reported fraud cases in the various Bitcoin communities.
We believe that this is one of the key factors standing in the way of Bitcoin and other cryptocurrencies from reaching mainstream adoption, and that the cryptocurrency ecosystem must evolve to provide consumers with alternative solutions.
Fortunately, these issues are not inherent to decentralized cryptocurrencies. In fact, the smart contracts capabilities enabled by the blockchain technology, in combination with a smart reputation management system, can not only resolve these issues and protect consumers against fraud – but also greatly improve upon the solutions available today in the traditional financial system.
And so we made it our mission to provide the cryptocurrency ecosystem with tools to resolve those issues, build consumer confidence and help push Bitcoin towards mainstream adoption.
Nadav Ivgi, founder - software developer with 14 years of experience, entrepreneur, open source contributor and a Bitcoin enthusiast. Prior to working on Bitrated, Nadav was the CTO at a software development firm specializing in developing management & automation tools for online marketing campaigns, which he co-founded in 2009. (Bitrated, Linkedin, GitHub, Twitter)
Meni Rosenfeld, investor and advisor - Bitcoin researcher and mathematics M.Sc. graduate of the Weizmann Institute of Science that specializes in machine learning. Meni is a leading founding member of the Israeli Bitcoin community and currently serves as the Chairman of the Israeli Bitcoin Association. (Bitrated, Linkedin, blog, research papers, vanity thread)
Jonathan J. Klinger, Adv., legal advisor - an Israeli attorney specializing in the fields of technology, cyberlaw, information security, privacy, open-source and cryptocurrencies. Also serves as the legal counsel for the Israeli Bitcoin Association, Israel Digital Rights Movement, Hamakor Society for Free Software and numerous other organizations, startups and high-tech companies. (Bitrated, Linkedin, Twitter, blog)