Evolution in technology and its methods have been responsible for making the world of DeFi innovative and adding up newer technologies to ensure the security layer of DeFi gets tightened. A new range of security controls has allowed to up the security game without having to sacrifice the convenience and accessibility of decentralized protocols.
Trustology has recently announced that it will be releasing new smart contract safeguard controls. It will be designing a firewall designed to allow interactions only with verified and validated DeFi smart contracts from the TrustVault custody system. Trustology has been in the business of providing digital asset custody provision. They help several institutions and big-money entities to hold their crypto in extremely secure hardware modules. It provides added features like insurance coverage which is optional and also capabilities to recover accounts.
New DeFi projects on the board are promising sky-high returns and thus are attracting several new investors who apparently require additional protections from different risks that DeFi users might face, yet they are innocently unaware of the same.DeFi is a concept everyone is attracted to. It has ringed in users from all walks of life especially those who are unbanked giving them access to financial products commonly not accessible in traditional forms of banking and financial institutions. In the last four months especially pandemic-triggered sentiments, have led to a newfound interest in DeFi products.
DeFi protocols are these days powered by smart contracts and codes which are executed automatically on the Ethereum Network. It rules out the role of 3rd parties and middle-men who would usually undercut earnings for the commissions they were paid. Smart Contracts now help these protocols to proffer superior returns to individual users. It also introduces risks specifically when contract code has not been audited for bugs or even the back route that is used to move out funds.
Most of the DeFi protocols are also open-source and transparent. This allows any anonymous developer to clone their functionality in just a matter of a few days. They do it cleverly by making a few minor changes and in the process exploit unprepared users. The year 2020 has given rise to several new potentially great projects but no one can deny that these copycat projects also have increased because they do not receive clear audits. This further increases the risk of users who deposit funds and might not see them again.
The trust vault users of Trustology can integrate with MetaMask which is a browser extension that interacts with the Ethereum ecosystem. Its DeFi firewall will validate transactions sent to TrustVault accounts which will check if all security parameters are met or not. The firewall will verify the safety of DeFi projects before letting users make deposits and claims without disturbing the process of the transaction. It will stop the user from interacting with an unauthorized protocol in an effort to protect the users from it.
Trustology founder and CEO Alex Batlin said:
“DeFi is at an all-time high in terms of locked value, trading volumes, innovation, growth, and risks. We want to ensure we are the crypto spacesuit that institutional DeFi pioneers have been waiting for.”