The Web3 technology has fundamentally altered the manner in which financial exchanges are carried out by removing the need for middlemen while also enabling decentralized and protected peer-to-peer transactions. Despite this, Web3 comes with its own set of unique security issues and concerns, such as the possibility of hacking attacks to blockchain networks. Web 3 security businesses are continually inventing and creating new methods to safeguard Web 3 transactions in order to overcome the problems that have been outlined above.
SafeTransact is a brand new approach that has been proposed by PureFi, a decentralized finance (DeFi) protocol for cryptocurrency onboarding. Its purpose is to increase the level of security that Web3 transactions have. In order to offer an extra degree of security that is focused on prevention, SafeTransact analyzes blockchain transactions and immediately warns users of any questionable behaviors that it discovers. This solution was developed with the intention of integrating with AMLSafe, which is a multi-crypto wallet that is part of the same ecosystem.
In order to determine the level of risk associated with permitted transactions, the SafeTransact system evaluates a number of characteristics, including the token address, sender address, spender address, and amount. The risk levels associated with token transfer transactions are determined by the system after conducting an analysis of the input data, which includes addresses for “from,” “to,” and “amount.” For the purpose of providing a thorough risk assessment, it examines decentralized exchange addresses, the senders of funds, the tokens that come into and leave the exchange, and the quantities that are transmitted.
Because of the proliferation of DeFi and Web3, security has emerged as one of the most important concerns. The necessity for increased security measures was brought to light by a research that was recently published by Chainalysis. The analysis found that the DeFi sector was the one that saw the most attacks and data breaches in 2022. Audits of Web3 apps are carried out by security organizations in order to discover possible vulnerabilities and hazards. In addition, these businesses offer blockchain-specific security solutions that may assist in the detection and prevention of attacks on blockchain networks.
Enhancing Web3’s level of security has been made easier thanks to the SafeTransact technology. It is possible to reduce the risk of potential hackers and data breaches by conducting an analysis of blockchain transactions and identifying suspicious behaviors. Additionally, the connection with AMLSafe offers an extra layer of protection, making it possible to confirm that all financial dealings are in accordance with the anti-money laundering legislation.
In conclusion, Web3 security businesses play a crucial part in assuring the safety of blockchain-based platforms and apps by providing a range of services. Because of the one-of-a-kind problems and dangers that are related with blockchain-based transactions, security organizations are constantly researching and implementing novel strategies in order to secure Web3 transactions. The incorporation of SafeTransact into the global crypto security arsenal by PureFi is a step in the right direction and exemplifies the efforts that are still being made to make Web3 more secure.