MyShield was developed with technology from the company BrandShield. Founded in 2013, BrandShield developed a cyber-intelligence system powered by artificial intelligence to detect fraud and counterfeiting in cyberspace.
BrandShield’s system monitors the Internet in search of scams, phishing, fraud, trademark infringements, and other nefarious activities occurring on websites, social media sites, e-commerce marketplaces, and mobile apps.
A man named Yoav Keren is the CEO of both My Shield and BrandShield. According to his LinkedIn page, he is a native of Israel and has an MBA from Northwestern University’s Kellogg School of Management. He has a background in marketing and business development and has also served as an advisor to Israeli politician Haim Ramon, who spent more than a quarter-century in the legislative branch of Israel’s government.
My Shield hails itself as the world’s first anti-scam platform. It aims to help people feel safe and secure when performing online transactions by adding an extra layer of security to cryptocurrency transactions.
Ultimately, MyShield would like to provide protection against scams for the entire e-commerce ecosystem. The company is currently fundraising using the My Shield token cryptocurrency with the hopes of fully launching their anti-scam platform the first quarter of 2019.
How MyShield Works
There’s little doubt that scams have become more prevalent with the recent emergence of cryptocurrencies. The MyShield website cites a study that found that hackers steal up to $1.5 million in cryptocurrency funds from ICOs every month. My Shield hopes to combat the fraud and security issues that come with cryptocurrencies and provide what Keren calls “a scam free digital landscape.”
The My Shield platform will operate with the help of both My Shield users and AI-powered cyber intelligence providers who will detect and report potential scams. My Shield will be available as both a free app and as a browser add-on that gives users alerts on scams that threaten their online security.
According to the MyShield website, the platform will include:
- MyShield application
- MyShield blockchain
- AI-powered cyber intelligence providers
- Enforcement services providers
- Guarantee providers
- MyShield bounties
- MyShield Trust Stamp
The MyShield platform will run with the help of My Shield tokens. My Shield will distribute 1 billion tokens to use on the platform. The My Shield website explains that tokens can be used in the following ways:
- Bounties – Will serve as incentives for report scams. Bounties can be created by My Shield, users of My Shield, and companies.
- Reports – Users will deposit tokens when reporting potential scams. If they accurately report a scam, those tokens will be returned as well as their share of the bounty.
- Premium Subscription – A subscription to My Shield will allow users to learn about scams and earn bounties when they discover a scam.
- Guarantee Programs – Provides a money-back guarantee for customers on transactions.
Unfortunately, there is little information about the actual token sale on the My Shield website. The site states that the token sale has started, imploring you to enter your email address to receive more information about it. However, the email sent out only provides links to My Shield’s social media pages, sharing no information about how to buy tokens or the cost of buying tokens.
Benefits & Side Effects of MyShield
The benefits of MyShield are clear. Cybersecurity as it relates to both cryptocurrencies and e-commerce transactions are of the utmost importance. Being able to better identify and shutdown scams is a much-needed service, especially since it allows users to help identify scams.
By all accounts, MyShield is capable of accomplishing their goal of bringing companies, users, cyber intelligence providers, and community enforcers onto one platform. However, there is some level of concern that they are not sharing how to actually purchase the tokens needed to use their platform.
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