BNB Chain launches new community-managed security mechanism to protect users
AvengerDAO was developed in association with some of the leading blockchain security analytics companies and leading DeFi ecosystem projects crypto.
New
BNB Chain, Binance's native blockchain, has launched AvengerDAO, a new community security initiative to help protect users from scams, malicious actors, and possible exploits.
Security-centric Decentralized Autonomous Organization (DAO) was developed in association with leading security companies and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera, to name a few a few.
The AvengerDAO security initiative mainly consists of three main components, namely a passive API system called Meter, a subscription-based alert system called Watch, and a programmable fund management system called Vault.
When a BNB Chain user interacts with apps or counterparties, AvengerDAO adds an extra layer of security. API Meter's system retrieves security ratings on smart contracts, domains, and addresses and alerts users to security vulnerabilities. The Watch system alerts users in real time to ongoing exploits, while the Vault acts as an escrow where funds are only released when certain predefined conditions are met.
Gwendolyn Regina, Chief Investment Officer at BNB Chain, explained how the community would be responsible for security decisions in an exclusive chat with Cointelegraph. She said the community will survey existing security audit service providers to see what types of common security vulnerabilities exist. She added:
"We believe that when other professional security auditing firms join the DAO as members, we will collectively gain a better understanding of the security landscape and work to improve it."
Some of the members of AvengerDAO, including the decentralized security application (DApp) Hashdit, have already
AvengerDAO was developed in association with some of the leading blockchain security analytics companies and leading DeFi ecosystem projects crypto.
New
BNB Chain, Binance's native blockchain, has launched AvengerDAO, a new community security initiative to help protect users from scams, malicious actors, and possible exploits.
Security-centric Decentralized Autonomous Organization (DAO) was developed in association with leading security companies and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera, to name a few a few.
The AvengerDAO security initiative mainly consists of three main components, namely a passive API system called Meter, a subscription-based alert system called Watch, and a programmable fund management system called Vault.
When a BNB Chain user interacts with apps or counterparties, AvengerDAO adds an extra layer of security. API Meter's system retrieves security ratings on smart contracts, domains, and addresses and alerts users to security vulnerabilities. The Watch system alerts users in real time to ongoing exploits, while the Vault acts as an escrow where funds are only released when certain predefined conditions are met.
Gwendolyn Regina, Chief Investment Officer at BNB Chain, explained how the community would be responsible for security decisions in an exclusive chat with Cointelegraph. She said the community will survey existing security audit service providers to see what types of common security vulnerabilities exist. She added:
"We believe that when other professional security auditing firms join the DAO as members, we will collectively gain a better understanding of the security landscape and work to improve it."
Some of the members of AvengerDAO, including the decentralized security application (DApp) Hashdit, have already
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