How to improve DeFi security

How to improve DeFi security 5

Creating cryptocurrency from scratch is not easy. Among other things, it requires extensive knowledge of various programming languages ​​and knowledge of blockchain use cases. Instead of going into that hassle, newcomers to the crypto space looking to build their own projects tend to tokens.

A token is a crypto-asset that exists in an ecosystem, such as an Ethereum-based project. The token is compatible with all Ethereum-based assets that use the same token standard but are not compatible with cross-chain cryptocurrencies.

Essentially, tokens allow a person to build their blockchain-based idea or business without the huge hassle of building a cryptocurrency from scratch. However, its creation comes with a number of issues such as legitimacy, fees, and smart contract security.

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A security standard for cryptocurrencies

With the rise of decentralized financial (DeFi) applications, platforms are suffering more hacks than ever before. DeFi hacks caused more than billion dollars in user damage in 2021, meaning token security is more important than ever. Unfortunately, there are no easy solutions to such threats.

Some projects seasoned contract developers may not afford what could be their downfall before they even begin. For an industry trying to go mainstream and requiring developers of all backgrounds to start their own cryptographic projects, security needs a standard. Otherwise, that $ 361 million is much higher.

Projects and developers need an easier way to set up token security. However, there are blockchain projects that are helping new developers – platforms that generate tokens with pre-made security standards to ensure developers are grounded.

Optimized token development

Decentralized token provisioning application (DApp) that enables users to mint and provision their own tokens via an internet wallet 3.

More details about lossless here

Of course, such a project should have pre-tested code and a deploying DApp would require solid developers and a strong team behind it.

The project currently exists in a similar form that is lossless. It is a multi-chain protocol that mitigates DeFi attacks through special code that projects integrate into them. By inserting a lossless token into the token, token creators are protected against fraudulent transactions.

A lossless solution

Lossless works by integrating user-generated hack detection bots to freeze suspicious transactions. The bots are created by networked white hat hackers who receive a reward every time their bot detects a hack.

How to increase DeFi security 7

Lossless recently introduced the Token Minter function, with which developers can mint their own tokenized smart contracts in the Ethereum (ETH), Polygon (MATIC) and Binance Smart Chain (BSC) networks. The project’s code is pre-tested and provides a safe way for users to launch their own tokens. Lossless token trial users also get a free trial where users only have to pay a one-time gasoline fee for contract deployment. Minters can choose to pay for a third-party security audit from cybersecurity firm Hacking.

Lossless embossed tokens have a built-in sleeper code that is activated when the lossless security protocol is started. Of course, the sleeper code exists alongside the other lossless security features.

Lossless Mint is considered an experimental function for users to test this security for themselves. In a few minutes it generates a token that enables everyone to create a basis for their ideas. Lossless describes the tool as “a tool that can be used free of charge by anyone to create and deploy token contracts at will on ETH, BSC and Polygon. You conclude your contract in a few minutes. Go ahead, play around and experiment with it. ”

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