BNB Chain launches a new community-run security mechanism to protect users
BNB Chain, the native blockchain of Binance, has launched AvengerDAO, a new community-driven security initiative to help protect users against scams, malicious actors and possible exploits.
The security-centric decentralized autonomous organization (DAO) has been developed in association with leading security firms and popular crypto projects such as Certik, TrustWallet, PancakeSwap and Opera, to name a few.
The AvengerDAO security initiative mainly consists of three major components, namely a passive API system called Meter, a subscription-based alert system called Watch, and a programmable fund management system called Vault.
When a user on the BNB Chain interacts with any applications or counterparties, AvengerDAO adds an additional layer of security. The Meter API system fetches security ratings on smart contracts, domains, and addresses and alerts users in case of a security vulnerability. The Watch system alerts users in real-time about ongoing exploits, while the Vault acts as an escrow where the funds a only released once certain pre-set conditions are met.
Gwendolyn Regina, investment director at BNB Chain, explained how the community would be responsible for security decisions in an exclusive conversation with Cointelegraph. She said that the community would perform a survey of existing security auditing service providers to see what types of common security vulnerabilities exist. She added:
“We think that when additional professional security audit firms join the DAO as members, we will collectively get a deeper understanding of the security landscape, and work on enhancing it.”
Some of the AvengerDAO members, including security decentralized application (DApp) Hashdit, have already released an integration with PancakeSwap that would allow its users to fetch the security ratings of smart contracts with which they are interacting at the start of September.
BNB Chain has paid special attention to user security and has launched several initiatives over the past few months. Before the AvengerDAO launch, the BNB Chain launched Dappbay equipped with a novel feature called Red Alarm. This feature assesses project risk levels in real-time and alerts users of potentially risky DApps.
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Within a month of its launch, the Red Alarm feature of DappBay identified over 50 on-chain projects that posed a significant risk to users. The security feature analyzed 3,300 contracts in July alone.
While Red Alarm was just meant to flag vulnerable smart contracts and projects that possess financial risk, AvengerDAO aims to become a multidimensional security initiative with a focus on detecting real-time vulnerabilities and exploits.