Security in crypto is becoming one of the major topics day by day. Here are some figures – in the first three months of 2022, the hacking resulted in a loss of $1.6 billion.
And although the pace of project launch is high, the security of funds still does not accompany it. Flawless is one of the projects in the crypto space working towards providing token creators with security measures, in that they have presented the industry with four working products already.
How property can be protected
What are the most common issues in the crypto sector that result in hacks? Smart contract vulnerability or private key theft.
Usually, it can be seen that a project lacks audits to evaluate the quality of its smart contracts, or is missing a strong development team to fully build the code.
Lossless CEO Vygandas Masilionis shared that “because of this, we decided to create Lossless and extend a hand to token owners and project teams who need security solutions, but are not always able to ensure or find them on their own.” There are measures in the industry.”
So far, Lossless has built and launched four security tools live: Lossless Protocol, Vault Security, Token Minter, and the latest Token Relaunch Toolkit.
Another product is coming soon, which the team calls Security Oracle. A quick introduction to each and how they can help crypto projects protect their funds.
It is the industry’s first framework for proactive exploitation mitigation. The flawless platform facilitates manual and automated community-driven monitoring of suspicious on-chain activity.
Malicious token transactions are stopped after they are reported and are subject to further investigation.
Flawless code detects fraud, collects, and returns stolen funds. Token creators put a flawless protocol into the smart contracts of their tokens to minimize the damage caused by exploits and hacks.
- instant freezing – Flawless smart contracts allow hack-spotting bots to detect and freeze fraudulent transactions, earning rewards for the bot’s creator.
- fraud analysis The decision-making body observes the frozen transaction, validates the fraud and decides to freeze the received address permanently.
- return stolen money – The decision-making body makes a proposal to reverse the transaction, and the code returns the stolen funds back to the owner’s address.
Watch this video to find out more:
It is an advanced security tool for project owners. Vault Protection provides an additional layer of security to the Treasury wallet and liquidity pool through whitelisting and withdrawal limiting strategies.
Project teams can implement two types of safeguards – wallet whitelisting and limiting withdrawals.
Whitelisting would allow project owners to mark certain addresses as beneficiaries, while every other address would be denied any interaction by default.
Withdrawal limits, on the other hand, allow token owners to set a transaction limit for their project wallet. As simple as this solution sounds, it adds second-factor security if one wants to quickly remove a secure wallet.
The simplest tool of all four – Token Minter – is a lossless wrapped ERC-20 token generator. Project owners can easily mold their own lossless-protected tokens on Ethereum, BNB Chain, Polygon, Avalanche, Phantom and Harmony – the six EVM-based chains that the Lossless team currently supports.
No development experience is required to use this product, and it is also free. Here’s how Token Minter and Vault Protection both work:
Token Relaunch Toolkit
This product is aimed at tokens that are already established in the market but want an easy relaunch process. This will allow them to implement a flawless protocol in the smart contract of their tokens to higher security standards and to distribute the newly created tokens to their rightful owners.
Not only does the Token Relaunch Toolkit work with LERC-20, also known as a flawless-protected token, but it can relaunch any token in the market. All the project team has to reach [email protected] so that the product can be used.
Here’s a quick step-by-step guide on how the product works:
Why security is needed in crypto
The hack caused $3.8 billion in damage to the crypto industry in 2020. In 2021, this number increased to $10 billion. And this year, as has already been established, there was a loss of $1.6 billion in the first quarter.
It is clear that with the number of hackings and the damage they do increasing steadily, the security is not yet in the shape that it should and could be so that crypto projects have the opportunity to protect them and their user assets. Be a tool
As the CEO of Lossless, Vygandas says: “We have made it our mission to provide crypto security tools to projects in Web3. Hacks and exploits are one of the biggest issues in the industry, driving its rapid adoption. Our team aims to become one of the industry leaders for security in the near future, and this is where we continue to build in market environments such as the present.”
Keep up with Flawless and its product development via the channels below.
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