Cryptocurrency

BNB Chain launches a new community-run security mechanism to protect users

Decentralized blockchain ecosystem Binance Smart Chain (BSC) today announced that it is taking a new name, BNB Chain, in a bid to reflect its connection with the native token of the ecosystem Binance Coin (BNB).

BNB Chain, the native blockchain of Binance, has launched AvengerDAO, a new community-driven security initiative to help users against scams, malicious actors and possible exploits.

The security-centric decentralized autonomous organization (DAO) has been developed in association with leading security firms and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera, to name a few.

The AvengerDAO security initiative mainly consists of three major components, namely a passive API system called Meter, a subscription-based alert system called Watch, and a programmable fund management system called Vault.

Please go to https://www.xtra.net for breaking news, videos, and the latest top stories in Nigeria & world news, business, politics, sports and pop culture.

When a user on the BNB Chain interacts with any applications or counterparties, the AvengerDAO adds an additional layer of security. The Meter API system would fetch security ratings on smart contracts, domains, and addresses and alert users in case of a security vulnerability. The Watch system alerts users in real-time about ongoing exploits, while the Vault acts as an escrow where the funds would only be released once certain pre-set conditions are met.

Read Also:  US congressman explains why crypto ban won't work

Gwendolyn Regina, investment director at BNB Chain, explained how the community would be responsible for security decisions in a conversation. She said that the community would perform a survey of existing security auditing service providers to see what types of common security vulnerabilities exist. She added: “We think that when additional professional security audit firms join the DAO as members, we will collectively get a deeper understanding of the security landscape, and work on enhancing it.”

Some of the AvengerDAO members, including security decentralized application (DApp) Hashdit, have already released an integration with PancakeSwap that would allow its users to fetch the security ratings of smart contracts witthey are interacting with at the start of September.

Read Also:  2023: Bauchi governor drops deputy, unveils new running mate

BNB chain has paid special attention to user security and has launched several initiatives over the past few months. Before the AvengerDAO launch, the BNB Chain launched Dappbay equipped with a novel feature called Red Alarm. This feature assesses project risk levels in real time and alerts users of potentially risky DApps.

Related: White hat hackers have returned $32.6M worth of tokens to Nomad bridge

Within a month of its launch, the Red Alarm feature of DappBay identified over 50 on-chain projects that pose a significant risk to users. The security feature analyzed 3,300 contracts in July alone.

While Red Alarm was just meant to flag vulnerable smart contracts and projects that possess financial risk, AvengerDAO aims to become a multidimensional security initiative with a focus on detecting real-time vulnerabilities and exploits.

Get more stories like this on Facebook, Twitter and Telegram