Archive for the ‘Smart Contracts’ Category

6 Web3 Security Tools for Collectors, Creators, and Builders – nft now

Ensuring your safety in Web3 may often seem like a difficult task. But it really shouldnt be, considering the wide variety of best practices that users can observe to boost their level of security while perusing the blockchain. Yet, many simply glaze over the lessons of the past and other practical security solutions established by their peers until its too late.

Except in the wake of a remarkable hack or scam, security seems to be a secondary or even tertiary priority to many in Web3. But significant grifts can ultimately cause problems for the majority of those in the NFT space, depending on whos affected. How can we end this cycle?

The solution is twofold. First, we must understand that the safety of the NFT space isnt only the users responsibility but needs to be a group effort. Secondly, users need to familiarize themselves with and begin using the tools that are already readily available to help keep creators, collectors, and builders safe. Here are some of the top ones to know.

Web3 Antivirus is a security tool catered to creators, collectors, and builders at any level. It installs as a browser extension on Chrome, Brave, Firefox, and Edge. The extension works by auditing the smart contracts a user engages with to identify dangerous logic, critical vulnerabilities, and compromising access permissions.

By vetting contracts, Web3 Antivirus warns users before they engage with malicious contracts or otherwise take potentially dangerous actions. Currently, only the basic free version of Web3 Antivirus is available, while a premium paid version (equipped with a range of new features) is set to be released soon.

SafeSoulis a free browser extension created by the same team behind theDigital AnimalsNFT project. The service is compatible with Chrome, Brave, Firefox, Opera, and Safari. It identifies potential NFT scams using bright red brackets while Web3 users navigate popular platforms such as Twitter, Google, and YouTube.

Threats are constantly being monitored by the SafeSoul team, but the service also relies heavily on community members to identify potential malicious accounts and content. With the SafeSoul Web3 Patrol, users are incentivized to flag potential hazards by leveraging their identities using non-transferable Soulbound Tokens (the SafeSoul Token) that act to verify them as trusted members of the NFT community.

Immunefi is one of, if not the most prominent, bug bounty platforms available in Web3. For those unfamiliar, a bug bounty is a reward (monetary or otherwise) provided to benevolent hackers that seek to successfully find and flag a vulnerability or bug to an application (or smart contract) developer.

In the NFT space, smart contract auditing is a crucial step before launching a project and one that can significantly affect the safety of users in Web3 if performed incorrectly. Considering that, in 2022 alone, hacks and scams reportedly cost the Web3 community over $4 billion, Immunefi has continued to encourage hackers to claim bug bounties to prevent more capital from being senselessly funneled away from creatives. The platform reports that it has saved $25 billion from being hacked to date.

NotCommon is a service that provides real-time custom alerts about security threats in Web3 to users on Ethereum, Polygon, Solana, and Tezos. By connecting a wallet to the service and downloading the services Chrome extension, users will get updates about security threats specific to their NFTs, tokens, and the projects they follow.

The reactionary model that NotCommon is spearheading has thus far seemingly proved to be effective, with the platform having identified over 160,000 scams to date. By identifying threats as they occur, NotCommon can send up a flare that might save collectors from engaging with malicious links or trading unofficial and nefarious NFTs.

Harpie is an on-chain firewall that aims to provide a new, essential security layer for Web3 wallets in order to stop hacks before they ever get on-chain. The service monitors a users wallet hundreds of times a second and works to stop a malicious transaction or transfer in transit automatically.

Users can expect to be defended against front-end attacks, bait and scam sites, private key theft, phishing attacks, and accidental transfers. Aside from being the first and only company to ever stop a private key theft automatically, Harpie also lays claim to being non-custodial, operating off of immutable and audited contracts, and utilizing a system of checks and balances to avoid single points of failure.

Forta is the first detection network built for the security and operational monitoring of blockchain activity. The services goal is to create a Web3 approach to securing the open economy by detecting threats and anomalies within the DeFi and NFT ecosystems as well as throughout governance, bridges, and other Web3 systems in real time.

