“Preparing for Network Hacking by Beefing Up Security of DeFi Services.”
Even without a third-party agency and legal system to guarantee the funds, many people have started to participate in DeFi services powered by blockchain networks. The reason for DeFi’s growth is the advantages of decentralization, efficiency, and the fact that anyone can participate while also fixing the disadvantages of the complex traditional finance system. However, this has led to continuous problems of hacking because of the openness and weak security of DeFi.
Actually, blockchain networks are nearly impossible to hack or forge, but issues such as information theft, loss, and hacking of wallets have arisen. For example, from 2018, there has been an increase in hacking due to cryptojackers and randsomware (weak security). On April 18th, 2020, the DeFi exchange Uniswap was even hit. Uniswap is a decentralized exchange that uses a ‘liquidity pool’ to ensure faster cryptocurrency transactions. This security attacks are a result of DeFi being highly reliant on smart contracts instead of being managed by humans. The weakness of smart contracts is that it is difficult for developers and regular users to detect a hacking in advance.
There is a continued importance of knowing and communicating who the owner of the wallet is. However, it is almost impossible to search for the owner because the wallet information starts from the time the block and hash is created. Additionally, when a cross-chain network environment is established, the existing explorer must check the block and hash values of all networks. Since this is virtually impossible, it is not convenient to the user.
As a result, there is a need for a system that can clearly record and check the transaction history of consumers. To help users easily track block and hash values and record integrated management functions, CenterPrime has developed “Oracle Perceptron Explorer”.
CenterPrime’s Explorer solves the aforementioned problems by:
Checking the end user’s browser / OS information and keeping a record of the searched block and hash values
Recording the block and hash values with the owner information
Providing integrated management functions
For example, rather than tracking Alice’s search data in order to find her wallet, Oracle Perceptron Explorer will record the block and hash values in the software and programs from when the wallet was first made. In addition, all information generated in the real economy and digital economy, such as neuron asset creation, exchange, wallet creation, payment can be provided with integrated management functions by recording block and hash values. As a result, hacking prevention and strong security, along with user convenience, is provided.
Existing blockchain explorers record block and hash values on the network, but even as attention has focused on the DeFi service, they have not been thoroughly prepared for problems caused by the increasing user base. CenterPrime’s Explorer will solve these problems through the aforementioned factors in order to help more users use the service comfortably and safely. So, through the Oracle cross-chain network, DeFi will be widely commercialized in the CenterPrime network as well as other networks.
The CenterPrime project uses a Hyperledger private chain to share an open banking API to apps, connecting centralized finance to decentralized finance. Also making smart pairing data for loan, remittance, exchange, payment, and exchange rate information possible to be included in fintech oracle networks.