ZenGo Rolls Out EIP-6384 Solution To Tackle Offline Signature Exploits
Key Points:
- ZenGo presented a solution to the issue of offline signature vulnerabilities, which have resulted in the theft of NFTs and cash in recent years.
- The proposed EIP-6384 solution intends to convert offline signatures used in decentralized apps into human-readable data.
ZenGo, a provider of crypto security and wallets, has offered a solution to the growing problem of offline signature vulnerabilities. As a result of such weaknesses, attackers have tricked users into signing difficult-to-read wallet messages in order to steal crypto assets and NFTs.
Several crypto users have fallen victim to these malicious signatures in recent years, particularly on NFT marketplaces such as OpenSea, where offline signatures are often used to trade NFTs without paying fees beforehand.
Recently, Kevin Rose, an NFT entrepreneur, was hacked in January for $1.5 million in NFTs after being duped into signing a fraudulent offline signature in what appeared to be a genuine feature on OpenSea.
ZenGo has presented its recommended solution as an official Ethereum improvement proposal, known as EIP-6384, to address this frequent security vulnerability. The idea aims to make offline signatures both secure and user-friendly.
ZenGo has added a view-only capability to smart contracts that transform the message into a human-readable form by expanding on the existing offline signature standard EIP-712.
Implementing EIP-6384 would require all Ethereum smart contracts to include a clear explanation of the message, retaining the fee-free transaction experience of decentralized apps. This modification would provide wallet users with a clear and intelligible summary of the message they are being requested to sign, allowing them to make an informed decision while signing transactions.
While third-party services are currently available to help customers comprehend what they are signing, they are not always reliable. Users will no longer have to rely on such third-party tools to view information on offline signatures if wallets and decentralized apps implement this concept, according to ZenGo.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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ZenGo Rolls Out EIP-6384 Solution To Tackle Offline Signature Exploits
Key Points:
- ZenGo presented a solution to the issue of offline signature vulnerabilities, which have resulted in the theft of NFTs and cash in recent years.
- The proposed EIP-6384 solution intends to convert offline signatures used in decentralized apps into human-readable data.
ZenGo, a provider of crypto security and wallets, has offered a solution to the growing problem of offline signature vulnerabilities. As a result of such weaknesses, attackers have tricked users into signing difficult-to-read wallet messages in order to steal crypto assets and NFTs.
Several crypto users have fallen victim to these malicious signatures in recent years, particularly on NFT marketplaces such as OpenSea, where offline signatures are often used to trade NFTs without paying fees beforehand.
Recently, Kevin Rose, an NFT entrepreneur, was hacked in January for $1.5 million in NFTs after being duped into signing a fraudulent offline signature in what appeared to be a genuine feature on OpenSea.
ZenGo has presented its recommended solution as an official Ethereum improvement proposal, known as EIP-6384, to address this frequent security vulnerability. The idea aims to make offline signatures both secure and user-friendly.
ZenGo has added a view-only capability to smart contracts that transform the message into a human-readable form by expanding on the existing offline signature standard EIP-712.
Implementing EIP-6384 would require all Ethereum smart contracts to include a clear explanation of the message, retaining the fee-free transaction experience of decentralized apps. This modification would provide wallet users with a clear and intelligible summary of the message they are being requested to sign, allowing them to make an informed decision while signing transactions.
While third-party services are currently available to help customers comprehend what they are signing, they are not always reliable. Users will no longer have to rely on such third-party tools to view information on offline signatures if wallets and decentralized apps implement this concept, according to ZenGo.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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