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LSS

Lossless  

#LSS

LSS Price:
$0.19
Volume:
$443.5 K
All Time High:
$3.49
Market Cap:
$6.6 M


Circulating Supply:
34,121,375
Exchanges:
3+
Total Supply:
100,000,000
Markets:
4+
Max Supply:
Pairs:
7



  LSS PRICE


The price of #LSS today is $0.19 USD.

The lowest LSS price for this period was $0, the highest was $0.193, and the current live price for one LSS coin is $0.19279.

The all-time high LSS coin price was $3.49.

Use our custom price calculator to see the hypothetical price of LSS with market cap of ETH or other crypto coins.


  LSS OVERVIEW


The code for Lossless crypto currency is #LSS.

Lossless is 1.3 years old.


  LSS MARKET CAP


The current market capitalization for Lossless is $6,578,396.

Lossless is ranked #607, by market cap (and other factors).


  LSS VOLUME


There is a medium volume of trading today on #LSS.

Today's 24-hour trading volume across all exchanges for Lossless is $443,515.


  LSS SUPPLY


The circulating supply of LSS is 34,121,375 coins, which is 34% of the total coin supply.


  LSS BLOCKCHAIN


LSS is a token on the Ethereum blockchain, and has digital contracts with 1 other blockchain.

See list of the LSS Blockchain contracts with 2 different blockchains.


  LSS EXCHANGES


LSS is available on several crypto currency exchanges.

View #LSS trading pairs and crypto exchanges that currently support #LSS purchase.


  LSS RESOURCES


Websitelossless.cash
Whitepaperlossless-cash.gitbook.io/lossless
Twitterlosslessdefi
Telegramlosslesscash
Mediumlosslesscash


  LSS DEVELOPER NEWS



Effective Web3 Marketing: Interview with Monika Sviderskė, CMO @ Lossless

The latest crypto winter has taught us at least one thing: “Web3 marketing” is not “emoji hype”. Projects that have fared the worst are also the ones that believed effective advertising was all about mastering shortcuts to the “rocket” (🚀) and “diamond hands” (💎🙌) emojis. Their most loyal crypto enthusiasts liquidated their investments at the first sign of trouble, and their “To the Moon!” style comments vanished from Twitter. To discuss how the latest bearish market conditions are changing best Web3 marketing practices, we sat down with our CMO, Monika Sviderskė. According to her, more mature projects have turned the latest cooling-off period into an opportunity to form a deeper bond with the clients and to build confidence through consistent and transparent communications. — What is the significance of marketing for a Web3 project?. — Marketing is one of the core activities any team must consider. Is our community up-to-date on the latest developments? Are we emphasizing the problem we are trying to solve? Will others listen to what we have to offer? Without an effective marketing strategy, you will not get your point across and will struggle to win over the hearts and minds. Marketing is a way to speak to the masses, to influence the direction of your industry, and to make sure your solutions are appreciated around the world. That is how significant it is. — What has the Lossless marketing journey been like since the beginning?. — Since the company’s inception, Lossless has stayed true to its founding goal — to mitigate the financial impact of Web3 exploits. We say very little about anything else. We do not feign excitement about something we cannot deliver. We have always been — and will be — fully transparent about what we do. Our team prides itself on quality communications because we stay true to what we do. We may have taken the road less traveled in this industry, but we believe that organic and sustainable growth is much more beneficial in the long term. We never over-promise to turbo-charge our token price. Such practices always backfire, with artificially inflated numbers crashing down just as fast as they went up. One new marketing practice I am personally responsible for is putting our team members in the spotlight. After all, faces build trust, and I am always personally curious about the people that stand behind the products I admire. So although Web3 is a space where anonymity rules, we have decided to go against the flow and have started running our Twitter Lives series and interviews with the team. So far, we have had great success with them, and I strongly believe such authentic forms of marketing are far superior to empty sloganeering because they help build genuine trust in what we do. — What are the current industry practices in Web3 content marketing?. — Just recently, when the market was still in the green, we saw over-the-top hype, excessive use of emojis, bright color pallets, and influencers shilling shady crypto projects all day. Those who dare to try this recipe in the current market conditions hit a dead end. The beauty of the latest crypto winter is that it has focused the minds on product quality and steady development. You no longer need to cut across all the noise — the community is exhausted from it and wants consistent updates with informative yet visually rich content about products that add real value. — What are some of the behind-the-scenes processes in Web3 marketing?. — Most people think that marketing is all about creativity. In my opinion, marketing is mostly about creative management. My average day looks like a hunt for opportunities and execution in parallel. I must always be on top of our content plan, delegate design tasks with instructions on what the end result should look like, write scripts for videos and briefs for articles, look and evaluate what our marketing data is telling us, research the latest trends, and much more. In parallel, I must make sure all external communications are in sync with what the team is doing. I am in frequent contact with our CBDO about new confirmed partners we could announce, if they have agreed to make a public announcement, and are there any other valuable business development opportunities. Same with our product timelines — nothing is announced without the CTO’s approval. This takes time and definitely is not achieved by a snap of a finger. — What are some of the challenges in Web3 marketing that are yet to be overcome?. — I believe the industry is still struggling with perception issues. Hype-filled projects definitely affected the way most people view crypto projects. Earning trust has become much harder. On top of that, the high number of rug-pulls, hacks, and social engineering exploits have made users prone to disbelief. To alleviate some of the harm done, we strive to provide constant affirmation that our team is here to stay and that we will not stop building security tools for the entire industry to use. Another challenge I can pinpoint is marketing expectations. Community members often think that launching a grand advertisement campaign — equivalent to Crypto.com buying ad placements on the Formula One circuits — is the way to go. I can assure you this is not the case. Such campaigns may be bold, but they are almost never the best bang for your buck (a.k.a. the ROI won’t excite you). This game rewards patience. Projects should develop a marketing strategy that builds a deeper connection between the project and the client. Paying exorbitant sums for cheap gimmicks does not pay off in the long term. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




