Buy Lossless (LSS)

What is Lossless?

Lossless is a protocol designed to provide an additional layer of blockchain transaction security. It focuses on protecting selected projects and their communities from malicious exploits and the associated financial loss. By leveraging community-driven threat identification tools and a unique stake-based reporting system, Lossless offers real-time protection against fraudulent activities in the crypto space.

How does Lossless work?

Lossless operates as a DeFi hack mitigation protocol, primarily on Ethereum (ERC-20) and other compatible blockchains. It utilizes a Proof of Stake (PoS) consensus mechanism to facilitate hack detection and validation. The process involves:

1. Hack Detection: Community-driven bots and manual reporting are used to identify suspicious transactions.
2. Transaction Freezing: On detecting a hack, transactions can be frozen for 24-48 hours by staking 2500 LSS tokens.
3. Validation: A committee, including third-party auditors and token creators, reviews claims.
4. Permanent Freezing and Reversal: Confirmed fraudulent actions lead to permanent freezing and reversal of transactions, with rewards for the finders.
5. Governance: LSS tokens allow holders to participate in protocol governance.

What are the potential use cases for Lossless?

Lossless has various potential use cases across multiple sectors:

1. DeFi Security: Provides security for DeFi protocols to prevent and recover from fraudulent transactions.
2. Smart Contract Protection: Ensures the security of smart contracts against exploits and malicious activities.
3. Web3 Security: Offers tools to protect users from hacks and scams in Web3 applications.
4. Crypto Wallet Protection: Customised solutions dedicated to safeguarding crypto wallets.

It has real-world applications, such as aiding Cream Finance in recovering stolen funds, demonstrating its effectiveness in exploiting recovery.

What is the history of Lossless?

Lossless was founded in 2021 by Vygandas Masilionis and Domantas Pelaitis. The founders brought a diverse background in blockchain, cybersecurity, and finance to create a team aimed at enhancing DeFi security. Key milestones in its history include launching on the Ethereum mainnet, recovering significant funds for compromised networks like Cream Finance, and forming over 30 partnerships to bolster its ecosystem. The protocol continues to evolve with developments like the LERC-20 token standard and active community-driven monitoring enhancements.