One of the biggest threats to crypto investors is a hack. To be fair, using a cold wallet should make it possible to prevent a malicious attack on your cryptocurrency assets. Nobody uses one, though. Investors in cryptocurrencies are so vulnerable. However, the Lossless crypto protocol focuses on changing everything.
The Lossless protocol, Vault Protection, Token Minter, and the most recent security tool, Token Relaunch Toolkit, are the four security tools that Lossless has created and launched.
Lossless Crypto Protocol
The Lossless crypto protocol is designed to detect when one of your cryptocurrency accounts is being attacked. Fraudulent transactions will then be stopped. Additionally, stolen funds will be transferred to the correct owner's account after verification.
A community of white hat hackers developed this system. They built a swarm of bots to scan transactions for suspicious activity. The transaction is frozen before it is finished if the hack-spotting bots notice anything suspicious.
From then, the hack is either confirmed or denied by the Lossless committee and independent third auditors. If a hack is confirmed, steps are made to return stolen funds to its real owner.
Vault protection
This is an advanced security tool for project owners. Treasury wallets and liquidity pools are further protected by Vault Protection by using whitelisting and withdrawal limiting strategies.
Wallet whitelisting and withdrawal limiting are 2 types of protective measures that project teams can apply.
Using whitelisting, project owners can mark specific addresses as beneficiaries while automatically denying interaction to all other addresses.
On the other hand, withdrawal limiting allows token owners to set transaction limit for their project wallets. Even though it seems straightforward, this solution adds second-factor protection when someone wants to quickly steal money from a protected wallet.
Token minter
The simplest tool of all four – Token Minter – is a Lossless-wrapped ERC-20 token generator. On the six EVM-based chains that the Lossless team now supports—Ethereum, BNB Chain, Polygon, Avalanche, Fantom, and Harmony—project owners can easily mint their own Lossless-protected tokens. Use of this product is free and does not require any development experience.
Token relaunch toolkit
Tokens that are already well-established in the market but would like an easier relaunch process are the target market for this solution. They will be able to distribute the newly created tokens to their rightful owners after using the Lossless protocol to their token's smart contract for higher security standards.
The Token Relaunch Toolkit, sometimes referred to as Lossless-protected Tokens, works with any token on the market as well as to LERC-20.
