A token is a crypto-asset that exists in an ecosystem, like a project built on Ethereum. The token is compatible with all Ethereum-based assets that share the same token standard but will not be compatible with cross-chain cryptocurrencies.

Essentially, tokens allow a person to build their blockchain-based idea or business without the great effort of building a cryptocurrency from scratch. However, its creation comes with some issues, such as legitimacy, fees, and smart contract security.

A Cryptocurrency Security Standard

With decentralized finance (DeFi) applications on the rise, platforms are suffering more hacks than ever before. DeFi hacks have caused multi-billion dollar damage, which proves that token security is very important. But we have no easy solution to such threats.

Some projects may not be able to afford experienced contract developers, which could be their downfall before even getting started. For an industry that is trying to go mainstream and requires developers of all backgrounds to start their own cryptographic projects, security needs a standard.

Projects and developers need an easier way to set up token security. However, there are blockchain projects working to support new developers with platforms that generate tokens with pre-built security standards to ensure developers are grounded.

Streamlined Token Development

Decentralized Token Deployment Application (DApp) that allows users to mint and deploy their own tokens through a Web 3.0 wallet. Tokens will follow all necessary standards on the blockchain of their choice and will take advantage of the security and efficiency of the blockchain.

Of course, such a project must have pre-tested code, and a deploying DApp would need solid developers and a strong team behind it.

The project currently exists in a similar form that is Lossless . It is a multi-chain protocol that mitigates DeFi attacks through a specialized code that projects integrate into them. By inserting a Lossless token into the token, token creators receive protection from fraudulent transactions.

A lossless Solution

Lossless works by integrating user-generated hack detection bots to freeze suspicious transactions. The bots are created by white hat hackers participating in the network, who earn a reward every time their bot detects a hack.

Lossless recently launched the Token Minter feature for developers to mint their own tokenized smart contracts on the Ethereum (ETH), Polygon (MATIC) and Binance Smart Chain (BSC) networks. The project’s code is pre-tested, providing users with a secure way to start their own tokens. Lossless token sellers also get a free trial, requiring users to pay a one-time gas fee for contract deployment. Minters may choose to pay for a third-party security audit from cybersecurity company Hacken.

Lossless minted tokens have a built-in sleeper code that activates when the Lossless security protocol is launched. Of course, the sleeper code exists alongside other lossless security features.

Lossless Mint is considered an experimental feature for users to test this security for themselves. It generates a token in minutes, allowing anyone to build a foundation for their ideas. Lossless describes the tool as “a tool that is free to use by anyone to create and deploy token contracts at will on ETH, BSC, and Polygon. “You will complete your contract in minutes. Go ahead, start playing around and experimenting with it.”

Main website: https://lossless.cash/

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