2 - 4 minute read
Web3 security is an essential element of the blockchain industry. With web3 security, we can ensure that the blockchain-based platforms and applications are safe from cyber threats. PureFi, a leading decentralized finance (DeFi) protocol, has now introduced SafeTransact, a new method to improve the security of web3 transactions.
SafeTransact is built to notify users about any suspicious on-chain activity. SafeTransact examines blockchain transactions and notifies users about any malicious activity that it detects. It is integrated with AMLSafe, a multi-crypto wallet from the same ecosystem. SafeTransact helps provide an additional level of prevention-oriented security, which DeFi platforms need.
The SafeTransact system utilizes blockchain transactions to assess transaction risk for approved transactions. Token Address, Sender Address, Spender Address, and amount together evaluate the level of risk. Additionally, the system analyzes decentralized exchange (DEX) addresses, fund senders, and amounts sent to provide a comprehensive risk assessment for swap transactions.
The inclusion of SafeTransact is a significant step towards better security of DeFi transactions. Cybersecurity firm Chainalysis’ latest report mentions how the DeFi industry experienced the highest number of hacks and data breaches. The report also mentioned that the DeFi space needs security measures to help users navigate the Web3 world.
Web3 security companies work towards ensuring that blockchain-based platforms and applications are safe from threats. These companies provide a range of services, including smart contract auditing, security testing, and incident response. They perform security audits of Web3 applications to identify vulnerabilities and potential risks. Additionally, they develop blockchain-specific security tools that can detect and prevent attacks on blockchain networks.
Security firms are continually innovating and developing new approaches to protect Web3 transactions. With the addition of SafeTransact, users can feel confident that their on-chain activity is secure. In the future, it is likely that similar tools and protocols will be developed to ensure blockchain’s continued growth and adoption.
The Bottom Line
Keep a watchful eye on developments in DeFi security. While DeFi provides an excellent opportunity for generating returns, security remains a significant concern for traders. It is crucial to evaluate the security measures of DeFi platforms before investing in them. Additionally, traders should stay informed about the latest developments in web3 security to make better-informed investment decisions.
