Blockchain data platform Nakamoto Terminal, a project presented by the company Inca Digital, is the first winner of the CFTC's Project Streetlight competition in the United States.
the contest Project Streetlight, promoted by the United States Commodity Futures Trading Commission (CFTC), aims to encourage software and application development companies to implement new technologies to design innovative solutions that help the CFTC in one of its most important tasks: identifying foreign entities not registered with the entity, but that require registration with the CFTC to offer their services. The entity seeks to automate this process in order to provide a quality service that allows American clients to make business decisions with a basic knowledge and in an informed manner about these companies.
This scientific competition began in April of this year, and was the cradle of numerous projects and proposals presented by different companies, where it was the winner. Nakamoto Terminal, as the CFTC indicated, in a release official.
Melissa Netram, director of LabCFTC and chief innovation officer at the CFTC, said that Nakamoto Terminal, NTerminal, is an “artificial intelligence tool that automates the process of identifying unregistered foreign entities, which not only helps the Commission, but will also help investors make more informed decisions.”
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The innovative project of the year
Netram also claimed that NTerminal had not only won the first CFTC-sponsored scientific competition, but also earned the title of the “Innovative Project of the Year”, in recognition of their successful presentation.
“The CFTC is pleased to recognize NTerminal as our first innovative project of the year.”
NTerminal met the objectives set by the CFTC and successfully developed a valuable digital tool capable of creating a list of unregistered entities and adding it to the list "GRID", the list of Poor Registration maintained by the organization. This entire process is carried out automatically, based on the criteria established by the CFTC and automating the search for an entity's metadata. According to the release, the metadata is collected by NTerminal's data aggregation platform in an automated manner.
The CFTC also highlights that the innovation of this project is also capable of distinguishing between companies that should be included in the RED list and those companies that should not, something that undoubtedly adds value to the organization. Brian Trackman, senior advisor to LabCFTC and director of this competition program, added that holding scientific competitions such as Project Streetlamp are a useful tool to support innovation and technological development in a responsible manner.
What's behind the RED list?
The CFTC's mission is to protect its American clients from scammers and unscrupulous individuals who provide services in the country, and even from those who operate outside the territory of the US. To achieve this, one of the instruments that the entity uses is the RED List, or Deficient Registration List, which includes all foreign companies involved in CFTC competition activities but which do not have the proper registration with the entity, and may therefore represent a potential risk for clients.
Through this list, the CFTC issues a public notice of all such unregistered foreign companies, including names and other information, which helps clients make decisions about whether or not to establish a business relationship with such companies. Although this list is not a protection or guarantee against fraud, it does help American clients get an idea of who to do business with, and be aware of the potential risk involved in working with a company not registered with the regulator. However, since the process of keeping this list up to date was quite complex, the CFTC opened the Project Streetlamp competition to find a viable and innovative solution to simplify procedures and guarantee efficient service to its clients through technologies such as Artificial Intelligence (AI), Among others.
About Nakamoto Terminal
The project that proudly bears the name of one of the most enigmatic characters in the technology industry of our era, Satoshi Nakamoto, The creator of Bitcoin y Blockchain, was designed by Inca Digital, a UK-based open source intelligence company, which debuted in the CFTC competition to present this innovative proposal. Nakamoto Terminal, also called NTerminal, is a powerful tool that offers a suite of data analysis products to track people and companies, analyze global regulatory actions, and monitor social and traditional networks, as well as the darknet.
The entire set of data collected by the tool is interrelated with other products developed by the same company, with the aim of expanding the surveillance and intelligence use cases for the organization, which range from the attribution of large movements of funds on the blockchain to the financing of threats, a competition of great power and importance for the United States Department of Defense. For its part, the CFTC uses NTerminal for market surveillance, investigations and litigation support through the analysis of financial, technical and blockchain data in real time and in the natural language of digital assets.
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