How to increase DeFi security

Creating cryptocurrency from scratch is not easy. This requires, among other things, in-depth knowledge of various programming languages and knowledge of blockchain usage. Instead of getting into that hassle, those new to the crypto space looking to start their own projects tend to use tokens. Tokens are crypto assets that exist in an ecosystem, such as Ethereum-based projects. The token may be compatible with any Ethereum-based asset that uses the same token standard, but will not be compatible across cryptocurrencies.

In essence, tokens allow someone to build their business or idea on a blockchain without much effort required to build a cryptocurrency from scratch. However, creating it brings its own issues such as legality, cost, and security of smart contracts.

Crypto security standards

With the growing demand for decentralized funding (DeFi), platforms are experiencing more hacks than ever before. The DeFi hack has cost consumers more than $1.9 billion so far in 2021, which means token security is more important than ever. Unfortunately, there is no easy solution to such a threat.

Some experienced contract developer projects may not be able to bear their failures before they even start. For an industry that is trying to go mainstream and requires developers from all backgrounds to start their own token projects, security requires standards. Otherwise, that $1.9 billion would likely be much higher.

Projects and developers need an easier way to secure token security. However, there are blockchain projects that support new developers - platforms that generate tokens with pre-built security standards to ensure developers have a base.

Optimized token development

A decentralized token provisioning application (DApp) allows users to copy and provision their own tokens through a Web 3.0 portfolio. The token follows all the required standards for the chosen blockchain and benefits from the security and efficiency of the blockchain. Of course, such a project must have pre-checked code and a DApp for its implementation requires a solid developer and a strong team behind it.

The project, which currently exists in the same form, is lossless. It is a multi-chain protocol that reduces DeFi hacks through custom code that is embedded into their own projects. By inserting the code into the token without loss, the token generator is protected from fraudulent transactions.

No loss solution

Lossless works by integrating a user-generated hack detection bot that blocks suspicious transactions. Bots are created by white hat hackers who join the network and win prizes every time their bot finds a hack.

Lossless recently released a Token Minter feature that allows developers to copy their own smart token contracts to the Ethereum (ETH), Polygon (MATIC) and Binance Smart Chain (BSC) networks. The project code is pre-checked and offers users a secure way to launch their own tokens. Lossless tokens are also made free, so consumers only have to pay a one-time gas fee to execute the contract. Miners can choose to pay for a third-party security audit from cybersecurity company Hack.

Tokens that are truncated in lossless have a built-in active code that is activated when the lossless security protocol is started. Of course, code sleep goes hand in hand with other lossless security features. The lossless extracting tool was developed as an experimental feature so that users can test this security for themselves. It cuts tokens in minutes and allows anyone to lay the groundwork for their idea. Lossless describes the tool as “a free tool for everyone to create and provision contracts with tokens on demand from ETH, BSC, and Polygon. You conclude your contract within minutes. Come on, start playing and experimenting with it."