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ARGOS ID on P2E Businesses to Detect New Users’ Onboarding Scams

Date
2022/12/01
Status
Published
Product
ID
Category
ARGOS News
Keyword
P2E, Onboard Abuse
Image
ARGOS ID on P2E Businesses to Detect New Users’ Onboarding Scams.png
Writer
Just like blockchain technology has shown the opportunity for decentralization in the finance industry and made the term DeFi a lot more common, it also applies to the gaming industry. In the game industry, the term GameFi is here. GameFi, Play To Earn(P2E), NFTs, blockchain game, and the crypto game holds similar definition, playing games on the blockchain.
If you are a game lover, you can’t disagree with how blockchain technology and NFTs flipped the whole gaming anatomy. Blockchain gaming offers players the opportunity to earn rewards or assets in the game and which players can change to fiat money. The more you play, the more assets you are able to collect, hence the more money you make. As the ecosystem of P2E games is blockchain-based, it shares similar characteristics with any industry that uses blockchain. What you know about the pros and cons of blockchain-based services such as finance, the P2E industry also experiences it.
In order to play a P2E game, players need to log in with a wallet. The wallet means decentralized and blockchain-based wallets such as MetaMask and WalletConnect. This is due to the main characteristics of P2E games, buying items or earning rewards in the form of cryptocurrency. For cryptocurrency or NFTs, crypto wallets are needed. And here game service providers can experience one type of scam: the user's onboarding scam. Due to the crypto wallet feature, one person can easily hold numerous wallets.
When creating crypto wallets, users can make multiple wallets. And this is a challenge to the game service provider as it cannot distinguish whether a particular person has created an account. This can be a troublesome matter especially when there is a particular event on creating accounts. For example, giving rewards such as coins or points when creating accounts can be a common event. As a way to promote and gather new users, game service providers can hold various types of rewarding events.
It is impossible to verify who is who as users would be creating accounts and joining the new service using crypto wallets. Blockchain-based wallets hold distinct characteristics: anonymity. Just like the coin has two sides, it holds pros and cons. From the perspective of a game service provider, it may become troublesome as there are users that would be abusing.
Is there a way to prevent anonymous wallets scam? Yes, with ARGOS ID it is possible. ARGOS ID is a solution for verifying blockchain wallets. When creating ARGOS ID, online KYC is included. After that, users receive a unique number, a 16-digit provided by ARGOS ID. The unique number becomes a source distinguishing users abusing crypto wallets.
Creating an account and joining the new service double, triple, or more may be a problem to those users that purely aims at abusing multiple crypto wallets to receive any kind of reward. These numbers, when summed up, can be regarded as large numbers. If your business is experiencing these kinds of issues and trying to find out how to verify crypto wallets, try ARGOS ID.
ARGOS ID supports verifying non-custodial wallets. Service providers can choose whether to hold users’ personal information or not. No matter how large or small the number of onboarding scams is going on, you can revise it with ARGOS ID. Focus on what you can do well while ARGOS ID supports verifying unhosted wallets.
Try the free trial. Experience how simple it is to verify wallets online.
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