BNB Chain launches new community-run security system to protect users

AvengerDAO is a community-driven security initiative that helps protect users from scams, malicious actors, and exploits. AvengerDAO was launched by BNB Chain, Binance’s native blockchain.

The security-centric decentralized, autonomous organization was developed in collaboration with top security firms and popular crypto projects like PancakeSwap, TrustWallet, PancakeSwap, Opera, and Certik.

AvengerDAO’s security initiative is mainly composed of three components: a passive API called Meter, a subscription based alert system called Watch and a programmable funds management system called Vault.

AvengerDAO provides additional security for users on the BNB Chain who interact with applications or counterparties. Meter API system retrieves security ratings for smart contracts, domains, addresses, and alerts users in the event of a security breach. The Watch system alerts users immediately about any ongoing exploits. Meanwhile, the Vault acts like an escrow and funds are only released if certain conditions are met.

In an exclusive interview with Cointelegraph, Gwendolyn, the investment director at BNB Chain explained how security decisions would be made by the community. To identify common security flaws, she said the community would survey existing security auditing services providers. She said:

“We believe that if additional security audit firms join DAO as members, it will help us collectively gain a deeper understanding and work to enhance the security landscape.”

AvengerDAO members including Hashdit (security decentralized application) have already released an interface with PancakeSwap, which would allow its users fetch the security ratings for smart contracts with whom they are interfacing at the beginning of September.

BNB Chain has been particularly concerned about user security, and has launched numerous initiatives in the last few months. The AvengerDAO launch was preceded by Dappbay with the new feature Red Alarm. This feature detects potential risks in DApps and warns users if they are.

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Within one month of its launch, DappBay’s Red Alarm feature identified more than 50 on-chain projects which posed a serious risk to users. In July alone, the security feature analysed 3,300 contracts.

Red Alarm was intended to alert financial risk-prone smart contracts and projects, but AvengerDAO is a multi-dimensional security initiative that focuses on exploits and vulnerabilities.

Opinion writer on 7trade7