BNB Chain launches a new community-run security mechanism to protect users

Binance’s native blockchain, BNB Chain, has launched AvengerDAO, a new community-driven security program designed to help protect users from scams, malicious actors, and possible attacks.

The security-focused Decentralized Autonomous Organization (DAO) was developed in conjunction with leading security companies and popular crypto projects such as Certik, TrustWallet, PancakeSwap, and Opera, among others.

The AvengerDAO security program consists of three main components, a passive API system called Meter, a subscription-based alerting system called Watch, and a programmable money management system called Vault.

AvengerDAO adds an extra layer of security when users on the BNB chain interact with any application or counterparty. The Meter API system obtains security ratings for smart contracts, domains, and addresses, and alerts users when security breaches occur. The Watch system alerts users to ongoing attacks in real time, while Vault acts as a custodian, releasing funds only when certain preset conditions are met.

In an exclusive conversation with Cointelegraph, Gwendolyn Regina, investment director at BNB Chain, explained how the community will be responsible for security decisions. She said the community will investigate existing security audit service providers to understand what types of common security vulnerabilities exist. She added:

“We believe that as more professional security audit firms join The DAO as members, we will collectively gain a better understanding of the security landscape and work to strengthen it.”

Some members of AvengerDAO, including secure decentralized application (DApp) Hashdit, have release The integration with PancakeSwap will allow its users to obtain security ratings for the smart contracts they interact with in early September.

BNB Chain pays special attention to user security and has launched several initiatives in the past few months. Before the launch of AvengerDAO, BNB Chain launched Dappbay, which is equipped with a new feature called Red Alarm. This feature evaluates project risk levels in real time and alerts users to potentially risky DApps.

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Within a month of going live, DappBay’s red alert feature identified more than 50 on-chain projects that posed significant risks to users. The security feature analyzed 3,300 contracts in July alone.

While Red Alarm is only meant to flag vulnerable smart contracts and projects that present financial risk, AvengerDAO aims to be a multi-dimensional security program focused on detecting real-time vulnerabilities and exploits.