Arkham on-chain ‘Intel Exchange’ labeled ‘snitch to earn’ by Crypto Twitter
Arkham, a “blockchain intelligence company,” announced what it’s calling the “world’s first on-chain intelligence exchange” on July 10 alongside the launch of a new coin, ARKM, through Binance’s Launchpad service.
Crypto Twitter has had a predictably split response to the announcement, with negative sentiment surrounding Arkham’s purported mission to “deanonymize the blockchain” causing some ire. Chief among the complaints, many of which describe the company’s Intel Exchange as a “snitch to earn” or “snitching as a service” program, involves Arkham's perceived role as a centralized intelligence agency.
Fuck this.It's not even the snitch-to-earn component that I'm entirely against (it is useful as a decentralized whistleblowing dapp for public good).The submissions end up on Arkham + Arkham Fnd is the central arbiter.Someone should fork the contracts and decentralize this. https://t.co/hnfehiukd9
As Arkham stated in its announcement thread, there are numerous positive use cases for the utilization of blockchain sleuths as information brokers. However, some experts are concerned over the potential for misuse that the exchange’s proposed business model appears to follow.
According to Arkham, users will be able to anonymously post and accept bounties for information concerning transactions on the blockchain. Once a bounty is completed, whatever entity paid out the bounty will have exclusive access to the data for a period of 90 days. Once the initial exclusivity period ends, Arkham says it will release the data to the public.
hey isn't the most profitable use of this just to put a bounty on whale wallets and then kidnap people? like did that come up in any meetings?
Other commenters wondered what considerations Arkham had given
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