Running on the Ethereum, Polygon, BSC, Avalanche, Arbitrum, Optimism, and Fantom blockchains, Forta provides users (traders, developers, and investors) with timely and useful information about the security and stability of their systems. To date, Fortas community-run security network has protected tens of billions of valuable assets from exploits.

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6 Web3 Security Tools for Collectors, Creators, and Builders - nft now

Uniswap V3 and Ontology EVM Integration Proposal: Empowering … – Blockchain Reporter

Ontology is set to expand its horizons through a proposed partnership with Uniswap, one of the leading decentralized exchanges (DEXs). Integrating Uniswap V3 onto the Ontology EVM is expected to bring numerous benefits to both ecosystems, including enhanced user experience, increased scalability, and the exploration of new decentralized finance (DeFi) possibilities.

This collaborative effort aims to leverage the strengths of both platforms to create a vibrant and dynamic DeFi environment. The proposal, backed by a liquidity provision of $2 million USDT and a $1 million USDT liquidity incentive from the Ontology Foundation, demonstrates the commitment to encouraging early liquidity on the network.

The integration will utilize multiple secure bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, ensuring robust cross-chain functionality. By combining their expertise and resources, Uniswap and Ontology strive to complete the integration within a 6-week timeframe upon approval.

The motivation behind this partnership is twofold. Firstly, the integration aims to leverage the robust Ontology infrastructure to expand Uniswaps user base and functionality. The Ontology Network, a public blockchain project and distributed trust collaboration platform, focuses on identity and data management. Its adaptable and modular architecture seamlessly integrates with various industries and businesses.

By incorporating Uniswap V3 onto the Ontology EVM, the partnership seeks to enhance the value proposition for both platforms and foster a more vibrant DeFi ecosystem. Secondly, the partnership is driven by Ontologys commitment to constantly seeking new collaborations to strengthen its position in the blockchain space.

With its support for Solidity smart contracts running on an Ethereum Virtual Machine (EVM) environment, Ontology offers developers the ability to use familiar tools and frameworks, such as MetaMask wallet, web3.js library, Truffle, and Hardhat development frameworks, for writing, testing, deploying, and running EVM contracts on the Ontology testnet and mainnet.

Furthermore, Ontologys multi-VM support, which includes native contracts, NeoVM contracts, and WebAssembly (WASM) VM contracts, offers developers flexibility and optimal performance when building on the Ontology Network. The Ontology ecosystem already boasts a thriving network of partnerships across diverse sectors, including finance, mobility, music, and decentralized identity.

Notable collaborations include Wing Finance, a DeFi platform built on Ontology that focuses on credit-based lending and borrowing, and Daimler Mobility, which explores blockchain technologys potential in the automotive and mobility sectors. These partnerships highlight Ontologys versatility and adaptability in catering to different industries and delivering value to its users.

In terms of legal standing, the Ontology Foundation is a legal entity incorporated in Singapore, and it declares no past or existing financial or contractual relationship with Uniswap Labs, UNI token, or investments of Uniswap Labs Ventures, ensuring transparency and a conflict-free partnership.

The integration process will mitigate potential risks, such as smart contract vulnerabilities and interoperability issues, through rigorous testing, audits, and using proven security measures. Existing bridges, including Ontology Bridge, Poly Network, Multichain, and cBridge, will be leveraged to ensure seamless integration and enhanced security. These bridges have undergone thorough audits by reputable firms such as BlockSec, PeckShield, and CertiK.

Key performance indicators (KPIs) will measure the partnerships success, including user adoption rates, liquidity provision, and trading volume. The desired outcomes include successfully integrating Uniswap V3 onto the Ontology EVM, increased user adoption, higher trading volume, and enhanced liquidity provision. By achieving these objectives, the partnership aims to solidify the position of both Uniswap and Ontology as leading players in the DeFi landscape.

To facilitate the integration, the Ontology Foundation will allocate a total of $2 million USDT for liquidity pools, covering popular trading pairs such as WONT-pUSDT, WONT-pUSDC, WONT-WONG, WONT-pWBTC, and ONT-pETH. Additionally, a $1 million USDT liquidity incentive will be provided to bootstrap early liquidity on the Network, encouraging users to participate actively in the decentralized exchange.

