Eleos Labs is utilizing GrabDefence’s expertise in handling hackers and money laundering groups in Web2 to introduce reliable services that safeguard users against stolen private keys, hacked smart contracts, and unlimited ERC-20 approvals that can be exploited for monetary gain.
According to Urvit Goel, who is the Vice President and Head of Global Business Development at Polygon Labs, Web3 is transitioning from being a testing ground for early adopters to a more inclusive space that accommodates individuals with varying levels of experience and technical expertise. Ensuring safety is a crucial aspect of the user experience that can lead to widespread acceptance, and FailSafe and similar tools are facilitating this progress.
According to the statement, the philosophy of Web3, which states that if you don’t have control over your private keys, you don’t have control over your cryptocurrency, can be both a security advantage and disadvantage. Last year, as per the Crypto Crime Report by Chainalysis, there was a theft of cryptocurrency worth $3.8 billion, and a loss of $5.9 billion due to fraudulent activities.
According to the statement, having control over one’s own assets is a significant privilege, but it also entails a significant obligation. When it comes to online safety, even small amounts of assistance can make a difference. FailSafe is designed to safeguard digital assets belonging to networks and their users against malicious threats. The assets are safeguarded by the system’s defense-in-depth approach, which involves several security stages such as monitoring security risks in real-time, minimizing the attack surface region, and intercepting detrimental transactions.
FailSafe promptly prevents any malicious actions and relocates resources to a secure location upon detecting a threat. The lack of reliable security solutions is a major hindrance to the widespread adoption of Web3 technology. Over the past three decades, the Internet has undergone transformations that have improved its functionality. The upcoming Web3 will also need to undergo a similar evolution. Foo Wui Ngiap, a Group Advisor at Eleos Labs, stated, “We’re eager to be among the initial adopters who will accelerate that future.”