What is lossless?
The Lossless Protocol is the first tool designed to help track and detect hacks, so that affected entities get their stolen funds back. Lossless Protocol helps to freeze a fraudulent transaction based on a set of fraud identifiers and return the stolen funds to the owner’s account.
Highlights of Lossless
Lossless Protocol is a secure, trusted DeFi ecosystem that mitigates damage from hacks and exploits. Lossless Protocol is the first tool that can monitor and detect attacks against affected entities.
At its core, the Lossless protocol is a piece of code that token creators insert into their token. This allows Lossless to freeze any fraudulent transactions based on a set of fraud identification parameters.
Lossless offers two levels to minimize losses and control hacks
Platform for finding hacks through Proof-of-Stake mechanism
- Intuitive dashboard allows for general visibility and manual reporting to hack discoverers
- Bot-friendly APIs for community-generated hack detection bots
- A transparent reward system ensures a high level of engagement and innovation
Lossless tripartite decision-making structure
- This structure consists of three entities – Token Creator, Lossless Company, and Lossless Committee. Lossless will cover frozen transactions including investors with a large portion of LSS tokens and key public institutions that provide reliable and unbiased decision-making, such as audit firm… If a hack is verified, the commission will make a recommendation to revert the stolen funds back to the original address.
Lossless protocol will work immediately after the hack happens
Minutes after hack – anyone (finders) can freeze the address for 24 – 48 hours if they stake $LSS. The Lossless team will look at the frozen address to determine if it is valid. If valid the finder is rewarded with a fee. If invalid, that finder’s staked tokens will be confiscated, the reported address will not be frozen. Hours after hack – Lossless Company will review the code and contact the contract owner. If the hack is validated, the address will be frozen for 14 days and the committee will issue a recommendation to freeze the transaction permanently and reverse the transaction.
Hack search method
Listen for on-chain events
- Example: OwnershipTransferred – Smart contract that emits events about certain actions.
- Example: Event is emitted on the blockchain if a new ERC-20 token is mined.
By listening for this event, searchers can find a hack.
Check for abnormal token activity
- Example: Large Transactions, Pulling Liquidity: Very unusual token activity, such as very large transactions from team wallets without prior notice, can also be a sign of a hack.
3rd party reports
- Example: Regarding exchange hacks: Hacks in the blockchain can also be identified with the assistance of 3rd parties.
- For example, a centralized exchange might publicly announce a security leak that those who find it can use to freeze affected addresses.
Token Basics ( $LSS )
- Token Name: Lossless Token
- Ticker: $LSS
- Blockchain: Ethereum, BSC
- Token Standard: ERC-20, BEP-20
- Contract: Updating…
- Token type: Utility
- Total Supply: 100,000,000 $LSS
- Circulating Supply: Updating…
Token Allocation
- CompanyReserve: 15%
- Advisors: 5%
- Private Round 1: 12%
- Private Round 2: 22%
- Public Sale: 1%
- Marketing/Listing: 10%
- Adoption Incentives: 20%
- Team: 15%
$LSS Token Wallet & Exchange
$LSS is a token belonging to ERC-20, BEP-20, so you can store $LSS on personal wallets such as: Trust Wallet, MetaMask, Coin98… In addition, you can also store it in exchange wallets.
You can buy tokens at:
Roadmaps & Updates
2021 Q2
- Fund establishment
- Establishment of the Lossless Committee
- Introduce Solidity standards for Lossless
- Public security audit
2021 Q3
- Lossless Hack Monitoring Toolkit
- Loss Token Administration
2021 Q4
- Token Reset Kit Available
- Main Wrapped ERC-20 tokens with Lossless code (L-BTC; L-ETH)
- Support BSC/DOT
Project team, investors & partners
Project team
Adviser
Partners & Investors
Knife Maker, Bounce, Magnus capital are prominent lossless partners.
Summary
DeFi is growing rapidly, but the technology, accessibility, and security of current DeFi projects are still in the early stages of development. These crypto platforms have become the main target for hackers to attack to profit from technology vulnerabilities, causing damage to the project and investors. Therefore, Lossless has set a goal to build a reliable and secure DeFi ecosystem with minimal or no loss due to network attacks and exploits. This is a potential project but still very new, so it needs to be monitored more before making an investment decision.
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