How to enhance DeFi security

Creating a cryptocurrency from scratch is not easy. It requires a broad understanding of various programming languages ​​and blockchain use cases. Those newcomers in the cryptocurrency field who want to build their own projects have not experienced this kind of effort, but tend to use tokens.

A token is an encrypted asset that exists in the ecosystem, It’s like a project built on Ethereum. The token may be compatible with all Ethereum-based assets that share the same token standard, but is not compatible with cross-chain cryptocurrencies.

Essentially, tokens enable people to build blockchain-based businesses or ideas without the large amount of effort required to build cryptocurrencies from scratch. However, creating it will bring a series of issues, such as legality, fees, and smart contract security.

Encryption Security Standard

With the rise of decentralized finance (DeFi) applications, the platform has suffered more hacking attacks than ever before. DeFi hackers $1.9 billion In the loss of users so far in 2021, this means that token security is more important than ever. Unfortunately, there is no simple solution to this type of threat.

Some projects may not be able to afford experienced contract developers, and it may be that they collapse before they even start. For an industry that is trying to become mainstream and requires developers of all backgrounds to start their own tokenization projects, security needs a standard. Otherwise, the $1.9 billion will be much higher.

Projects and developers need a simpler way to establish token security. However, there are some blockchain projects dedicated to helping new developers-platforms that generate tokens with pre-built security standards to ensure that developers have a baseline.

Simplify token development

Token Deployment Decentralized Application (DApp) enables users to mint and deploy their own tokens through a Web 3.0 wallet. The tokens will follow all the standards required by the blockchain of their choice and will take advantage of the security and efficiency of the blockchain.

More insights about lossless here

Of course, such projects should have pre-reviewed code, and the deployment of DApp requires reliable developers and strong team support.

The project that currently exists in the same form is LosslessIt is a multi-chain protocol that can mitigate DeFi hacker attacks by integrating the project into its own dedicated code. By inserting lossless code into tokens, token creators can be protected from fraudulent transactions.

Lossless solution

The working principle of Lossless is to integrate user-created hacker discovery robots that can freeze suspicious transactions. The bots are created by white hat hackers who participate in the network, and they will be rewarded every time their bot discovers hacking.

Recently Lossless launched a Token Foundry Developers can create their own token smart contract function on Ethereum (Ethereum), Polygon (MATIC) and Binance Smart Chain (BSC) networks. The code of the project has been pre-reviewed, providing users with a safe way to activate their tokens. Lossless’s token minting machine can also be tried for free, and users only need to pay a gas fee for contract deployment. Minters can choose to pay the third-party security audit fees of the cyber security company Hacken.

Tokens minted in Lossless have a built-in sleeper code, which can be activated when the Lossless security protocol is activated. Of course, the sleep code coexists with the other safety features of Lossless.

The non-destructive casting tool is intended as an experimental feature for users to test this safety on their own. It mints a token in minutes, enabling anyone to lay the foundation for their ideas. Lossless describes the tool as “a free-to-use tool. Anyone can create and deploy token contracts on ETH, BSC, and Polygon at will. You will complete the contract in a few minutes. Come on, start playing with it and experimenting with it. “

Disclaimer. Cointelegraph does not endorse any content or products on this page. Although we aim to provide you with all the important information we can obtain, readers should research on their own and take full responsibility for their decisions before taking any actions related to the company, and this article cannot be regarded as investment advice.

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