DeFi 101: What is Cryptojacking and How to Prevent it

Cryptojacking — the theft of computational power to mine cryptocurrencies — is on the rise. This type of cybercrime affects millions of systems worldwide, reinforcing general mistrust of crypto and contributing to the already massive global energy footprint. Nevertheless, it is not going away anytime soon. The ease with which such an attack can be carried out makes it the low-hanging fruit for criminals looking to turn a relatively quick profit. In our latest addition to the DeFi 101 series, we explore the underground world of cryptojacking, explaining what it is, the most common attack vectors, and what steps you can take to prevent your systems from being affected. Since there is usually no recourse if you have been exploited, a proactive approach to security is the only assured solution. — How to “borrow” a GPU - Since legal crypto mining is immensely costly and increasingly resource-intensive, miners without a moral compass cut their overhead costs by gaining unauthorized access to the computational power (and the energy it requires) from unsuspecting victims. Various systems — PCs, servers, IoT devices, cloud infrastructure — can be hijacked to solve computational problems required for cryptocurrency mining. Traditionally, cryptojacking was yet another profit motive for compromising user endpoints through simple phishing attacks. Nevertheless, since there is only so much that a single local machine can mine, malicious actors have moved on to more sophisticated techniques and bigger prizes. High profile cases — such as the multi-stage cryptojacking attack on the Cado Labs’ honeypot infrastructure, VMware Horizon servers infected with backdoors because of the Log4Shell vulnerability, or the NPM JavaScript package repository being used in numerous supply chain attacks — illustrate the immensely damaging effects cryptojacking at scale can have. Cryptojacking might seem a victimless crime to unsuspecting eyes. Nevertheless, the number of systems compromised, the amount of electricity consumed, and the reputations ruined speak volumes about the immense harm of such criminal activity. Servers are the juiciest targets because of their computational power. The victim selection process is usually automated with malicious software that scans for the low-hanging fruit — internet-connected servers with exposed APIs or unpatched vulnerabilities (like the Log4J). After attackers gain unauthorized access and drop the miner payloads, they can then expand laterally into other network devices or propagate in a worm-like fashion across connected cloud systems. Software supply chains are also a prime target. Malicious actors can seed open-source code repositories with embedded cryptojacking scripts. These packages and libraries may then be used by millions of developers around the world, quickly scaling up cryptojacking efforts in many ways. Naturally, they can hijack developer systems — servers, networks, and cloud infrastructure they use. Yet attackers can also bide their time and poison the software in development, later executing scripts on the user endpoints that will run the application. — Detection and prevention - By design, cryptojacking is a slow cyberattack. Mining scripts are far more lucrative if they can avoid long-term detection by leaving minimal traces. And since Monero is the cryptocurrency of choice — given how difficult it is for law enforcement to trace — there is, in effect, nothing you can do to recover the indirect financial losses. This means that you need to take actionable steps before falling victim. Even though endpoint protection and detection technologies have seen major advancements in recent years, malicious actors remain one step ahead. Sometimes, the only signs of a cryptojacking script running in the background are reduced system performance, overheating, and large electricity bills. Watch out for a quickly draining battery, unusually poor application performance, crashes, or lag spikes. For proactive security, pick a good antivirus software with web protection. Make sure you are always running the latest software and OS versions, downloading the latest updates and patches as soon as they come out. Install an ad blocker to protect yourself against scripts delivered through online ads. Get one of the browser extensions designed to block cryptojacking scripts across different websites. And, if you are particularly conscious of the risks, you may also want to disable JavaScript entirely on your browser and only re-enable it when needed. You should also always stay on top of the latest news and threats in cybersecurity, staying proactive and familiarizing yourself with the most common vulnerabilities of your devices. By educating yourself on how attackers compromise systems and learning to adapt, you will not only be able to better identify cryptojacking attempts but also know how to respond accordingly. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




