New Community-Based Security Mechanism Launched By BNB Chain To Protect Users

• Blockchain Council
• May 03, 2024

BNB chain has partnered with top-class security audit firms to launch AvengerDAO, a community-based security infrastructure project for the blockchain platform. Leading security firms such as SlowMist, Go Plus, Certik, BlockSec, PancakeSwap, and more have come together to create an additional layer of security protection.

The Decentralised Autonomous Organisation (DAO) has no central leadership, and the DAO community is working together to include security standards that reduce user risks. The AvengerDAO is created to monitor and scan smart contracts, alert users of security vulnerabilities, and ensure real-time protection. Blockchain security is still nascent, but decentralized security protocols are much stronger than traditional security mechanisms.

BNB Chain wants to ensure the safety and security of information and transactions occurring on the blockchain. AvengerDAO adds a security layer for any interaction happening with BNB chain applications and counterparties. It has three components:

1. Meter – passive API system
2. Watch – subscription-based real-time alert system
3. Vault – programmable fund management system

When anyone initiates any transaction or application processing on BNB Chain, the Meter API system actively seeks domains, addresses, and smart contracts to identify security vulnerabilities. It alerts the users automatically when any vulnerability is found. Watch provides continuous real-time monitoring to inform users about potential and ongoing security exploits. Vault acts as a secure fund management system where funds are placed in escrow. Vault releases the funds only when pre-defined conditions are met. 

AvengerDAO is a decentralized security mechanism, and the community will be collectively responsible for making security decisions. The community actively works to survey existing security auditors to analyze common security vulnerabilities. Gwendolyn Regina, BNB Chain’s investment director, expects to expand and enhance the security landscape as more security audit service members join the AvengerDAO.

Hashdit and PancakeSwap, members of AvengerDAO, have already released DApp, a security decentralized application that seeks smart contracts security ratings. This is used from the start of September for all contracts processed through BNB Chain. 

BNB Chain has also launched Dappbay with Red Alarm quite recently. This security project is used to assess the real-time risk levels of NFT projects. It also sends alerts to users about the potential risks of the projects. Red Alarm is responsible for uncovering 50 projects on the chain that pose risks to the users. This happened within a month of its launch. 

Thrilled by the success of Red Alarm, which flags smart contract vulnerabilities, BNB Chain has expedited the launch of AvengerDAO to introduce multidimensional security. The security mechanism is expected to gain attention as it can identify vulnerabilities and exploits in real-time.

As NFT transactions continue to increase on the blockchain, industry leaders and DAO members focus more on implementing decentralized security. Binance has also announced the launch of ‘Souldbound’ tokens that will become identity passports on the BNB Chain. Customers who finish their KYC requirements on the blockchain will get access to these tokens.

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