PureFi introduces SafeTransact to improve Web3 security
Web3 technology has fundamentally changed the way financial exchange is conducted by removing the need for intermediaries while enabling decentralized and protected peer-to-peer transactions. Despite this, Web3 comes with its own set of unique security issues and concerns, such as the possibility of hacking attacks against blockchain networks. Web 3 security companies are constantly inventing and creating new methods of securing Web 3 transactions to overcome the problems outlined above.
SafeTransact is a completely new approach proposed by PureFi, a decentralized finance (DeFi) protocol for cryptocurrency onboarding. The purpose is to increase the level of security that Web3 transactions have. To offer an extra layer of security focused on prevention, SafeTransact analyzes blockchain transactions and immediately alerts users to any suspicious behavior they detect. This solution was developed with the intention of integrating with AMLSafe, which is a multi-crypto wallet that is part of the same ecosystem.
To determine the level of risk associated with permitted transactions, the SafeTransact system evaluates a number of characteristics, including token address, sender address, user address and amount. The risk levels associated with token transfer transactions are determined by the system after performing an analysis of the input data, which includes “from”, “to” and “amount” addresses. To provide a thorough risk assessment, it examines decentralized exchange addresses, senders of funds, tokens entering and leaving the exchange, and the amounts transferred.
Due to the proliferation of DeFi and Web3, security has emerged as one of the most important concerns. The need for increased security measures was brought to light by research recently published by Chainalysis. The analysis found that the DeFi sector was the one that saw the most attacks and data breaches in 2022. Auditing of Web3 apps is carried out by security organizations to detect possible vulnerabilities and dangers. Additionally, these businesses offer blockchain-specific security solutions that can help detect and prevent attacks on blockchain networks.
Improving Web3’s security level has become easier thanks to the SafeTransact technology. It is possible to reduce the risk of potential hackers and data breaches by conducting an analysis of blockchain transactions and identifying suspicious behavior. In addition, the connection with AMLSafe offers an additional layer of protection, making it possible to verify that all financial transactions comply with anti-money laundering legislation.
In conclusion, Web3 security companies play a crucial role in ensuring the security of blockchain-based platforms and apps by providing a variety of services. Because of the unique issues and dangers associated with blockchain-based transactions, security organizations are constantly investigating and implementing new strategies to secure Web3 transactions. The incorporation of SafeTransact into the global crypto security arsenal by PureFi is a step in the right direction and exemplifies the efforts that continue to be made to make the Web3 more secure.