Development Update: September

Welcome! Every month we deliver you a development update provided by the Lossless tech team. We definitely have news to share about our progress during the past month. Let’s begin. medium.com — Aegis new features. — As you already know, our highly anticipated product Aegis will be launched by the end of September. Here’s a quick reminder of what it will be capable of: It’s currently in Private Beta mode and being tested by a group of crypto projects. Even so, our team continues to develop the tool. Here’s how it was improved so far: User password change functionality (early Beta didn’t have this);, Removed access form (when released to production, this will make Aegis available to the public);, Released improved version of Aegis docs (aegis-docs.lossless.io);, Interaction with contracts improved;, Launched on Polygon internally for testing purposes;, Improved designs and overall UX., There were internal Aegis improvements as well, which consisted of: Improved web loading performance;, Infrastructure improvement in terms of security and scalability;, Internal monitoring improvements,, — Miscellaneous. — Aside from tool development, there are also additional improvements or developments we do, such as: Fixing the lossless.io issue when total value protected (TVP) was not being loaded on the homepage properly;, Frontend error fixes on platform.lossless.io, Our newest tool’s — Aegis — launch is fast approaching. As our CEO Vygandas said himself during an interview, “Aegis is our most promising product yet, and I am highly confident it will be even more successful than the original Lossless protocol.” Coming soon. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




