As a seasoned crypto investor with a knack for spotting promising partnerships and innovative technologies, I find the collaboration between Blockaid and Stellar to be a significant development in the blockchain space. The integration of Blockaid’s advanced Onchain Detection and Response (ODR) technology is a step towards enhancing security measures, which is crucial in an industry plagued by scams and hacks.
Blockchain security company Blockaid unveiled the incorporation of their innovative Onchain Detection and Response (ODR) technology into the Stellar blockchain, initially for use in the Lobstr and Freight wallet platforms.
As per a declaration on October 17, observed by CryptoMoon, this strategic collaboration aims to equip wallets with immediate threat detection and swift response capacities. Additionally, they plan to integrate more features in the future.
Blockaid’s Web3 services
Blockaid characterizes its offerings as functioning similarly to an antivirus program, but specifically designed for the security of Web3 decentralized applications.
According to Ido Ben Natan, CEO of Blockaid, the initial improvements will warn users whenever they engage in potentially risky transactions, decentralized applications (DApps), or token exchanges. He further explained that by marking suspicious activities as such, we are safeguarding millions of users from falling victim to scams and hacking incidents.
According to the company’s announcement:
“Blockaid’s Web3 security technology, trusted by Coinbase, Stellar, and Metamask, has scanned over 4.5 billion transactions, prevented more than 100 million attacks, and defended against potential losses exceeding $4 billion.”
Throughout the initial six months of 2024, Blockaid established connections with multiple blockchain companies within the sector. Notable collaborations include an agreement with Coinbase Wallet in March, as well as partnerships with 1inch and Avalanche Core Wallet in June.
Stellar
Stellar positions itself as an open-source, decentralized blockchain network designed for applications in the realm of decentralized finance (DeFi), digital assets, and transactions. Its main coin, XLM, boasts a market capitalization of approximately $2.8 billion on October 16th.
It’s said that it operates quicker and more effectively compared to well-known blockchain systems like Bitcoin, mainly due to its Federated Byzantine Agreement (FBA) methodology. This method manages agreement on transactions via a simplified procedure.
According to CryptoMoon’s report from August, the French fintech firm Next Generation and the Irish electronic money institution (EMI), Decta, unveiled their intention to relaunch a digital currency tied to the Euro, known as EURT, on the Stellar blockchain platform.
Launching EURT brings a sense of relief from regulatory doubt for crypto and blockchain businesses within the EU, as it seems the stablecoin market is thriving under MiCA regulations and growing legal transparency.
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2024-10-17 14:07