The collaboration between GetBlock and Lossless sparked a vibrant exchange of ideas, knowledge, and expertise. This recap will take you through the key takeaways from the recent GetBlock x Lossless AMA session: how Lossless is bringing the new security standards to DeFi space and how GetBlock is aiding in this journey.
Speaking of, give it a try: set up reliable node infrastructure with the help of GetBlock to empower your project.
Section One: Exploring Lossless
Wilfried Kain, GetBlock: What sets Lossless apart from similar platforms, and what value does it bring users?
Kleanthi Vongli, Lossless: Our main goal is to create a safer DeFi ecosystem for everyone with Lossless Protocol and Aegis as integral parts.
Lossless Protocol gives projects the ability to freeze and reverse fraudulent transactions by creating a report and subsequently passing it through our verification workflow.
Aegis is a live monitoring tool for EVM-compatible addresses on supported chains. It provides the ability to do some due diligence for smaller investors and helps raise the security standard for the rest of the space.
Compared to other similar projects, Lossless is open and more accessible to all teams looking for a solution to hacks and exploits. Thanks to the Aegis toolkit, now there’s a solution to not only monitor but also predict attacks before they happen.
W.K.: How can Lossless be integrated into existing systems or platforms?
K.V.: It’s very easy to implement Lossless Protocol into any project. We currently support seven chains: Ethereum, BNB Chain, Avalanche, Harmony, Fantom, Polygon, and Elysium. Projects building on these chains can integrate our solutions in different stages of development.
Prior to a token launch, developers can embed a few lines of our code into a smart contract. Additionally, our Token Minter helps to automatically generate Losless-protected tokens on supported chains without the need to code manually.
For existing projects, it’s as easy to implement the necessary code without a relaunch using the Token Wrapping tool.
As for Aegis, it has a free tier offering and a few APIs available for developers to set up a customized alert system. We’re open to helping every team customize their experience and security in the way that works best for the project.
W.K.: Are there any upcoming features or updates that users should be looking forward to? The blog mentioned July to mid-August updates – could you detail the major ones?
K.V.: Currently, we’re working in two directions. The first update addresses improvements in AI and machine learning systems to reduce amounts of irrelevant alerts so that notifications are always spot on.
Aegis 2.0 is another major update that we have been working on for quite a while now. Apart from redesigning UI & UX to improve the threat monitoring system, the new version adds team access and makes it a lot easier to use for retail.
On top of that, we are also introducing the Hodler Package in the form of LSS Boost, where holding a certain amount of LSS tokens will unlock more features from Aegis.
W.K.: How can users provide feedback or report bugs related to the Lossless.io platform?
K.V.: Just shoot us an email to report anything. Lossless is always looking for ways to improve, so we check everything and make sure no relevant report or suggestion goes unnoticed.
Section Two: Elevating security measures
W.K.: How do you ensure that Lossless.io is not vulnerable to potential hacks or security breaches?
K.V.: We use our own models to protect our smart contracts, on top of usual security practices that we comply with for all members of the team. Our own systems are monitored 24/7 and we have very little tolerance for what happens, even the lowest level threat warrants a review on our side.
Lossless has also been audited by Hacken and Certik, passing without any issues. Hence we feel very confident in our ability to protect our own protocol.
W.K.: Are there collaborations with other blockchain projects or experts to continuously update and enhance the protection offered by Lossless.io?
K.V.: We are constantly in contact with core teams from major chains we support to stay updated on changes. On our side, we keep them informed on new threats that hit our space on a daily basis. The most recent example is our cooperation with Avenger DAO on ensuring security for the BNB Chain.
Section Three: Partnerships and initiatives
W.K.: How will the collaboration with GetBlock benefit users or clients from both platforms?
K.V.: Promoting reliability and security in the space is what best characterizes the collaborations between Lossless and GetBlock. We believe that having a reliable node provider paired with a security monitoring tool is a must-have for any new or existing project.
We look forward to sharing our experience with GetBlock in our partner ecosystem and helping your partners improve their security systems.
W.K.: Can we expect tutorials or documentation to help users navigate new features and services?
K.V.: With the launch of V2, we are also releasing a Knowledge Base that will help anyone navigate Aegis and, more than that, show our users how to perform their own independent due diligence. Additionally, more content on how to make the best use of Aegis is coming soon, including specific topics such as tracking one address vs. monitoring multiple smart contracts.
Section Four: Future Horizons
W.K.: What are the future plans for Lossless? Any insights on the roadmap?
K.V.: While we haven’t officially updated our goals for the rest of the year, I can tease some further plans.
The most exciting news is that Aegis 2.0 launch is just around the corner. Next, we’ll keep focusing on continuous user base growth and adding more utility to our token. Finally, improving our position as a market leader in the security space is also on the table.
W.K.: Lastly, what contributions can your organization make to advance Web3 development and integrate it seamlessly into our daily lives?
K.V.: First of all, convenient onboarding is the key element for fostering widespread Web3 adoption. Therefore, we’re working on making our products extremely easy to implement for both individual users and teams.
Secondly, we believe that adoption in the space won’t happen unless people feel safe to interact with any protocol. Thus, we want to expand into educating users on how to protect assets and verify projects.
Generally, Lossless will continue to improve while keeping open access to core services.
Appreciate your detailed answers. We’re very grateful for our partnership. Let’s make blockchain a better place together!