• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Digital Currency Group (DCG) Pulls The Plug On TradeBlock: The End Of An Era?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Digital Currency Group (DCG) Pulls The Plug On TradeBlock: The End Of An Era?
Advertisement

Crypto Hack Prevention: Lossless Launches Core Protocol

Bitcoinist by Bitcoinist
1 year ago
in Press releases
0
Advertisement
Advertisement

Lossless, the first DeFi hack mitigation tool for token creators, has launched its Core Protocol on Ethereum’s mainnet today. Read on to find out why it is monumental to the entire crypto space and how it will change security as we know it.

Crypto hacks

$1.23 billion has been stolen or hacked across the crypto ecosystem during Q1 of 2022. That is up almost 700% from $154 million in losses in Q1 of 2021.

Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.

Hacks are accelerating – one key reason is the incredible pace of development within the ecosystem. Protocols are launching within weeks and this pace of deployment has a tremendous downside: the code is not always properly audited and smart contracts are launched with bugs. This situation requires a solution – it is critical for the world of crypto to have an effective hack prevention and mitigation tool.

Lossless

New types of bugs will arise with newly invented products and features so constant development is inevitable. Preventing all hacks from happening in the first place is difficult but aiming to minimize them and their impact as much as possible is the goal.

A clever solution that achieves a safe crypto world for all, is to use a hack mitigation tool. When a hack occurs, the tool would freeze the transaction for it to be reviewed and when it turns out to be a hack, the transaction would be reverted back to the owner.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Lossless Core Protocol enables exactly that. It is a critical piece of infrastructure for crypto. Other protocols can implement a piece of Lossless code into their token smart contracts to seek hack mitigation capabilities.

Lossless community white-hat hackers and developers can build bots that scan all transactions of these connected cryptocurrencies. When a bot spots a potentially fraudulent transaction, it can be frozen midway to the exploiter.

The bot owner needs to commit 2500 $LSS tokens to generate a hack report. This staking method ensures that only fraudulent transactions are frozen. The Lossless community can also stake a fixed amount of 200 $LSS tokens on top of the report if they believe a transaction is indeed fraudulent and earn rewards from their staking – depends on their speed and the amount retrieved from the hack.

The hack report triggers an investigation by the Decision-Making Body, which is made up of the token creators, Lossless team experts and a Security Committee of crypto industry professionals. This structure determines whether the transaction is fraudulent or not.

When the bot turns out to be right and the report was about an actual hack, hack finders, community members that staked Lossless tokens and the Decision-Making Body are rewarded. When the transaction is not fraudulent, it’s unfrozen and goes to the intended recipient.

Any community member can build a bot to use for hack spotting. This stirs up inventiveness in the community and makes people come up with the most effective algorithms and strategies to identify hacks and malicious activity on the blockchain.

Launch of Mainnet

Lossless launched the Core Protocol today, enabling token owners which have already implemented it or are about to do so, to take charge of their token security. It was launched first on Ethereum’s mainnet. During the next few weeks it will be adapted so it can be launched on the BNB Chain, Polygon, Harmony, Avalanche and Fantom blockchains.

The Lossless hack prevention and mitigation tool will be a crucial element for getting the number of funds being stolen down in crypto. It will create the environment of trust that the blockchain ecosystem really needs to get to that next phase of mainstream adoption as the vision of the team is a trusted and safe DeFi ecosystem with minimal to no losses from hacks, exploits, or social engineering.

More information:

Whitepaper: https://lossless-cash.gitbook.io/lossless/
Website: https://lossless.cash
Twitter: https://twitter.com/losslessdefi
Telegram: https://t.me/losslesscash

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Bitcoinist

Bitcoinist

Bitcoinist is the ultimate news and review site for the crypto currency community!

Related Posts

Making Green or Being Ecofriendly: AltSignals Presale Wins Over Ecoterra Fans

Making Green or Being Ecofriendly: AltSignals Presale Wins Over Ecoterra Fans

22 mins ago
Bware Labs Launches $INFRA Token, making high API performance possible within a decentralized Web3 infrastructure

Bware Labs Launches $INFRA Token, making high API performance possible within a decentralized Web3 infrastructure

1 hour ago
This Polygon (MATIC) rival is predicted to reach a $1B Market Cap in 2023 itself, a great buy opportunity for long-term holders

This Polygon (MATIC) rival is predicted to reach a $1B Market Cap in 2023 itself, a great buy opportunity for long-term holders

2 hours ago
The Hype of the InQubeta (QUBE) Presale is so Impressive that Analysts See it As The Best Crypto 2023

The Hype of the InQubeta (QUBE) Presale is so Impressive that Analysts See it As The Best Crypto 2023

2 hours ago
Can Cardano Reach $1 In The Next 3 Months? Tradecurve Has It Sights Set On 3000% Growth

Can Cardano Reach $1 In The Next 3 Months? Tradecurve Has It Sights Set On 3000% Growth

4 hours ago
Shiba Inu (SHIB) and RenQ Finance (RENQ), are the only 2 cryptos to trend on Twitter this week

Shiba Inu (SHIB) and RenQ Finance (RENQ), are the only 2 cryptos to trend on Twitter this week

5 hours ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Making Green or Being Ecofriendly: AltSignals Presale Wins...

    22 mins ago
  • Bware Labs Launches $INFRA Token, making high API...

    1 hour ago
  • This Polygon (MATIC) rival is predicted to reach a $1B...

    2 hours ago
  • The Hype of the InQubeta (QUBE) Presale is so Impressive...

    2 hours ago
  • Can Cardano Reach $1 In The Next 3 Months? Tradecurve Has...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.