The Future of Web3: Interview with Vygandas Masilionis, CEO @ Lossless

There is a choice every new Web3 project has to make: deliver quickly or deliver well. For years, the advice given to new entrepreneurs has been to “Move fast and break things”. But with the market that is now saturated with pointless solutions to imagined problems, some are already questioning this received wisdom. Will the thirst for the speedy delivery of “minimum viable products” ever be quenched? With the public launch of Lossless Aegis fast approaching, we have decided to sit down with Vygandas Masilionis, our CEO, to discuss these industry trends. The following is his take on what it takes to succeed in the current ultra-competitive market and what the future holds for Lossless. — What has the Lossless journey been like since the inception of the company?. — A quote from T. Edison springs to mind: “There’s a way to do it better — find it!” I think it quite aptly describes the philosophy that drives our industry. Within the agile crypto space that Lossless inhabits, everything advances ten times faster than in the traditional tech. This is especially true for Web3 security, which is in desperate need of better ways of doing things — if only to get out of its prepubescent stage. That is precisely why we have resisted the urge to move fast and release products recklessly. Instead, we have decided to focus on the quality of our solutions, on responsible communication, and on laying the foundations for best security practices within the industry. At first, Lossless Protocol was a hard sell. Nevertheless, after several early successes, our client projects quickly grasped the solution’s real value. From there, expansion followed naturally. — What are the most important trends emerging in Web3?. — Actually, I recently had a chance to reflect deeply on this at the DeFi Security Summit at Stanford. Generally, we should anticipate more young teams prioritize quality over speed in smart contract development. Yesterday’s push for speed has only led to some of the most devastating smart contract exploits today. Many bridge protocols, in particular, are poorly constructed and remain especially vulnerable. In the future, as more projects recognize that mistakes on launch cost them dearly in the long run, I expect many more hack prevention and exploit mitigation tools to enter the market. This would be a much-welcomed sign of a healthy attitude to security within the industry. — Do you think that Web3 security is being taken seriously enough today?. — Although our industry has made great progress since 2020, the answer is still “No”. The total amount stolen has been rising in parallel with the increasing popularity of Web3. The emphasis on speed of delivery — where the QA phase is skipped and security considerations are ignored — is still the biggest reason why. This has to change. — What challenges facing the industry are yet to be overcome?. — In Web3 security, the biggest challenge is changing the prevailing mindset of early-stage projects. The stubborn narrative “It’s not going to happen for us” is why we continue to see projects bankrupted by already-known exploits. I would like to believe that it is just a matter of time before every project adopts a proactive approach to Web3 security. After all, it was only 15 years after the Dot-com bubble that we finally began to see near-universal adoption of best cybersecurity practices in Web2. Perhaps the tide is already turning — we see more and more projects that are willing to invest in Web3 security tools because they recognize their value. — What does it take to succeed in this competitive market?. — Without a doubt, a solid team with the right mindset. The industry that never sleeps rewards teams that are hungry to move fast and make a difference. In the crypto space, attracting new users is a never-ending battle. Great marketing is key — you must differentiate yourself from the competition and tailor your communication tone to attract the right clients. That being said, it is easy to be overworked within this space. That is when we start to see project leaders making rash decisions and cutting corners. To be truly successful in the long haul, you have to get the balance right — to be humble and recognize that your project is just a small part of the sweeping wave of innovation. That is why it is best to avoid grandiose statements — lest you start believing in them yourself — and to keep everything in perspective to avoid burnout. — What does the road to maturity in Web3 look like?. — The road to maturity is definitely not a straight path. Even though new real use cases emerged post-2017 and 2020 booms, the industry still caters primarily to the needs of enthusiasts. With many gamified experiences and NFT-based pastimes to choose from, it is quite easy to forget that they are sometimes there just for fun. As we approach mainstream adoption, some of these excesses will need to be replaced by meaningful products that add real value. — What milestones would you like to achieve in the short and long term?. — In the short term, the public release of Aegis is what keeps me awake at night. Aegis is our most promising product yet, and I am highly confident it will be even more successful than the original Lossless protocol. Looking at the long term, I would like to oversee a substantial expansion in the team behind Lossless. Scaling requires more manpower. So, if market conditions allow, I would like to see us go from 10 to 50+ team members. Such growth will come with its own challenges, but we are currently in a good state and are more than ready for it. I also envision Lossless transitioning from a single-product project to a company that provides a suite of security products to all kinds of crypto businesses. Becoming a one-stop shop for all Web3 security solutions is the ultimate goal. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




DeFi 101: Tips for Better Crypto Wallet Security

Digital wallets — or rather the holes in their security — are in the news again. It seems that barely a week passes without some major breach that compromises the private keys of millions. Whether you have been personally affected or would like to study the mistakes of others, it is never too late to learn a thing or two from past exploits. Our latest installment of DeFi 101 provides some tips for better crypto wallet security. Being cautious with your crypto might not be particularly fashionable at the moment. Nevertheless, good security practices can help ensure that your hard-earned crypto remains in your hands and also provide you with some peace of mind — an undervalued commodity in these uncertain times. — Hot to touch - Unlike in traditional banking, there is no way to recover your digital currencies after they leave your wallet. In this sense, the security of your crypto assets is entirely in your own hands — you are your own bank — and it is only proactive security measures that are effective. Wallet apps are undoubtedly convenient for storing your funds. Nevertheless, bear in mind that some are safer than others. Do not judge the security they provide by the slickness of their user interface. It is the inside that counts. The worst offenders are wallet apps that keep your seed phrases or private keys on centralized servers. Even if they are encrypted, there is always a risk that — if the private keys are managed by the wallet app source code — a new update could be released that sends all private keys to a rogue developer. Naturally, without knowing how private keys are handled behind the scenes, your best bet is to stick with battle-hardened wallets whose reputations have stood the test of time. Additionally, it is not a good idea to store large amounts of crypto on exchanges since you do not control the private keys. If the exchange is compromised, user crypto assets are typically the first to disappear. It is thus a good practice to only keep the amount you need for trading. But even the most secure wallet will not compensate for reckless user behavior. It should go without saying that you should not Ctrl+C your seed phrases or private keys on your device. Once they are stored in your clipboard, they become accessible by other applications and websites that could steal this information. That is why secure wallets automatically prevent you from copying them. You should also avoid sending your seed phrase via email and be a little suspicious of wallets that offer this functionality. It might seem convenient, but you simply cannot know for sure if this is done in a secure way. It is also recommended to avoid storing such information digitally — especially on the cloud. Better to store your private keys and seed phrases offline, the old-fashioned way. It should go without saying that you should also not be accessing your wallet over public WiFi, do not auto-save your password, and always have multi-factor authentication (2FA) enabled. It is also a good practice to distribute your savings across multiple wallets, keeping a substantial share of your crypto wealth in cold storage (i.e., not connected to the internet). Such precautions minimize the risk of your crypto wealth being compromised. When using a web-based wallet, make sure to double-check the URL locks. The website should always start with HTTPS, not HTTP, and there should be a small lock icon next to the URL, assuring you that your browsing is encrypted. When making a payment, you should also triple-check the address before sending the funds through. Some malicious programs can override your clipboard, replacing the intended destination address with the attacker’s. To be extra safe, you can transfer a small amount first and only then send the whole payment. And remember that some risks are not only confined to the digital world. The so-called “$5 wrench attacks” appear to be on the rise as of late. Even with state-of-the-art digital security of your storage solutions, someone may simply steal your private keys by physically threatening your life with, say, a $5 wrench. That means that you should never brag or flaunt your crypto wealth and never disclose how much crypto you own or what its market value is. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




