Aegis Private Beta: Interview with Dominykas van Otterlo, Business Development Lead @ Lossless

4 min readAug 2, 2022

One small step for man… one major milestone in Lossless project development.

Our flagship Web3 security product is now in private Beta testing! Lossless Aegis is an always-on threat monitoring system with firewall-like capabilities. It was developed with one goal in mind: to prevent smart contract exploits before they happen.

Following the successful Beta launch on July 28, we sat down with Dominykas van Otterlo, Lossless Business Development Lead, to discuss some of the frequently asked questions.

1. What is Aegis for?

Aegis was designed for projects that are serious about Web3 security risks and are ready to take proactive measures. You can think of Aegis as an extra layer of protection — one that comes with a dedicated API and a sleek dashboard to monitor smart contract interactions.

2. How does it work?

To anticipate threats before they turn into exploits, Aegis scans all mined block transactions, identifying transaction patterns and suspicious addresses. Risk scores are assigned to every address. If malicious behavior is suspected, that data is then pushed to the Aegis smart contract to be consumed on-chain, triggering real-time user alerts.

3. How are the risk scores assigned to addresses?

Aegis automatically analyzes a range of on-chain suspicious behavior utilizing our proprietary set of risk parameters. After we identify a suspicious transaction, the address of a potentially malicious actor is flagged and added to the database for further monitoring. Further suspicious behavior increases the risk score of an address. The final score is displayed on the dashboard.

4. What types of smart contracts does it protect?

Lossless Aegis covers all smart contract types. Our flexible product design ensures that Aegis can both provide standalone zero-configuration monitoring capabilities and be customized for firewall-like protection.

5. Is integration necessary?

Our basic threat monitoring functionalities do not require integration. You can simply paste your smart contract address into our monitoring dashboard and view all suspicious interactions associated with it. You can also set up custom notifications (via SMS, Slack, Telegram, or Email) to warn you about potentially malicious activity without integrating. Code integration enables more advanced firewall-like protection and blacklisting features. These active security measures automatically block potential attacks and prevent malicious actors from interacting with your smart contract.

6. Is the system centralized?

Yes, it currently is. Our clients put great emphasis on speed and efficiency, and this is by far the fastest way to identify and react to incidents, which enables us to issue real-time alerts. But we are also considering a decentralized design for the future that could potentially be slower but would allow us to be more confident in our risk assessments.

7. How long before data appears on the platform after an on-chain incident?

Every transaction is analyzed immediately after it is mined. This process itself takes around 10 to 100 milliseconds. But we have to bear in mind that there is always some network latency, and there is quite a bit of variation in how long it takes for the data packets to make their way over the internet. Usually, an alert is issued and the data on a potentially malicious interaction is pushed to the platform within one second.

8. Is Aegis business-to-business (B2B) or business-to-consumer (B2C)?

Currently, Aegis is B2B-oriented and comes with a monthly subscription that, we hope, will best reflect the business needs of an individual company. That being said, Lossless is exploring possibilities to expand Aegis functionality, including new services for an individual day trader at a very low monthly cost — perhaps even free of charge — in the near future.

9. Is Aegis a good choice for my project?

Aegis is ideal for high-activity smart contracts with large transaction volumes because they are associated with greater security risks. Nevertheless, Aegis can be a solid choice for many smaller companies that seek to build a reputation for taking security seriously from day one. We now provide a free version of Lossless Aegis for everyone to try out.

10. How do I get the most out of Aegis?

We suggest you add your “mission-critical” smart contracts to the watchlist, with alerts enabled. Once we conclude the development of the on-chain data features, we would highly recommend integrating to make full use of our fully-automated firewall-like protection.

11. Is there a tutorial on how to set everything up?

Although we believe Aegis will be quite simple and intuitive to use without much explanation, our developers are also putting together comprehensive product documentation. We will also be releasing a how-to video explainer relatively soon.

12. Do you already have clients?

We have already provided private Beta access to a small group of selected projects that include Unicrypt, Bridge Network, Uno Re, Seedify Fund, iMe App, Vent Finance, DAO Maker, BlockWallet, and Harmony Protocol. Many more companies that did not make the cut are waiting for the public launch of Lossless Aegis for business.

About Lossless

Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss.

Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection.