How do I secure decentralized exchanges?
Asked 2 years ago
Hi everyone, what is the best way to secure a decentralized change and everyone on it? I'm concerned that I don't do a good enough job, and we get hacked, and I'd rather be safe than sorry. TIA.
Monday, April 25, 2022
It is better to be safe than sorry, but there are often times when something inevitable could happen, and this does not imply a problem on the part of the developers or anyone. On the flip side, there are measures that can be taken to secure any DeFi project. The first is human verification, and that has to do with KYC. Now KYC in DeFi simply means that there is a company somewhere that is trusted by most people already in DeFi and that company is saying that the developers of the project are real people who have done due diligence and they have good intentions. The other thing to do is smart contract auditing which should also be done by reputable security companies like CertiK. Auditing a smart contract is the best way to identify potential loopholes that can be exploited by attackers.
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