SafeTransact Security System for on-chain Transaction

Introduction

The advent of Web3 technology has brought about a revolutionary change in the way we conduct financial transactions. However, the security of Web3 transactions has become a major concern due to the rise of cyber threats and attacks. As a result, Web3 security companies have emerged to offer various services to protect blockchain-based platforms and applications from these threats.

Web3 security companies are responsible for ensuring that blockchain-based platforms and applications are safe from cyber threats. They offer a range of services, including smart contract auditing, security testing, and incident response. By conducting security audits, these companies can identify vulnerabilities and potential risks that could expose the network to hacker attacks. They can also develop blockchain-specific security tools that can help detect and prevent attacks on blockchain networks.

SafeTransact and blockchain security

One such company that is contributing to the security of Web3 transactions is PureFi. PureFi is a decentralized finance (DeFi) protocol for cryptocurrency onboarding that has introduced a new security method called SafeTransact. SafeTransact system aims to improve the security of Web3 transactions by analyzing blockchain transactions and promptly notifying users of any suspicious activities.

How does the SafeTransact system work?

SafeTransact works by examining various factors such as a token address, sender address, receiver address, and transaction amount to gauge transaction risk for approved transactions. It also analyzes input data such as “from,” “to,” and “amount” addresses to determine risk levels for token transfer transactions. For swap transactions, it analyzes decentralized exchange addresses, fund senders, tokens in and out, and amounts sent to provide a comprehensive assessment of risk. In addition to the above, SafeTransact system integrates with AMLSafe, a multi-crypto wallet from the same ecosystem. This integration helps users to manage their cryptocurrency portfolios more securely, as AMLSafe prevents money laundering and other financial crimes.

Why do we need the SafeTransact system?

The introduction of SafeTransact is a significant step towards improving the security of Web3 transactions. The immutability and reliability of blockchains make them an attractive target for hackers, as transactions on these networks are often irreversible. This makes it crucial to have more levels of prevention-oriented security measures in place, such as those offered by SafeTransact. The need for Web3 security measures is particularly acute in the DeFi industry, which has experienced the highest number of hacks and data breaches in 2022, according to a recent Chainalysis report. The report highlights the urgent need for security companies to perform audits of Web3 applications to identify vulnerabilities and potential risks. By doing so, they can develop blockchain-specific security tools that can help detect and prevent attacks on blockchain networks.

Secure coding practices are also essential in preventing vulnerabilities in Web3 applications. Security companies implement these practices to ensure that safety is integral in application development. This involves implementing measures such as code reviews, vulnerability assessments, and penetration testing to identify and address potential security issues.

Final words

In conclusion, Web3 security companies play a vital role in ensuring the security of blockchain-based platforms and applications. They are constantly innovating and developing new approaches to protect Web3 transactions from potential risks and challenges associated with blockchain-based transactions. The introduction of the SafeTransact system is just one example of how these companies are contributing to the security of Web3 transactions. As the adoption of Web3 technology continues to grow, the need for more sophisticated security measures will only become more pressing.

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