Good day everyone,
I hope you are all having a good day, welcome to CryptoGod-1's blog on all things crypto. In this post I will be looking at the recent announcement of Blockaid and 1inch agreeing a partnership to bring more security across multiple chains through a privacy-preserving module that simulates transactions without sharing every transaction and signature request with external parties.
1inch Shield
The Web3 security provider Blockaid has teamed up with DeFi project 1inch to provide an increased security feature which includes a privacy-preserving module which will be used to simulate transactions, however this will be done without sharing every transaction and signature request with external parties.
1inch will therefore integrate Blockaid's security features into its ecosystem and this will improve user protection against fraud and cyber attacks throughout the Web3 space. 1inch also noted this announcement on their blog, stating how 1inch Shield is a comprehensive security solution. It will work at instantly detecting scam tokens, which have long posed a legitimate threat to users of a variety of blockchains.
Users can therefore avoid interacting with fraudulent tokens due to tokens being detected and marked instantly. The Shield API (application programming interface), as an all-in-one solution, will gradually be integrated into all 1inch products. It can also be integrated into any Web3 application, which includes dapps, wallets, and exchanges.
The two companies noted this announcement, stating:
“By integrating these features into the 1inch ecosystem, millions of users will receive real-time warnings about potential security risks associated with their DeFi transactions.”
All 1inch users will be able to make use of the Blockaid integration, and it will support major chains, including Ethereum, Base, BNB Chain, Polygon, Arbitrum, Optimism, Avalanche, and more.
Blockaid will act like an anti-virus for Web3. It will do this by leveraging superior data and machine learning capabilities to identify and protect from malicious attackers. This will ensure multiple layers of security for users and whenever a user connects their wallet to sign a transaction, Blockaid provides clear information about what will actually happen when the transaction is executed. Currently there exists a “critical need” for advanced security measures within the Web3 ecosystems and it was recently noted that bug bounty Immunefi discovered that Web3 lost over $53 million to hackers during April 2024. Blockaid and 1inch noted that the attacks on crypto wallets are becoming more sophisticated as well. The CEO and co-founder of Blockaid, Ido Ben-Natan, noted that the collaboration with 1inch improves the safety of digital assets while fostering trust and confidence among DeFi users. Sergej Kunz, co-founder of 1inch, also noted that the collaboration is sure to set a new standard for security in the crypto landscape. This will help the growth and mainstream adoption of DeFi.
Have a great day.
Peace. CryptoGod-1.
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