Binance Debuts ‘Project Shield’ to Decrease On-Chain Vulnerabilities

Binance’s ecosystem has been vulnerable to several security concerns in the past, which Project Shield could help investors avoid.

Binance Ecosystem Security Gets an Upgrade

Binance has announced a new initiative, Project Shield, on Dec. 14. Project Shield will be the first-ever audit program designed to review tokens listed on cryptocurrency exchanges.

This initiative will support projects to improve on any existing vulnerabilities that might arise from the audit, which adds an extra layer of protection for investors interested in BEP-20 and ERC-20 standard tokens listed on the Binance exchange.

“With the increased interest in the market and the profitability of crypto investments, the number of people ‘apeing’ has increased. Investing without proper knowledge and enough research is risky, but through Project Shield, we believe that Binance can be one of the first hurdles that projects have to overcome before they approach users,” stated the CEO of Binance, Changpeng Zhao, more commonly known as CZ, in the official blog about the announcement. “Furthermore, with the increased standards of security for projects, we believe that the industry will get healthier, which will allow for greater mass adoption in the near future,” 

Source: Binance Blog

Project Shield aims to protect users and provide access to secure projects with evaluations of security, legal, and regulatory compliance standards, including performance reviews for projects listed already.

“Securing our platform is one of our key priorities. Project Shield will enhance our existing capabilities by leveraging industry partners to strengthen our defenses and protect the Binance ecosystem,” mentioned Tigran Gambarayn, the Vice President of Global Intelligence and Investigations at Binance.

The exchange is partnering with reputable blockchain security companies like CertiK and PeckShield to review tokens that are listed, even including those in the Innovation Zone, to protect users through a security audit.

What is Binance?

Binance is the world’s largest cryptocurrency exchange that was founded by CZ in 2017. Since then, the Binance ecosystem has grown massively with the launch of their own blockchain networks, namely, Binance Chain and Binance Smart Chain (BSC) that have gained significant traction. According to data from DeFiLlama, the total value locked (TVL) on DeFi protocols is $16.96 billion, a second only to the TVL on the Ethereum blockchain.

Find more about Binance here:

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Source : bsc.news

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