DeFi 101: How to Become Smart Contract Bug Hunter

The eye-watering sums paid to white hat hackers can seem like manna from heaven. Yet unlike lottery winners, bug hunters actually put in a lot of work to earn their million-dollar bounties. Spotting vulnerabilities in smart contracts is time-intensive and takes the right personality with the right background. Nevertheless, since billions are at stake in Web3 applications, organizations are happy to pay the top dollar if it helps secure their projects. In our latest edition of DeFi 101, we take a look at what it takes to start hunting for bugs in smart contracts and provide you with some of the best resources if you are just getting into it. If you need a few words of encouragement before getting started, remember that the technology is still relatively new and that there are plenty of lucrative opportunities to make a difference in smart contract security. — Dreaming in green on black - Before you go on to discover a “critical” level smart contract bug to claim that $10m bounty, you will need to learn the basics. Experienced Solidity developers already know common mistakes and what critical functions are prone to exploits. A bug hunter without such foundational knowledge is a blind man stumbling in the dark, unaware of the possible vulnerabilities or where to find them. If you’re interested in hunting for bugs on the Ethereum blockchain, you will undoubtedly need a solid grasp of blockchain concepts, good foundations in Solidity programming, and probably at least a basic understanding of EVM. For smart contract development in general, you’ll also want to read up on best practices and security considerations. That is because while it is relatively simple to get the smart contract to work as intended, it is far more complicated to ensure that nobody can make it work in unintended ways. Once you know how to spot such vulnerabilities, you’ll know how to break them. To get started with Solidity, you will want to check out CryptoZombies for interactive coding lessons. You will also want to pore over Solidity documentation and the list of known bugs and past mistakes. You will also want to go through a few Solidity guides before you feel comfortable independently inspecting contracts from random repositories yourself. Finally, you will want to try running contracts of your own. If you are just starting out, do not make the mistake of assuming that you will be able to break a sophisticated system without understanding how to build one yourself first. More generally, other great learning resources include audit reports, which are great for not only learning about the different kinds of vulnerabilities common in the industry but also the tools and approaches used by security auditors. Post-mortems are also great for learning about the novel ways smart contracts have been exploited in the past. They can also teach you how to structure your own reports better. Twitter is also a trove of insights directly from the project, explaining how things went wrong and could teach you how to tactfully discuss critical vulnerabilities. Although such research is important, you can also cut your learning curve by opting for a hands-on approach. After all, practice makes perfect. You may want to explore DVESC and not-so-smart-contracts repositories to try to exploit known vulnerabilities, with hints available. There are also plenty of capture-the-flag competitions and challenges for you to play around with. Remember to keep it light and not to get too agitated if you do not get them on the first try. Motivating yourself with small wins and avoiding burnout is the only sure way to mastery. Obviously, no simulated environment can replace the real deal. Once you warm up, give actual bug hunting a go. You may want to start with lesser-known projects, scanning for some of the lower-tier vulnerabilities. Finding a few small bugs may not allow you to quit your day job just yet, but it will reward you with a healthy dopamine hit that will enable you to persevere. Many projects offer bug bounty programs. You can usually find information on their websites. Alternatively, platforms like Hackenproof and Immunefi serve as hubs for white hat hackers and provide information on some of the most lucrative bug bounty programs out there. Finally, if you would like to take a swing at Lossless, you are more than welcome to. We have a bug bounty program on Immunefi and offer a reward of up to $50,000 to anyone who reports a “Critical” level bug in the protocol’s core contracts. If you spot a security vulnerability, please submit a report to claim your bounty. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




