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COIN ANALYSIS: LOSSLESS

April 16, 2024
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LossLess Is Changing the Security Game in Crypto

 

THE PROBLEM

The crypto world is infamous for bots hacking the system and taking advantage of anonymity of decentralised ledger technology.

 

As more money comes into the crypto market, so does the size of its scams. According to an ImmuneFi report, hackers made away with over $1.23 billion in Q1 2022. That's 700% higher than what was recorded in Q1 of 2021.

 

The emphasis on decentralisation has made the crypto markets the preferred playground for hackers. There is no central authority to constantly oversee the security of the system. Moreover, new protocols are entering the markets at such a fast pace. Their underlying code is not always up to scratch, and bug fixes are rolled out only after vulnerabilities are discovered, which is often too late.

 

Therefore, wouldnt it be neat if a blockchain came along that could self-detect malicious presence and stop it in its tracks before losses are suffered?

 

THE LOSSLESS PROTOCOL

Lossless crypto project claims that it can detect bots and hacks, and in case of a fraudulent transaction, the transfer is immediately reversed, with stolen crypto returned back to the legitimate owner.

 

Its the industrys first framework for active exploit mitigation. Lossless facilitates manual and automatic community-driven monitoring of suspicious on-chain activity. Malicious token transactions are frozen after being reported and are subject to further investigation.

 

How it works:

  • Token creators insert Lossless Protocol into their tokens smart contracts to mitigate the losses suffered from exploits & hacks.
  • Urgent freezing Lossless  Smart Contracts allow hack-spotting bots to detect and freeze fraudulent transactions, securing rewards for the bots creator.
  • Fraud analysis The  Decision-Making Body overviews frozen transactions, validates fraud and makes a decision to freeze the receiving address permanently.
  • Returning stolen funds The Decision-Making Body enacts a proposal for transaction reversal, and the code reverts stolen funds back to the owners address.

 

IS IT WORTH INVESTING IN?

If we want the average person to be open to coming into the unknown world of cryptocurrencies, the least we must be able to do is convince them that the space is a safe one. Lossless aims to do that right now. They are the first creators of such a tool.

 

Cyber-security is the need of the hour as crypto hacks are on the rise. Since Lossless is the only technology with a hack mitigation system, its popularity will likely rise in the crypto markets. Lossless is quickly garnering the attention of white-hat hackers, for whom it could generate a passive revenue stream.

 

Everything comes with risk. The biggest risk for Lossless right now is that they have no competition in a very competitive space, crypto. Everyone wants to be the next big moonshot.

 

If you want to read more about the project, I advise you to do so on https://lossless.io/

 

Full Disclosure: I own LSS and at the time of writing they are trading at $0.16 per coin.

 

Disclaimer: Nothing in this article should be seen as financial advice. Everything stated is for educational purposes only. Always do your own due diligence. Cryptocurrencies are volatile, and your full capital could be at risk.

 


 


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