Yes, it’s that time. Finally, we reached the significant moment in Q1 of our roadmap, which marks the incoming launch of our most anticipated tool — Core Protocol. A quick reminder of what it will bring into DeFi.
Our code detects fraud, freezes, and returns stolen funds. Token creators insert Lossless Core Protocol into their token’s 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 bot’s 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 owner’s address.
Core Protocol’s Launch Process and Timing
Here’s a step-by-step process we’re currently undergoing to have a smooth and efficient live launch of Core Protocol:
- Audit. Core Protocol has been audited by ABDK and a report has been received, stating that “All critical issues were fixed. Major issues were fixed or handled during refactoring.” This is a tremendous milestone in our team’s journey towards launching the groundbreaking tool.
- Documentation. Detailed documentation has also been made public for everyone, especially projects to integrate Core Protocol into their tokens, to get acquainted with how it works and why it’s a superb crypto security solution.
- Smart contract on the testnet. Core Protocol’s smart contracts have been already deployed on Ropsten’s Testnet.
- Immunefi bug bounty. Soon, these smart contracts will be added to our bug bounty on Immunefi and we will invite the entire community with a separate announcement to search for any bugs that might be left in the code. Of course, found bug authors will be rewarded for their work. This gives us the proper timeline to clean out any remaining errors if there will be any left.
- Core Protocol’s UI — final version’s last quality touches. Until 31st of March we will launch the Core Protocol’s UI (user interface) on the testnet as well. The final version of Core Protocol, code and UI in sync, will be on the testnet for around 2 weeks for final preparation.
- ETH Mainnet. 2 weeks after UI deployment on the testnet, Core Protocol will be launched live on Ethereum’s Mainnet to start securing all the tokens which have integrated us and will do the same in the future after launch. After Ethereum, we will work on the Core Protocol’s expansion into different chains.
Coming soon.
About Lossless
Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from our known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.
Our protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Our solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.
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