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Speed of product launch is of paramount importance in crypto and yet it has a downside – smart contract bugs. The code is not always properly audited and tested before deployment. There is so much innovation taking place that some bugs are novel and might be missed.
The pace is something that is critical for the industry and mainstream adoption. However, we do need an environment that is safe for users to be in.
In the first quarter of 2022, crypto hackers stole a total of $1.22 billion in funds. It’s 8 times more than the first quarter one year ago, while the total market cap of crypto has gone up about 2 times.
Stopping hacks altogether is a challenge. The pace of innovation in crypto is incredible – there’s always a risk of a bug, something being skipped in the code.
The key is not to become risk-averse – you must test everything thoroughly and have plenty of audits. If a hack still happens, the focus should be to prevent it from following through. That is what Lossless is all about.
When a hack takes place on a token with Lossless Protocol implementation, the fraudulent transaction is frozen. This is done by a white hat-hacker community and their built bots. The latter are scouting continuously for potential malicious activity.
These bots incorporate algorithms that recognize fraudulent transactions and freeze them. The owner of the bot needs to commit Lossless tokens to generate a hack report. After it becomes public, Lossless community members, believing it is indeed a hack, can also stake tokens on top of the report to earn their share of rewards.
A hack is verified by a Decision-Making Body, composed of the token’s owner, Lossless team and a Security Committee with industry professionals on board. If a hack is validated, the bot owner and community members that contributed get rewarded and the stolen funds are reverted.
Lossless is about to launch its protocol on Ethereum’s mainnet on the 14th of April. This will be a big milestone for the project’s team and for the crypto industry. It will give the opportunity to spot hacks among cryptocurrencies with integrated Lossless security measures and stop loss of funds.
All functionality covered in this article will be available for the Ethereum, Polygon, Binance Smart Chain, Harmony, Avalanche and Fantom blockchains.
Lossless believes that security is the next big step the industry needs to take to onboard more users into DeFi. Lossless Protocol’s vision is a trusted and safe DeFi ecosystem with minimal to no losses from hacks, exploits, or social engineering.
