Can Proper Funding Unlock the Potential of Decentralized Security?

[AMEBOIBADAN]

Hello everyone, i remember seeing a big boss in this space weeping like a baby when his security was compromised, and thousands of dollars were stolen. This incident made me realize that we still have a long way to go in securing the cryptocurrency space, of which Web3 is also a part.

At that time, I told someone that tackling the issue with proper funding within this space could easily be the solution. And it seems I foresaw the future because while reviewing the whitepapers of new projects set to be listed soon, one caught my attention due to its unique goal: building Web3's first decentralized security layer. I think it was called $GPS, and I'm still conducting research on it.
But do you think projects like this will positively impact the security of cryptocurrencies with proper funding?

[hugeblack]

NO, Withdraw your coins from exchanges.


Use an open source, well-reviewed wallet and create seeds in an airgapped environment.


Sign your transactions from the offline device and broadcast them via the online device.


If you do this correctly you will avoid 99.99% of hacking or losing your coins.
Most hacking comes from using exchanges, closed source or hot wallets otherwise many lose their funds due to bridges and centralized services.

[AMEBOIBADAN]

NO, Withdraw your coins from exchanges.


Use an open source, well-reviewed wallet and create seeds in an airgapped environment.


Sign your transactions from the offline device and broadcast them via the online device.


If you do this correctly you will avoid 99.99% of hacking or losing your coins.
Most hacking comes from using exchanges, closed source or hot wallets otherwise many lose their funds due to bridges and centralized services.

Thank you for sharing your expertise and providing actionable advice on how to secure our cryptocurrencies. You're absolutely right; using open-source, well-reviewed wallets and creating seeds in an air-gapped environment can significantly reduce the risk of hacking and losing funds.

Your point about exchanges, closed-source, and hot wallets being vulnerable to hacking is well-taken. Decentralized security solutions, like the $GPS project I mentioned earlier, can complement these best practices and provide an additional layer of protection.

I appreciate your emphasis on taking personal responsibility for our cryptocurrency security. By combining robust security measures with innovative solutions like decentralized security layers, we can create a safer and more secure cryptocurrency ecosystem.

[Dust Farmer]

I'm familiar with the project you mentioned. It does look like it has a bit of potential since it already protects around 30 blockchains and more projects. With enough time it can definitely improve the overall security in the cryptocurrency space or serve as the foundation and framework for something better. Until then though, it's simply a project with potential and speaking of its potential, it looks like its token GPS got listed on Bybit, Bitget, Gate and some other exchanges which is a good sign.

[hugeblack]

I appreciate your emphasis on taking personal responsibility for our cryptocurrency security. By combining robust security measures with innovative solutions like decentralized security layers, we can create a safer and more secure cryptocurrency ecosystem.

No, the $GPS project cannot do that, NOT YOUR KEYS NOT YOUR COINS and trusting a third party project to secure your coins is not a wise choice.


Since you are trying to promote the project, let's dig a little deeper, I will rely on this article to get to know the project ----->
https://medium.com/@oluwatimileyinayomide06/gps-token-powering-web3s-first-decentralized-security-layer-908d08901fd8


According to the article, the main features of the project are AI-Powered Security Solutions, Decentralized Protection, Filling the Gap in Web3 Security, it is complete nonsense, and these features do not explain security at the individual level, but at the blockchain level, which is present in Bitcoin.