The milestones for this engagement indicate an efficient and timely process. Upon approval, the deployment of Uniswap V3 on the Ontology EVM is expected to be completed within a six-week timeframe. This timeframe reflects the commitment of both Uniswap and Ontology to swiftly realize the integration and provide users with enhanced DeFi capabilities.

The duration of the partnership will be reevaluated for renewal every two years, ensuring that both parties can assess the collaborations progress, success, and evolving needs. This commitment to regular evaluation and renewal highlights the long-term vision of the partnership and its potential to evolve and adapt to the changing dynamics of the DeFi ecosystem.

The license exemption details further solidify the collaboration between Uniswap and Ontology. The Ontology Foundation will deploy Uniswap V3 on the Ontology EVM, leveraging its high-performance public blockchain and cooperative trust collaboration platform. This license exemption enables seamless integration and ensures that both platforms can work together effectively to deliver enhanced services to their respective communities.

Integrating Uniswap V3 onto the Ontology EVM holds immense potential for the DeFi landscape. Uniswaps cutting-edge technology, combined with Ontologys robust infrastructure, will unlock new opportunities for decentralized trading, liquidity provision, and innovative financial products.

By tapping into the strengths of both platforms and leveraging their established user bases, the partnership aims to create a more inclusive, scalable, and efficient DeFi ecosystem. Furthermore, this collaboration aligns with the broader industry trend of interoperability and cross-chain functionality.

By utilizing secure bridges such as Ontology Bridge, Poly Network, Multichain, and cBridge, the integration will enable seamless interaction between the Ontology and Ethereum ecosystems. This cross-chain interoperability will open up new possibilities for liquidity sharing, asset transfers, and collaboration between different blockchain networks, further strengthening the DeFi landscape as a whole.

Users can expect enhanced liquidity provision, improved user experience, and new opportunities for decentralized trading and financial innovation as the integration progresses. The collaboration between Uniswap and Ontology sets a precedent for future partnerships in the DeFi space, highlighting the industrys drive towards interoperability and collaboration to deliver greater value and possibilities for the global blockchain community.

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Shiba Inu: Unification Provides Major Update on Shibarium – The Crypto Basic

The Shiba Inu community will soon welcome the Verified Open Randomness (VOR) and Oracle of Oracles (OoO) smart contracts on the Shibarium testnet.

The Unification Foundation, the non-profit organization behind the Unification Protocol and Shibarium, has issued a progress report regarding Shibarium. The team recently announced their ongoing efforts to implement OoO and VOR contracts on the Shibarium testnet.

Lucie, a prominent Shiba Inu community influencer, drew public attention to the update in a tweet today, citing an excerpt from an official Medium post.

Per the excerpt, Unification is currently focusing on integrating the Verified Open Randomness and Oracle of Oracles (OoO) smart contracts onto the Shibarium test network, Puppynet.

VOR is a contract used for producing verifiably random outputs, essential for applications such as lottery systems and gaming dApps requiring randomness.

Oracles are smart contracts that can retrieve data, such as crypto prices, from external sources, and provide that data to the blockchain. They facilitate this by acting as bridges between the real world and the blockchain.

However, oracles are vulnerable to attacks that can lead to exploitation, such as the manipulation of asset prices. To address this issue, Unification introduced the Oracle of Oracles, which is resistant to hacking. They are now working towards deploying it on the Shibarium testnet.

Unification disclosed that they had deployed a test FUND token on the Shibarium testnet and linked the main Ethereum Goerli test network (L1) to the Shibarium test network (L2) via a bridge. The team further noted that they successfully transferred xFUND test tokens between both networks without any complications.

Unification revealed that their next plan is to deploy the 000 and VOR Router smart contracts on the Shibarium testnet. With the VOR Router, other smart contracts can utilize the VOR contract to generate random values. Following the deployment of these smart contracts, the team will activate the Oracle applications to serve data requests.

This update shows that progress is being made toward the eventual launch of the Shibarium mainnet. Moreover, with VOR, developers can create games, lotteries, and other applications that require a random element to function properly. This should help introduce such dApps to the network.

