VILNIUS, LITHUANIA / ACCESSWIRE / May 17, 2021 / Detect fraud, freeze and reverse stolen funds - if only there was a solution to the current challenges in the blockchain industry.
The rapid increase in the number of users in the DeFi space is evident. As of April 2021, $100B was the total value of DeFi tokens locked. However, this growth comes with its opportunities and challenges; security being one of them.
Countless exploits continue to take place. And although the industry is beefing up to provide a more secure ecosystem for DeFi users, we still witness flash loan exploits, wallet hacks, exchange hacks, token minting and rug pulls.
Almost everyone in the space has experienced or knows of someone who has experienced an exploit, a loss, which is why many in the space are excited about Lossless. A protocol that has many excited.
Lossless is the first crypto hack mitigation tool for trusted and safe DeFi.
Security in the DeFi ecosystem
In the space of a year, we have also witnessed the DeFi market explode 50 times the size of the previous year.
With that has come 122 major hacks. 3.8 Billion stolen. In just 2020 alone.
This has made the majority of ‘non crypto users question DeFi, and its full use because of their security concerns.
It has also been the driver for token creators to search for capable solutions to limit such losses.
Looking at most DeFi platforms and wallets, they focus on preventing the hacks from happening. Meanwhile, the aforementioned numbers clearly indicate that this approach has not been as successful.
Lossless protocol believes in an alternative approach - one of mitigating, rather than preventing - will improve security in the DeFi space.
What does Lossless offer the crypto sphere?
Lossless is a crypto hack mitigation tool, empowering white hat hackers and security experts to assist in detecting, stopping hacks, and retrieving stolen funds. To achieve this, Lossless allows you as the token (project) creator to attach a piece of code to your tokens. This makes it possible to detect hacks, freeze fraudulent transactions, and retrieve funds.
The two stages of loss mitigation by Lossless
The first stage involves the verification of the hack and freezing the hacker's wallet by a decentralized decision-making body. Lossless will launch a hack-finding platform with a dashboard that allows hack spotters to report hacks manually. In addition, it will have room for bot-friendly APIs that have publicly made bots to automatically detect hacks. Community participation will be encouraged through rewards for the hack spotters.
Once hacks are detected manually or automatically, the funds stolen are frozen as they await the second stage.
The second stage involves an overview and confirmation of the frozen funds by a decentralized decision-making body. The body will include auditing firms that provide unbiased decisions and investors with a considerable share of $LSS tokens. As soon as the hack is confirmed, the committee starts the process of refunding the stolen assets to the original owner.
Benefits of implementing Lossless into your token
- Lossless is a platform that reward white-hat hackers for making DeFi safer.
- There is no installation cost for token holders or creators. A 7% fee is only charged when a hack is mitigated and it is used to compensate those responsible for taking the sting out.
- Lossless assures token creators and holders of the safety of their funds. This protects their interests, builds trust within their respective communities, and maintains good relations between investors and projects.
As the DeFi market continues to grow, token holders and creators have to (and do) constantly think about the safety of their funds. This is a critical thought for projects as they need to protect their reputation in the ever-changing crypto space.
Lossless protocol is set to create a revolution in DeFi security through the adoption of its protocol.
Imagine having an immortal guardian angel for your DeFi assets?
Welcome to the world of safe DeFi.
Follow Lossless on their media channels to stay up to date with the latest news:
Official website: http://lossless.cash
Telegram - https://t.me/losslesscash
Twitter - https://twitter.com/losslessdefi
Medium - https://losslesscash.medium.com
LinkedIn - https://www.linkedin.com/company/losslessdefi/
Media Contact: RTC [email protected]