DeFi market has expanded exponentially in 2020, and the total value locked (TVL) has soared from less than $1 billion to $88 billion. The booming market has attracted more crypto enthusiasts, as well as fraudsters and scamsters.
A recent report by FTC (Federal Trade Commission) stated that around 7,000 U.S. consumers reported losses of more than $80 million on various cryptocurrency scams between October 2020 and March 2021, with an average of $1,900 per transaction.This takes the reported losses to nearly 1,000% more, comparing to last year.
Security problems that may arise at any time bring anxiety to unaware and inexperienced crypto newcomers. Even with these risks, DeFi market is still attractive for investors. But the fragmented DeFi application functions still don’t allow easy access for new users, especially when they just shift from the traditional internet world.
In order to solve the issue, we have developed Go Pocket as the core portal for DeFi users as well as crypto enthusiasts, which is specifically featured in overall asset security and efficient use.
Comparing with the last generation crypto wallet, Go Pocket focuses on asset security and use efficiency instead of only private key security. Its main competitive advantages are as follows:
• Comprehensive and proactive security safeguard mechanisms (asset security, transaction security, investment security)
• Aiming for efficient use of assets, integrating one-stop Dapp usage scenarios
• Supporting multi-chain assets and cross-chain transactions
How does Go Pocket protect asset security？
Go Pocket helps users conduct one-click asset security assessment and realize proactive security defence through a unique security risk safeguard mechanism combined with data input from three channels: market information, Dapp smart contract and public chain transaction data.
- Security risk safegurad mechanism
As the core algorithm of security protection, risk identification framework of Go Pocket mainly consists of 4 modules, which are
• Security data capturing
Go Pocket collects security incident samples of public chains from third-party partners including ETH, BSC, Polygon, HECO, polkadot, Solona, etc.
• Risk identification & diagnosis
Establish a security risk model by accumulating and analyzing sample data, then match the detected risk information with the existing security model.
• Risk control strategy
Risk control strategy takes prompt detection and elimination as the first rule, in order to minimize losses in the shortest possible time. The next step would be to deal with risks in a comprehensive way and solve security problems accurately.
• Security event broadcasting
Broadcast in the community immediately after the security event. High-frequency risk broadcasting can update users’ risk awareness on a continuous basis, and also increase users’ loyalty and build a security-focused community.
Members of the security community include users with different risk awareness levels, and also technical experts who have an in-depth understanding of wallet security system, these users will become the core contributor of the later security-focused DAO community.
2. One-click asset security assessment (Go Pocket V 1.0)
Go Pocket users can protect their tokens and avoid potential risks with just one click to enter the “Security Check” page.
Users’ assets on different chains and different addresses will be presented on the security check page in a consolidated way, as shown below. By clicking the “Security Detection” button, the security levels and issues of all assets will be displayed in the corresponding asset list, after Go Pocket security check algorithm looks through the following items:
• If the token contract source code has been verified
• If mind function is transparent
• If the function claimed by the contract owner has been implemented
• If tokens or liquidity have been locked
• If tokens can be sold normally
• If there is no limit to the number of token transactions
• If there is black-and-white list function
• If there is malicious code
• If there is proxy in the contract
• If back door code is detected in the contract
• If transactions can be made with normal slippage
Once all security items have been checked and passed, the assets are secure. Secure assets will be marked by a green shield on top right corner, as showing above. While assets with higher risk will be marked by orange shield, and the ones with highest risk will be marked by a red shield, meanwhile users will find the reason detected by Go Pocket listed right under the assets item.
3. Proactive security safeguard (Go Pocket V 2.0)
Go Pocket actively safeguards assets in three dimensions:
• Asset storage security
• Transaction security
• Investment security
Risk cases includes, for example, phishing site scam, counterfeit currency, smart contract loopholes, flash loan attacks, sandwich attacks, etc.
Go Pocket will immediately pop up to show the risk content and potential losses when a risk project emerges, and guide users to avoid high-risk operations. See below as examples.
In addition to the core security function, Go Pocket is also featured with one-stop Dapp using scenarios and simple & user friendly UX, the ultimate goal of Go Pocket is to lower Dapp using threshold for users and to safeguard users’ assets in the decentralized web.