Furthermore, the integration of OoO on Shibarium guarantees that dApp oracles are impervious to hacks and flash loan attacks, instilling trust among builders and encouraging more participation on the layer-2 network.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Evmos Launches EVM Extensions, Freeing Developers From Siloed … – Crypto Reporter

Evmos has announced the successful launch of EVM Extensions to support advanced cross-chain functionalities for decentralized applications between two major ecosystems in the Web3 space.

Evmos is a blockchain network that creates and ships the foundational tools necessary for developing the cross-chain applications of the future. For the first time ever, EVM Extensions will empower developers to deploy smart contacts and applications that tap into the advanced functionality and high customization abilities within IBC and other Cosmos features without deploying a custom appchain. EVM extensions, alongside Cosmos outposts, will allow users to manage liquidity and access applications on multiple networks all in one interface.

For the first time ever, EVM Extensions make it possible to customize smart contracts and applications with the functionality of IBC and other Cosmos SDK modules, says Federico Kunze Kllmer, Co-Founder of Evmos. Developers can now create their own business logic that automatically connects with smart contracts and app chains in the Cosmos ecosystem, freeing them from the limitations of a single blockchain. This takes the capabilities of the EVM beyond its original specificationswith new use cases for interoperable applications and blockchains like cross-chain DeFi, ReFi, and NFTswithout breaking equivalence with Ethereums execution layer.

EVM Extensions unlock new use cases for interoperable applications:

Evmos has developed this functionality so that EVM-based blockchains can leverage advanced interoperability and send IBC transactions to other chains in the Cosmos ecosystem.

Evmos partnered with DoraHacks to kick off the launch of EVM Extensions with a global virtual EVM Extension Hackathon with $98K in prizes for cross-chain builders. Project submissions are open until May 26th. Sign up here: https://dorahacks.io/hackathon/EVM/detail

AboutEvmos is the leading Ethereum Virtual Machine-based blockchain in the Cosmos ecosystem, providing compatibility to dApps across any number of EVM and Cosmos-based blockchains. The Evmos mainnet launched in March 2022.

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Evmos Launches EVM Extensions, Freeing Developers From Siloed ... - Crypto Reporter

SuiDex: Enabling Safe and Decentralized Token Swaps on the SUI … – AccessWire

BERMEN, GERMANY / ACCESSWIRE / May 12, 2023 / SuiDex is a groundbreaking Automated Market Maker (AMM) on the SUI blockchain that has been designed to facilitate decentralized token swaps. The protocol has been created using smart contracts that have been written in the MOVE language and published on the SUI mainnet/testnet.

Written in Move: A New Smart Contract Language Designed with Security

The SuiDex protocol has been developed using the MOVE smart contract language. This is a new programming language that has been specifically designed for creating secure and safe smart contracts. The language has been developed by the team at Facebook and is quickly becoming the go-to language for smart contract development on the Libra blockchain.

High-Speed Transactions

The SuiDex protocol is built on the SUI blockchain, which is known for its fast transaction times and low fees. This means that users can trade tokens quickly and easily, without having to worry about slow transaction times or high fees.

Lower Trading Fees than Other Top Decentralized Exchanges

Another innovative feature of the SuiDex protocol is the treasury. This is a pool of funds that receives a part of every swap transaction fee. This creates a sustainable revenue stream for the SuiDex protocol, which can be used to fund ongoing development and support.

In conclusion, SuiDex is a groundbreaking AMM that has been designed to enable safe and decentralized token swaps on the SUI blockchain. The protocol offers a range of innovative features, including uncorrelated token swaps, stable swaps for correlated assets, a treasury that receives a part of every swap transaction fee, and high-speed transactions. It is also written in the MOVE smart contract language, which has been specifically designed for creating secure and safe smart contracts. With its low trading fees and fast transaction times, SuiDex is quickly becoming one of the most popular decentralized exchanges for trading tokens.

Media Contact:

Name: Sebastian KevEmail: [emailprotected]

SOURCE: SuiDex

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SuiDex: Enabling Safe and Decentralized Token Swaps on the SUI ... - AccessWire