Lossless DAO: The Approaching Temperature Check

As we’ve recently announced, Lossless will be having its own DAO. With the company’s expansion and introduction of new products into the space, the team understood that its core product, Lossless Protocol to mitigate hacks, should become governed in a decentralized manner.  — @losslessdefi In order to be sure of the DAO’s efficiency, we will firstly commence with a temperature check. Allow us to explain. — What’s a DAO? - Let’s kick off with a brief explanation of what a DAO is and how it works. A DAO, or “Decentralized Autonomous Organization,” is a community-driven body with no central authority. It is fully autonomous and transparent: smart contracts lay the foundational rules, execute the agreed-upon decisions, and at any point, proposals, voting, and even the very code itself can be publicly audited. Ultimately, a DAO is governed entirely by its individual members, who collectively make critical decisions about the future of the project. In short, it’s the community that proposes ideas, drives changes, and votes on the necessity of them for a project. In this case — Lossless. — The Temperature Check - For us to efficiently evaluate our upcoming DAO’s scope and see how large of an audience would participate in the voting process, we will first do a so-called temperature check. Here’s an example of what a temperature check looks like. It’s a procedure where a project raises a question, and community members provide their opinions on it. This way, our team will be able to assess what the DAO’s future looks like in the first stage and launch the actual DAO voting via a Lossless snapshot. We will commence with a temperature check today, the 24th of August, at 1:00 PM UTC. Details will be provided on where to find the first proposal and what it is about in detail. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




DeFi 101: Re-entrancy Attacks

Re-entrancy attacks may seem old news. They have become widely known ever since the 2016 DAO hack on the Ethereum Blockchain. Nevertheless, although most projects have introduced defenses since, new re-entrancy vulnerabilities continue to plague the DeFi industry. Their destructiveness is evidenced by the eye-watering sums drained and reputations ruined. In this edition of DeFi 101, we explain how re-entrancy attacks work, give examples of recent cases, and discuss why such smart contract vulnerabilities remain relevant to this day. Remember that this is about so much more than substantial financial losses — the persistence of such exploits propagates the myth of DeFi as the “Wild West”, stifling mass adoption efforts. — Breaking and Re-entering - At a high level, a re-entrancy attack is essentially an interaction between two smart contracts, where the attacking smart contract attempts to drain another smart contract of its funds. It does so by repeatedly calling the withdraw function before the vulnerable smart contract has had a chance to update its balance. A more detailed explanation requires some context, especially what exactly “re-entrancy” is. In computer science, a procedure is said to be “re-entrant” if it can be interrupted midway through execution and then called again (re-entered) before the initial invocation is complete. In essence, this means that multiple occurrences of the same procedure can safely run at the same time without throwing an error. In development, this ability to re-enter a function while it is already being executed is very useful. Nevertheless, this re-entrancy can also be a source of vulnerability. Smart contracts on Ethereum are particularly at risk because the Ethereum blockchain does not differentiate between user and smart contract accounts. This means that if some ether is sent to an external contract containing smart contract code, that code is given a chance to run. This makes it possible for the attacking smart contract to make a recursive callback to the original function. To actually drain the funds, malicious actors then exploit the way a vulnerable smart contract is designed to handle transactions. Frequently, this is configured to send funds -> update balance. A re-entrancy attack works by repeatedly re-entering the process to initiate multiple iterations of the withdraw function before that “update balance” step has had a chance to run. Essentially, in the time window between when the funds are sent and the balance updated, the attacking smart contract can initiate another cycle, and another, until all funds are drained. The full destructiveness of such an attack is reflected in the huge lost valuations and shattered investor confidence. Projects recently compromised by a re-entrancy attack include: Fei Protocol (April 2022) — $80 million, Paraluni (March 2022) — $1.7 million, Grim Finance (December 2021) — $30 million, Siren protocol (September 2021) — $3.5 million, The SURGEBNB (August 2021) — $4 million, CREAM FINANCE (August 2021) — $18.8 million, The BurgerSwap (May 2021) — $7.2 million, Uniswap/Lendf.Me (April 2020) — $25 million, — Patch up and go - To avoid a similar faith, smart contract developers must first be aware of the existence of this type of attack. This involves staying vigilant in development, frequently reviewing the structure of code, and scouting for vulnerabilities. Smart contracts that include callback functions should be treated with particular caution. When it comes to actually making re-entrancy attacks impossible, the general principle is to make sure there are no internal state updates after calling external contracts. This means that the balance should be updated before the actual transfer. Because re-entrancy vulnerabilities are well-known within the community, there is considerable expertise within the industry on how to protect smart contract code against this threat. That’s why Lossless recommends regular smart contract security audits from a reputable third party, which are enormously beneficial in avoiding launching with vulnerable code. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




