The history of cryptocurrency is always full of surprises and challenges. Since its birth, it has been keen to enjoy the aura brought by rare digital treasures. But in the unpredictable blockchain, there is always a group of people called “bad hackers” who use the incomplete development of emerging things to monitor and spy on the loopholes of the system and steal a lot of wealth from them. Today, cryptocurrency thefts still happen frequently, and NA enthusiasts have discovered that the maturing NA (Nirvana) Chain is adopting stronger security measures, effectively blocking hacker thefts in DEX and DeFi transactions, and helping complex The token ecology returns to trust and simplicity.
On the evening of the 10th of this month, Poly Network was attacked, which directly led to the theft of $610 million in funds on the three blockchains of Ethereum , BSC, and Polygon . Such a huge amount of money made this incident a history of encryption. The hacking incident involving the largest amount of money has caused intense controversy in the industry.
It is reported that hackers launched within 34 minutes of the three attacks, respectively on an Ethernet Square from Poly Network transferred 96.38 million smart contract USDC and 1032 W BTC , in Polygon transferred 85.08 million from a smart contract for the project USDC , finally It was at BSC that 87.6 million USDC, 26629 ETH and other assets were transferred from the project’s smart contract.
Although the hacker returned $260 million in funds following the original path and said: “I am not interested in money!” As of now, there is still an unknown whereabouts of $353 million. This also makes people have to look at the funds on the blockchain again. Security, especially in DeFi systems. In fact, similar incidents frequently occur on major blockchains. As early as 2019, a pair of South African brothers stole $3.6 billion worth of Bitcoin and disappeared from people’s sight. The uproarious Mt.Gox incident lost 744,408 BTC , which is safe. Even if the technical team had early warning and carried out real-time monitoring of the system, the specific cause of the incident has not been disclosed so far.
Cryptocurrency is gaining ultra-high value with its growing consensus. In recent years, trillions of dollars have been lost due to the mismanagement of cryptocurrency and the bad behavior of hackers. It is worth noting that the target of most hacker attacks is not just the blockchain, but the wallets, exchanges and other cryptocurrency service providers on it, using automatic retrieval “robots” to crack security vulnerabilities and steal funds.
NA (Nirvana) Chain uses a rigorous multi-chain structure to restrict the security vulnerabilities of cross-chain technology, and integrates it into all DeFi protocols on the chain to ensure that network participants have complete control over the distribution of tokens and the management of the fund library. .
“Rug pulls” ultimate
The NA (Nirvana) Chain , which started from the chain reform , is the first public chain to propose a heterogeneous compound chain model. It uses a strong technical foundation to innovate and integrate traditional public chain technologies to provide developers with high TPS and high efficiency. , A fast underlying blockchain system, trying to cut into the rich DeFi ecosystem with applications that continue to provide service content, and simultaneously update to form an ever-evolving sustainable system to support a large number of optimizable and customizable development functions.
Under the dual advantages of the blockchain and the Internet, NA (Nirvana) Chain has completed the improvement of the security system and effectively resisted the occurrence of “Rug pulls”. “Rug pulls” refers to some projects that defraud users of pledge and investment by packaging themselves, and then immediately ran away with the money . This kind of unfavorable behavior is abhorrent on NA (Nirvana) Chain. Its excellent security audit derives the inclusion of nodes. The Nirvana infrastructure is composed of layer, consensus layer, instance layer, and application layer, and is equipped with “Rug Pull Detector” and “Security Log System” on top of the plate . Once there is any potential risk, the system will notify the participating participants as soon as possible. All users greatly help reduce and exit the scam in a timely manner.
Working diagram of security log system
The decentralized hosting platform also provides traditional service platform architectures such as Alibaba Cloud and Amazon as the development infrastructure, which just makes up for the technical shortcomings encountered in the development of the blockchain. This is a qualitative change and a worthy industry. Continue to explore the idea of disintegration. In the future, NA (Nirvana) Chain will build a multi-chain token custody platform, bring trust to the token economy through community governance as a service, eliminate people’s insecurities in cryptocurrency investment, and bring users high scalability and friendliness A new experience.
