As a seasoned researcher with years of experience navigating the tumultuous waters of the crypto world, I find it refreshing to see partnerships like that between Stellar and Blockaid, two trailblazers in their respective domains. The integration of Blockaid’s advanced On-chain Detection and Response technology into Stellar’s ecosystem is a testament to the growing maturity of the crypto industry.
In a partnership, the open-source payment-focused platform known as Stellar has teamed up with cybersecurity company Blockaid from the Web3 realm to fortify its defenses against potential threats posed by harmful entities.
As per a statement made on October 17th, the protocol plans to incorporate Blockaid’s On-chain Detection and Response (ODR) technology into its system, starting with the Lobstr and Freighter wallet applications. This tool is designed to provide Stellar’s users with immediate threat monitoring and swift response capabilities in real time.
Tackling Blockchain Threats with Advanced Tools
The protocol outlines how Blockaid’s ODR technology operates similarly to an antivirus for Web3 applications, offering users a protective barrier against detrimental transactions and suspicious decentralized apps (DApps) or tokens.
Users working on the Stellar blockchain will now get instant warnings if their actions seem unusual or potentially risky, giving them a chance to steer clear of potential security issues.
As per Ido Ben Natan, the CEO of Blockaid, this new integration with the protocol represents a significant shift in the battle against fraudulent activities like scams and hacking that have long been problematic within the blockchain industry.
Over the years, the cryptocurrency industry has lost billions of dollars in the hands of cybercriminals and other fraudsters. In the first six months of the year alone, hackers stole a total of $1.38 billion.
Concerns about thefts are mounting among industry pioneers and investors, leading numerous initiatives such as the Stellar network to reinforce their security measures in order to safeguard users against potential losses due to thefts.
A Fight Against Cyber Attacks
As a crypto investor, I’ve noticed an alarming rise in theft within our digital economy. Fortunately, innovative firms such as Blockaid have emerged, dedicating their efforts towards creating robust infrastructure designed specifically to safeguard our investments and protect us from cybercriminals looking to pilfer traders’ funds.
The security company specialized in Web3 has collaborated with various other platforms to tackle security concerns in the cryptocurrency market. From the beginning, this firm has examined over 4.5 billion transactions and successfully repelled over 100 million cyber threats.
Moreover, Blockaid has successfully blocked over $4 billion worth of potential damages, a feat that has attracted significant collaborations with well-known figures in the cryptocurrency industry, such as Coinbase, 1inch, and Avalanche Core Wallet.
Blockaid’s cutting-edge Web3 security system, relied upon by industry giants like Coinbase, Stellar, and Metamask, has examined a staggering total of 4.5 billion transactions, successfully warded off over 100 million cyber threats, and safeguarded against potential losses surpassing $4 billion.
Blockaid Adds Stellar to Its Roaster of Partners
As a researcher, I’m excited to share that I’ve been part of a team that has recently onboarded Stellar into our existing network of partnerships. This expansion allows Blockaid to broaden its reach across various cryptocurrency platforms. The aim is to bolster security for users involved in Decentralized Finance (DeFi) and digital asset management, ensuring a safer environment for all participants.
For Stellar, this partnership marks another advancement in their continuous work to fortify their underlying system. The blockchain has earned acclaim for its streamlined performance in financial transactions, largely due to its unique Federated Byzantine Agreement (FBA) consensus mechanism, which offers quicker transaction confirmation than older blockchains such as Bitcoin, by delivering faster finality.
At a significant moment, this partnership is taking place for the protocol that has just re-introduced EURT stablecoin, in alliance with fintech companies from France and Ireland. This move aligns with the rollout of MiCA regulations within the EU, which are anticipated to bring more transparency and trust to the European blockchain environment.
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2024-10-17 18:05