To tighten their security, stellar integrates Blockaid’s detection technology for real-time threat detection in the Lobstr and Freighter wallets.
Stellar, an open-source protocol concentrating on the payment sector, has partnered with Blockaid, a Web3 security firm, to enhance its security against malicious actors.
The protocol will incorporate Blockaid’s On-chain Detection and Response (ODR) technology into its ecosystem, commencing with its Lobstr and Freighter wallet applications, per an announcement on October 17. Stellar’s users will benefit from the tool’s real-time threat monitoring and rapid response capabilities.
Advanced Tools for Addressing Blockchain Threats
According to the protocol, Blockaid’s ODR technology functions similarly to antivirus for Web3 applications, offering users a safeguard against potentially malicious decentralized applications (DApps) or tokens and harmful transactions.
The Stellar blockchain’s real-time alerts will warn users when they engage in suspicious activities, enabling them to avoid security risks.
The integration with the protocol is a game-changer in the fight against scams and hacks, which have plagued the blockchain space for years, according to Blockaid CEO Ido Ben Natan.
The cryptocurrency industry has suffered billions of dollars in losses from cybercriminals and other fraudsters. Hackers stole $1.38 billion in the first six months of the year.
The thefts have prompted significant apprehension among founders and traders in the industry. As a result, numerous projects, such as Stellar Network, have implemented enhanced security measures to safeguard users from being exposed to theft.
The Battle Against Cyber Attacks
The emergence of companies such as Blockaid, dedicated to providing the infrastructure necessary to prevent cybercriminals from stealing from traders, has also resulted from the escalating rate of theft within the crypto economy.
The Web3 security firm has been collaborating with other platforms to address security concerns in the crypto economy. The organization has prevented over 100 million attacks and scanned more than 4.5 billion transactions since its inception.
Furthermore, Blockaid has mitigated potential losses exceeding $4 billion. This accomplishment has established strong partnerships with prominent entities in the crypto ecosystem, such as Avalanche Core Wallet, 1inch, and Coinbase.
“Blockaid’s Web3 security technology, which Coinbase, Stellar, and Metamask endorse, has screened more than 4.5 billion transactions, averted over 100 million attacks, and protected against potential losses exceeding $4 billion.”
Blockaid Enhances Its Roaster of Partners with Stellar
Blockaid’s influence is being broadened across a wide range of crypto platforms with the inclusion of Stellar in its partnership roster. This move will further enhance the security of users involved in digital asset management and DeFi.
The partnership represents another stride in Stellar’s ongoing endeavors to safeguard its infrastructure. The blockchain’s innovative Federated Byzantine Agreement (FBA) consensus algorithm has earned it recognition for its efficiency in financial transactions, which provides faster transaction finality than traditional blockchains such as Bitcoin.
The protocol is currently facing a critical period, as it has recently reintroduced the EURT stablecoin in partnership with fintech firms in France and Ireland. Consequently, the collaboration is timely. The timing is based on the EU’s Markets in Crypto-Assets (MiCA) regulations, which are anticipated to enhance the European blockchain landscape by providing greater clarity and confidence.