The article headline sounds crazy, doesn't it? But, indeed, Nomis provides the one and only solution to help Sybils and Projects that are being abused by these Sybils. How does that work? Let's delve deeper into this topic and details!
Crypto Drop Rush
A few years ago, it was a piece of cake to make a fortune in crypto: flipping NFTs, ICOs, yield farming, and investing in memecoins were bringing in thousands of dollars for users.
However, as time went on, the easy money train began to slow down. Now, gaining the same thousands requires more time and effort. But the dream of massive profits with minimal work lives on as we’re here in crypto. And that’s why the retrodrop narrative appears, which is currently dominating the market. Those who recall how effortlessly money raising was know its true power.
Attention in the web3 world is primarily focused on the "big three": LayerZero, Starknet, and zkSync. However, competing for public recognition alongside them are Scroll, Aptos, and several projects that either lack native tokens or have a percentage of their tokens locked. The retrodrop concept isn't new and has been around for a long time, even before projects like Aptos or Arbitrum emerged. In fact, the first recorded crypto airdrop took place back in 2014 when Auroracoin handed out its native cryptocurrency. But in the past year, this trend has grabbed attention from users with sky-high expectations of a significant amount of money coming to the crypto market.
To maximize this money, some users resort to abusing projects that promise substantial rewards. These users are commonly referred to as Sybils. And to ensure a fair distribution of funds, projects have implemented measures such as KYC verification, requiring users to provide ID’s and Passports. The crypto industry is currently in a phase of rapid adaptation, with users and projects alike evolving to keep up.
However, there is a segment within the crypto community that disagrees with this approach taken by these projects. Nomis also advocates for fair rewards, access, and the distribution of other benefits, we are not here for “Witch-Hunting” though (but maybe for curing), considering KYC and Passports aren’t about web3 native approach like we do.
Anti-Sybil Tools = Anti-Users Tools
What the projects are trying to counter with Sybils is actually countered with ordinary users. That's essentially what Sibyls are in the first place.
KYC, IDs, and passports aren't web3-friendly. They come with the privacy risk of doxxing users and collecting personal data. Social media verification is just another time-consuming form of doxxing. Remember the Uniswap's optional KYC update that got slammed hard? Critics fear it's a slippery slope to mandatory KYC and SEC alignment. Even crypto legend Vitalik Buterin has reservations. He recognizes the potential in Proof-of-Humanity, BrightID, and Worldcoin. However, Buterin's wary of the security and privacy risks they pose. He stresses the importance of finding a balance between safeguarding personal data and accurately identifying individuals.
Just imagine having several different wallets: one for public use, one for strategies, one for work, and so on. Alternatively, you might not be a very public person, not using social media at all. Can you picture it? I believe many readers can relate to this scenario, which makes such Anti-Sybil products really inconvenient.
Collecting IRL and Social Credentials is a rather lengthy and tedious process for every user, even with fully filled Social Media profiles and just one wallet. Let's be honest, this kind of all this approach doesn't offer 100% protection against Sybils. This data can be still manipulated, forged, or used to frame others.
In contrast to passports, IDs, and other KYC services in the web3 space, Nomis uses onchain data and provides users with the ability to obtain their Proof-of-Humanity in a permissionless and trustless way. Nomis isn’t in the KYC squad, we’re different. You’re fine with just your wallet, anon.
Why Nomis is a Sybil Tool
No doxxing is not the only special power –– we’re turning Sybils into Real Users.
How does it work? You just need to connect your wallet at Nomis, we fetch your wallet data, then Nomis' Math Model powered by AI and ML works its magic. The Nomis Score algorithm is a powerful combination of statistical methods and machine learning techniques, including neural networks. Its purpose is to analyze data and identify dependencies between multiple attributes.
The algorithm follows a systematic approach that begins with onchain data extraction and then enriches it using third-party services. Expert judgment is also incorporated into the process. To process time series data, the algorithm leverages various neural network architectures such as RNNs, LSTMs, TCNs, and Transformers. Both expert knowledge and neural network models are utilized for scoring, with a primary objective of enhancing accuracy through parameter tuning.
And that's not all—Nomis has more to offer. With our ScoreFront, you can leverage your on-chain reputation to unlock even greater rewards from web3 projects. We've already discussed this in detail in our article.
So, after the magic of the Nomis Score algorithm works its wonders, you receive your Score without the need for lengthy verification processes or creating an account. It's safe to say that the more onchain actions you perform, the higher your Score will be. And as soon as Sybil starts to perform more onchain actions and tries to replicate the actions of a Real User he turns into a Real User!
By this, Sybil becomes a genuine contributor and early adopter. This makes them eligible for unique accesses, rewards, and other benefits within ecosystems.
It's a happy ending where everyone is satisfied: both the projects and their end-users. See how it works for yourself on our website below: check your Scores and start exploring the future of onchain reputation!
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Find more about Nomis and how it works here: Why Your Nomis Score Is So?
Get your Nomis Score: nomis.cc
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