All You Need to Know About the Lossless DAO

As a leader in Web3 security architecture and exploit mitigation tools, Lossless fosters a more safe and mature DeFi industry, mitigating the financial impact of smart contract exploits and private key theft. With the company’s expansion and introduction of new products into the space, the team understood that its core product, the first one launched, Lossless Protocol, should become governed in a decentralized manner. Lossless Protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. All connected to an easy-to-use hack—explorer platform. medium.com Lossless Protocol has also introduced a new, safer token standard into the ecosystem — LERC20 (an advanced version of ERC20). It is designed to reinforce the token security framework, ensuring project creators and their communities have a fail-safe solution against malicious exploits. — What is it?. — As the Lossless protocol is an upgradeable product and free to use for any token creator, the team decided it should drive its adoption further and wider to become a mainstream hack mitigation platform and a new, safer token standard for the creators of the future cryptocurrencies. This newly formed Lossless Governance Forum will help shape the path of Lossless Protocol growth and adoption with the help and support of the community. — Why?. — Those who understand and see the need for safer infrastructure for the blockchain space gather with the Lossless community. Supporters share their vision, ideas and are free to introduce them via this forum to apply changes and updates to the Lossless Protocol directly through a DAO mechanism. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




Behind Lines of Code: Interview with Domantas Pelaitis, Technology Lead @ Lossless

