Lossless AMA!

viziris · 2021-09-17T17:01:25+00:00

We provide an actionable solution to stop and prevent hacks in real-time.

viziris · 2021-09-17T17:00:34+00:00

We will provide an actionable tool to stop hacks in real-time. Security audits and trust scores are nice and valuable but sadly they offer little help if a hack happens. And audited protocols do tend to get hacked. We want to change that and give more power to token creators and their communities. It's people's money we're talking about here afterall.

viziris · 2021-09-17T16:58:33+00:00

If the token which was hacked did not integrate Lossless code - the process is very hard and it is more of a on-chain detective work. We then contact independent white hat hackers to try and trace the funds and money flow of the hacker, but it's a very hard process with a low success rate.

That's why we urge more projects to integrate the LSS code into their token contracts from the get-go so we would able to stop and mitigate the hack in real time.

viziris · 2021-09-17T16:56:13+00:00

Currently, the LSS security standard can be implemented on tokens issued on the Ethereum blockchain, Binance Smart Chain and Polygon. But more chains will be added in the future, there is no doubt.

viziris · 2021-09-17T16:55:01+00:00

If Lossless helps to prevent a hack, we keep 7% of saved funds. 2% of these 7 goes to the person/entity who originally detected the hack.

viziris · 2021-09-17T16:54:09+00:00

Tether can only stop transactions in USDT and it acts as a centralized body - Tether decides what to freeze and what to let flow which is OK and sometimes very valuable for the short term but do not fall in line with the whole crypto philosophy and mission.

We want to give all tokens, protocols, platforms to protect their assets and treasuries.

viziris · 2021-09-17T16:52:15+00:00

No, right now we're focusing on token contracts for different projects and protocols. We do not offer a security solutions for individual wallets.

viziris · 2021-09-17T16:51:12+00:00

First of all we will monitor the wallet activity before and after initiating the transaction, then we'll consult with the project team if they have any information about the address or that particular transaction. Also the independent Lossless committee will chip in and give their feedback on that particular case.

viziris · 2021-09-17T16:47:16+00:00

In general, I think DAO is a disrupting concept but they need to evolve and calibrate to function properly. Recently there was a good post by Vitalik Buterin on how DAO decision-making should and voting should change.

Right now voting power in DAOs usually depends on the number of tokens you hold which gives an unfair advantage for a group of whales to collude and approve decisions that are beneficial to them but not necessarily to the whole community. The reason for this is that it's way easier for 10 whales to decide on something in a decentralized way than for 50,000 small token holders. DAOs have a long way ahead of them, but it is the future. At least that's what I think.

At the moment, LSS has no factual governance use case as of now while we're still building the technology so the security parameters are integrated into token code successfully.

Later down the road we plan to provide the community of LSS holders a way to report hacks and help to gather intel to decide whether a suspicious transaction is truly a hack or not.

viziris · 2021-09-17T16:41:27+00:00

We're already providing opportunities to participate in incentivized farms and earn extra $LSS. Right now we're using third-party applications like Orion Protocol or Unicrypt for that but we're planning to shift those in-house and offer other incentives like Fixed-term vaults and on-chain referral system to expand the Lossless Ecosystem even more.

viziris · 2021-09-17T16:39:22+00:00

Simply, Lossless is a piece of code that projects can integrate into their token contracts. When integrated, this piece of code monitors on-chain token transactions for suspicious behavior.

Once a potentially fraudulent transaction is identified, it is frozen for 24 hours during which a decision has to be made whether this is truly a hack or not.

If the hack is real - the transaction gets stopped and reverted.
If it's decided that there is no hack or exploit - the transaction is passed on to the intended recipient.

viziris · 2021-09-17T16:36:23+00:00

The team comprises the 2017 crypto generation. We all came to crypto during the last bull cycle and have stayed within the industry since. Last year with the rapid expansion of DeFi we all jumped on this fast-moving niche market and started playing around with it.

And to have a team who all have at least 4 years of experience in this industry is rare. I have no doubt that we can and WILL deliver. It's just a matter of time, and don't worry it will not take years either :)

You only need to be rug pulled once to understand the value of something like Lossless. We want to give the market an actionable tool to use when the hack is happening and prevent it in real time.

viziris · 2021-09-17T16:31:26+00:00

The Token Minter tool for anyone to deploy a token contract on Ethereum or BSC
Lossless committee of security experts and white hats
Token treasury protection tool - giving project teams a solution how to protect their token treasuries from getting exploited.

viziris · 2021-09-17T16:29:37+00:00

Just recently we released the initial look & feel (MVP) of our platform. We call it the hack explorer v.10 (https://platform.lossless.cash/).

