Coinspeaker Stellar Blockchain Strengthens Security Using Blockaid’s Detection Technology
Stellar, an open-source protocol focused on the payment sector, has partnered with Web3 security firm Blockaid to strengthen its security against malicious actors.
According to an October 17 announcement, the protocol will integrate Blockaid’s On-chain Detection and Response (ODR) technology into its ecosystem starting with its Lobstr and Freighter wallet applications. The tool will bring real-time threat monitoring and rapid response capabilities to Stellar’s users.
Tackling Blockchain Threats with Advanced Tools
The protocol explained that Blockaid’s ODR technology functions much like an antivirus for Web3 applications, providing users with a safety net against harmful transactions and potentially malicious decentralized applications (DApps) or tokens.
With its real-time alerts, users interacting with the Stellar blockchain will now receive warnings when engaging in suspicious activities, allowing them to avoid security risks.
According to Blockaid CEO Ido Ben Natan, this integration with the protocol is a game changer in the fight against scams and hacks, which have plagued the blockchain space for years.
Over the years, the cryptocurrency industry has lost billions of dollars in the hands of cybercriminals and other fraudsters. In the first six months of the year alone, hackers stole a total of $1.38 billion.
The thefts have caused serious concerns among founders and traders within the industry with many projects including Stellar network now tightening security to protect users from getting exposed to thefts.
A Fight Against Cyber Attacks
The increasing rate of theft within the crypto economy has also resulted in the emergence of companies like Blockaid which are focused on providing the infrastructure needed to prevent cybercriminals from feasting with traders’ money.
The Web3 security firm has been working with other platforms to combat security issues within the crypto economy. Since its inception, the firm has scanned over 4.5 billion transactions and thwarted more than 100 million attacks.
Additionally, Blockaid has prevented more than $4 billion in potential losses. This record has earned the firm partnerships with prominent names in the crypto ecosystem, including Coinbase, 1inch, and Avalanche Core Wallet.
“Blockaid’s Web3 security technology, trusted by Coinbase, Stellar, and Metamask, has scanned over 4.5 billion transactions, prevented more than 100 million attacks, and defended against potential losses exceeding $4 billion.”
Blockaid Adds Stellar to Its Roaster of Partners
Now, with the addition of Stellar to its roster of partnerships, Blockaid is expanding its influence across a diverse array of crypto platforms, further strengthening security for users engaged in DeFi and digital asset management.
For Stellar, the partnership is another step in its ongoing efforts to secure its infrastructure. The blockchain has gained recognition for its efficiency in financial transactions, primarily due to its innovative Federated Byzantine Agreement (FBA) consensus algorithm, which provides faster transaction finality than traditional blockchains like Bitcoin.
Meanwhile, the collaboration comes at a crucial time for the protocol which recently reintroduced the EURT stablecoin in partnership with fintech firms in France and Ireland. The timing coincides with the implementation of the EU’s Markets in Crypto-Assets (MiCA) regulations, which are expected to bring greater clarity and confidence to the European blockchain landscape.
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Stellar Blockchain Strengthens Security Using Blockaid’s Detection Technology