Web3 technology has disrupted the traditional financial exchange system by providing a decentralized and secure environment for peer-to-peer transactions. However, as with any new technology, Web3 has brought its own set of unique security challenges, such as the risk of hacking attacks on blockchain networks. As a result, various Web3 security companies are continuously exploring new methods to enhance the security of Web3 transactions and overcome the challenges that come with it.
In response to this need, PureFi has introduced SafeTransact, a new approach to boost the level of security in Web3 transactions. PureFi is a decentralized finance (DeFi) protocol that allows easy onboarding of cryptocurrencies. SafeTransact aims to provide an additional layer of security that focuses on prevention. It analyzes blockchain transactions and immediately alerts users of any suspicious behavior it detects. The solution was designed to integrate with AMLSafe, a multi-crypto wallet that operates within the same ecosystem.
To determine the level of risk associated with transactions, the SafeTransact system evaluates various characteristics, such as the token address, sender address, spender address, and amount. The system conducts an analysis of input data, which includes addresses for “from,” “to,” and “amount,” to determine the risk levels of token transfer transactions. For a comprehensive risk assessment, it examines decentralized exchange addresses, fund senders, tokens entering and leaving the exchange, and the quantities transmitted.
The proliferation of DeFi and Web3 has made security one of the top concerns in the industry. A recent study by Chainalysis revealed that the DeFi sector experienced the highest number of attacks and data breaches in 2022. Security firms conduct audits of Web3 apps to identify possible vulnerabilities and hazards, and offer blockchain-specific security solutions that aid in detecting and preventing attacks on blockchain networks.
SafeTransact technology has made it easier to enhance the level of security in Web3. By analyzing blockchain transactions and detecting suspicious behavior, the risk of potential hackers and data breaches can be reduced. Additionally, the integration with AMLSafe adds an extra layer of protection to confirm that all financial transactions comply with anti-money laundering regulations.
Conclusion
PureFi’s SafeTransact is a new approach to address the unique security challenges associated with Web3 transactions. With the integration of AMLSafe, it provides an additional layer of protection against potential hacks and data breaches. As the DeFi and Web3 sectors continue to expand, the need for advanced security measures has become increasingly important. SafeTransact is a significant step towards enhancing the security of Web3 transactions, and security firms must continue to explore new methods to keep up with the constantly evolving landscape of Web3 technology.
