Creating a cryptocurrency from scratch is not easy. Among other things, it requires extensive knowledge of various programming languages and knowledge of blockchain use cases. Instead of going into that hassle, those who are new to the crypto space and want to start their own project tend to tokens.
Tokens are a crypto-asset that exists within an ecosystem, like an Ethereum-based project. A token can be compatible with any Ethereum-based asset that shares the same token standard, but would not be compatible with cross-chain cryptocurrencies.
Essentially, tokens allow one to build their blockchain-based business or idea without the massive overhead required to build a cryptocurrency from scratch. However, creating it comes with its own issues like legality, fees, and smart contract security.
A crypto security standard
With the rise of decentralized financial (DeFi) applications, platforms are suffering from more hacks than ever before. DeFi hacks caused over $ 1.9 billion in loss so far in 2021, meaning token security is more important than ever. Unfortunately, there is no easy solution to such threats.
Some projects seasoned contract developers may not afford what could be their downfall before they even begin. For an industry trying to go mainstream and asking developers of all backgrounds to start their own tokenized projects, security needs a standard. Otherwise that $ 1.9 billion will be much higher.
Projects and developers need an easier way to set up token security. However, there are blockchain projects that support new developers – platforms that generate tokens with pre-made security standards to ensure developers have a base.
Optimized token development
A decentralized application (DApp) for token provisioning enables users to mint and provision their own tokens via a Web 3.0 wallet. The token would adhere to all required standards for the blockchain of its choice and leverage the security and efficiency of the blockchain.
Of course, such a project should have pre-checked code, and a DApp deployment would require solid developers and a strong team behind it themselves.
The project currently in the same form is Lossless. It’s a multi-chain protocol that mitigates DeFi hacks via special code that projects integrate into their own. By inserting the lossless code into the token, token creators are protected against fraudulent transactions.
A lossless solution
Lossless works by integrating user-created, hack-spotting bots that freeze suspicious transactions. Bots are created by white hat hackers who join the network and receive rewards every time their bot finds a hack.
Lossless recently introduced a token minter function that allows developers to mint their own token smart contracts in the Ethereum (ETH), Polygon (MATIC) and Binance Smart Chain (BSC) networks. The project’s code is pre-checked and provides a secure way for users to start their own token. Lossless token miner is also free to try, so users only have to pay the gas fee once for contract use. Minters can choose to pay for a third-party security audit from cybersecurity firm Hacking.
Tokens embossed in lossless have a built-in sleeper code that is activated when the lossless security protocol is started. The sleeper code naturally exists alongside the other security features of Lossless.
The lossless minting tool is intended as an experimental function for users to test this security themselves. It mints a token in a few minutes and enables everyone to create the basis for their idea. Lossless describes the tool as “a free tool that anyone can use to create and provide token contracts on ETH, BSC and Polygon at will. In a few minutes you will be finished with your contract. Come on, start playing around and experimenting with it. “
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