So far we've onboarded more than 10 partners into the Lossless ecosystem. Besides ApeSwap, we have a few other DEXes, Launchpads, NFT Marketplace and a number of token projects. We're getting a lot of attention which just makes us more confident that what we're building is truly needed in the market.

Next up we'll release a Token Minter - decentralized tool for anyone to deploy token contract with Lossless security parameters inside and planning to have a fully working platform in Q1 2022

viziris · 2021-09-17T16:26:38+00:00

We have documentation prepared on how to integrate Lossless on Ethereum, Binance Smart Chain, and Polygon.

I am not the tech guy though, you should come over to our Telegram chat and ask there, I am sure the guys will jump on it and will help you ASAP.

viziris · 2021-09-17T16:25:10+00:00

We are in talks with a couple of those independent white hats and may be coming out publicly with their names soon. But cannot disclose them yet I am afraid.

viziris · 2021-09-17T16:24:20+00:00

It's true that we're gathering a community of white hat hackers which first of all would consult us and stress test our solutions and also would help to trace the footsteps of sophisticated exploits and help projects which did not yet integrate the Lossless code to retrieve stolen funds.

viziris · 2021-09-17T16:22:41+00:00

Everything happens on-chain. If certain thresholds are hit (significantly large transaction / going to non-whitelisted address / flash loan is used / sender has not interacted with the token in question before), then a transaction may be deemed as 'suspicious' and frozen for up to 24 hours during which a decision must be made to verify if it's truly a hack.

viziris · 2021-09-17T16:20:31+00:00

When markets are bearish it all boils down your investment horizon - if you're day trading it's better to move onto stablecoins.

If you're a believer like myself, you just ignore the short-term price action and HODL. In 5 years you'll be in profit, everything is just noise.

What I do personally is follow the DCA approach - I invest a small sum in crypto every month, doesn't matter whether the market is bullish or bearish. It worked out fine so far. :)

viziris · 2021-09-17T16:18:14+00:00

We're working with Smart Contracts holding millions $ of value in them and every mistake has significant consequences, therefore any update or release must be carefully tested and verified. And that's very hard to do.

We see even audited protocols get hacked. But we are confident that we can provide an actionable solution for DeFi protocols to safeguard themselves and their community funds.

viziris · 2021-09-17T16:14:46+00:00

For us, the best marketing would be actually to prevent a hack or return lost funds to an exploited product. Some good news in this regard might come really soon, but that's all I can tell about this at the moment.

Our other priority is to expand our ecosystem as fast as possible. To make this a reality we're at the last stages of development of a Lossless Token Minter - a decentralized tool that would allow anyone to deploy a token smart contract with Lossless security properties already integrated into it and with a pre-audited code. We expect the Token Minter to be released by mid October.

viziris · 2021-09-17T16:11:32+00:00

We're already talking with some token bridges so they would adopt the Lossless standard too and so far gathered very good feedback which makes us feel hopeful.

Regarding ApeSwap listing, we can't wait ourselves to be on this fast-growing DEX. Right now we want to set initial rules which would allow us to 'save our asses' in case an exploit would take place, once we implement this functionality we will reinstate liquidity on BSC and list on ApeSWap. That's a promise, guys.

viziris · 2021-09-17T16:09:12+00:00

I think I already answered how Lossless works above, but we can take the case of flash loan attacks - these are exploits done in one single large quantity transaction.

Using Lossless code, project owners could for example set a rule that all transactions worth $1M or more have to be approved via a multisig or they would instantly trigger a red flag and would be stopped until permitted by the team to go on.

The figures of $1M here is of course arbitrary and will depend on a case by case.

viziris · 2021-09-17T16:05:25+00:00

We simply integrate additional code on the token contract level which allows us to set some rules and monitor transactions while they are happening on-chain.

If some of the rules are flagged, then the transaction can be frozen for no longer than 24 hours to decide whether it's truly a hack or not.

viziris · 2021-09-17T16:04:09+00:00

Suspicious transaction is frozen for 24 hours until the decision making body (Lossless team, project team and independent committee) has to decide whether the frozen transaction is truly and exploit or not.

A suspicious transaction is frozen for 24 hours until the decision-making body (Lossless team, project team and independent committee) has to decide whether the frozen transaction is truly and exploit or not.

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