NA (Nirvana) Chain is also a complete protective cover for the industry
The world we live in may not have a perfect product, but the digital world is completely run by machine language, without human intervention, and must be naturally more advanced than everything we know. We have learned two key pieces of information from the above paragraphs, that is, cross-chain and smart contracts must ensure stable security, because hackers will take advantage of it if you don’t pay attention to them. Although these two do not store funds, they are funds. The most important way to transfer in and out.
Schematic diagram of secure cross-chain transaction verification work
Hackers always take advantage of the logic flaws in the contract to change to their own address by calling the function of the contract, and then use the address to sign the transaction of withdrawing tokens, thereby taking out a large number of token sets in the contract. NA (Nirvana) Chain’s top-secret design structure constitutes an unbreakable trading environment for smart contracts, which can effectively prevent system loopholes and protect users’ funds in 360 degrees. At the same time, in order to prevent the market fluctuations of encrypted tokens from causing economic losses to users, the Nirvana system is specially equipped with a “whale alert” . This alert will announce new whales (large transactions) in advance of potential fluctuations. response.
The application is tightly integrated and does not leave opportunities for hacks
NA (Nirvana) Chain welcomes more developers to create applications in a simpler way, and escort all types of applications with dedicated technology that is second to none. The public chain has always been considered as the foundation of the blockchain industry, because they can support imaginative applications to become a reality. The Nirvana chain solves the long-standing problems of the public chain system, such as congestion, the inability to achieve complex calculations, and the instability of constant fees. , Bring a more convenient experience to the growing application ecosystem.
In order to better realize this vision, NA (Nirvana) Chain also took great pains to configure the wallet and launched three wallet systems for users, miners and developers: N-Nirvana Standard Wallet, M-Miners Miner Wallet and A -Application wallets exist independently and complement each other. N-type wallets are controlled by private keys. Users can store in NA’s hardware system, never touch the Internet, and also enjoy the absolute privacy of NA (Nirvana) Chain commercial level.
M-Miners miner wallet and A-Application application wallet cannot be managed by private key, but must go through NVM and public chain logic system to be triggered. It can be understood that the M-Miners miner wallet is jointly maintained by thousands of nodes. It does not belong to a single individual, let alone a product of a centralized power, but is a summary of the hard work of the majority of network workers. Among them, there is a kind of transcendence, that is, the identification of digital miners. When a consensus is formed, each miner will consciously safeguard his own interests, which will spread to the autonomous operation of the entire network.
The A-Application application wallet is actually an application group to link the DeFi ecosystem. Hackers are everywhere. In addition to Rug pulls and bugs, there is also a Hacks that deserves attention. It is an illegal intrusion into a computer system, which will cause data loss, especially the new DeFi. Once invaded, the system will be reset. Because of the paralyzed state, all opportunities and retreat are impossible to operate. NA (Nirvana) Chain has a good regulatory policy, which isolates all exceptions to the DeFi protocol with a decentralized computing mechanism and consensus regulations, and allows it to start normally within the scope of compliance with industry requirements.
NA enthusiasts’ conclusion
Blockchain is showing its unique advantages, but the successive harmful events are worthy of our warning. The industry still needs to put security in the first place. NA (Nirvana) Chain uses a faster development environment, better platform measures, and safer system protection to successfully connect the wallet and its series of components to exert its effect. This is a strong proof that it maintains the smooth use of the application. Now and in the future, the functions of each part of NA (Nirvana) Chain will continue to be legendary, eliminating all opportunities for Rug pulls, Bugs, and Hacks.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/rug-pulls-terminator-na-chain-puts-on-the-armor-of-perseverance-for-cryptocurrency-distribution/
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