If you’re reading this, you must have already seen your fair share of updates from Lossless — announcements of new functionalities, partnerships, or our insights into relevant industry news. Although such visibility is the lifeblood of every Web3 startup, what the community does not see is equally important. An enormous amount of work goes into ensuring all operations run smoothly and product development is completed within the estimated timescales. Following the Private Beta launch of our latest security product — Aegis — we have decided it was time for a sneak peek into the “backend” of the company. To this end, we have sat down with Domantas Pelaitis, our Technology Lead, for an insider’s perspective. — What has the Lossless journey been like since the inception of the company?. — Although Lossless is still a relatively young company, it feels that so much has happened already. It started with a few of us joining in on a call to discuss the current security issues in Web3. A few weeks later, I was already coding our LSS ERC20 token and preparing for our IDO. After a few early successes, we just kept going, welcoming new team members and making plans for the future. The journey has been eventful and fast-paced. I remember drafting the architecture behind the Lossless Protocol and thinking this would take ages to build. But here we are in 2022, and we have a fully-functional Lossless protocol that has already helped to prevent hundreds of thousands of dollars in losses. And we are already onto our next product — Aegis — that will patch up yet another giant hole in DeFi security. — What does it mean to be a CTO of a Web3 security-oriented company?. — It sure is very different from holding a Tech Lead role in any other technology company. Web3 is a very young industry, and Web3 security tooling is almost non-existent. Here at Lossless, we sometimes do feel what I can only imagine Web2 visionaries felt. To illustrate, I remember reading a 2001 essay by Paul Graham, where he explains why the next generation of software may be server-based. Remember, in his time, server-side rendering was simply not a thing. Nevertheless, you won’t see anyone buying CDs to install Facebook or Twitter. Nowadays, server-based software is a standard that we don’t even think about. In this way, I also think of my job as turning new ideas into go-to, common-sense solutions. — What drives you?. — Everyone at Lossless shares the same moral purpose — we do what we do to protect communities from malicious exploits and the associated financial loss. Getting hacked and losing your hard-earned money is one of the worst feelings one can experience in this digitized world. If I can help prevent at least a small fraction of these exploits, that’s all I need to keep going. — Give me an instance of what happens behind the scenes. What doesn’t the community see?. — We have plenty of good stories. For example, exactly one day before the Aegis Private Beta release, we noticed that some of our backend applications stopped processing transactions. This was happening for all of the chains we were monitoring. Strangely, it wasn’t throwing any errors. The applications simply seemed halted. I’m not going to lie — it was a stressful day. Many thoughts were racing through our heads. Was there some sort of bug that we weren’t aware of? Can we fix it by tomorrow? Do we feel confident releasing an application that had such a major outage just the day before the release? Later, it turned out that the fault lay with our blockchain data provider, which decided to shut down its blockchain nodes without notice. Despite our understandable frustration, this was also a moment of relief since we realized the issue was not on our end. A quick switch to another data provider service fixed everything. Situations like these are always quite stressful in the moment but quite fun to reflect on. — What are the most important trends emerging in Web3 security?. — One trend I’m pleased about is that more and more people now recognize that Web3 security is not just audits. Don’t get me wrong, regular code audits are good practice, but smart contract security is so much more than that. The current market is saturated with pre-deployment security solutions, but there are very few post-deployment security tools. In this sense, Lossless is definitely a trendsetter. Over time, our goal is to make the post-deployment security tooling ecosystem as robust as that of traditional Web2. — How did the idea behind Aegis come to be?. — While working on the Lossless on-chain protocol, we have amassed substantial knowledge about the most common attack vectors, types of exploits, and their patterns. We’ve also realized that the need for integration severely limited the scope of our protocol. Naturally, we began digging around to see how we could improve. To our surprise, we discovered that there was simply no threat monitoring solution for small and medium-sized projects. It was hard to believe that projects with hundreds of millions of dollars in TVL didn’t have even a simple monitoring system that would notify them in case of an incident. After realizing this was a clear gap in the market, we began to build such a solution ourselves. — What are the challenges facing the industry that still need to be overcome?. — I’m a bit biased, but I think the major challenge is still… security! People must first trust Web3-based systems as much as they trust Web2-based banking services. Without such confidence in security, mainstream adoption remains a distant dream. — What does the future hold for Lossless?. — We never know what the fast-paced future of DeFi holds. I wouldn’t say I like committing to specific milestones that might prove to be outdated in the next three months. At the moment, it’s all about Aegis, which we will be publicly releasing very soon. Right now, it still remains in a “minimum viable product” state. Looking at the internal roadmap, I can tell you we’re only perhaps 5% there. Nevertheless, I remain very bullish on all the exciting new stuff we will be releasing in the upcoming months. — About Lossless - Restoring trust in web3 security. Lossless incorporates a new layer of blockchain transaction security, protecting projects and their communities from malicious exploits and the associated financial loss. Lossless protocol implements an additional layer of blockchain transaction security for ERC-20 standard tokens, mitigating the financial impact of smart contract exploits and private key theft. Lossless protocol utilizes community-driven threat identification tools and a unique stake-based reporting system to identify suspicious transactions, providing real-time protection. Twitter | Platform | Telegram | Discord | Website | Documentation | Github




  LSS NEWS


Fluid Partners With Lossless to Bring State-of-the-Art DeFi Security and...

    [PRESS RELESAE - Dubai, UAE, 26th April, 2022,] FLUID, the ultra-low latency liquidity aggregator that uses AI quant-based models to tackle inefficient fragmented liquidity in virtual asset markets, has announced it will integrate the LERC20 standard of Lossless to power its FLD token with hack mitigation capabilities of detecting fraud, freezing fraudulent transactions, and reversing stolen funds. “Securing digital assets is a major challenge for the industry and an even greater barrier for institutional adoption of virtual assets. As the liquidity aggregator of the future, it is fundamental that FLUID provides access to a deep liquidity in a secure framework. Our partnership with Lossless, which is the first DeFi hack mitigation tool, adds an additional layer of security that conforms to the highest standards in place currently,” said Shah Sheikh, Chief Information Security Officer, FLUID. The announcement comes amidst a growing number of cyber-attacks and crypto-hacks in the digital assets industry recently. FLUID’s partnership with Lossless will provide retail and institutional investors with a secure platform and enhanced opportunities in the DeFi market. The current total value locked (TVL) across the ecosystem is nearing $215 billion, according to DefiLlama. FLUID is a game-changer for the virtual assets industry in liquidity aggregation and provides high throughput, ultra-low latency and costs, and zero counterparty risk through AI quant-based soluti... read More



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