Hardware wallets are not 100% hack-proof, but this integration adds another important security layer.
Secure hardware wallet provider Keystone has sealed a partnership with top BSC DeFi protocol, PancakeSwap. The deal enabled PancakeSwap’s Application Binary Interface (ABI) to be loaded on Keystone devices.
In simple terms, an ABI is a sequence of readable codes that shows data flow during a transaction. Encoding an ABI into Keystone adds an extra layer of security by enabling users to verify the smart-contracts they’re interacting with before those transactions are approved. PancakeSwap announced the partnership on February 16:
“We are pleased to announce: Keystone – a hardware wallet provider added the support of #PancakeSwap contracts ABIs to their devices. Their users will be able to authenticate transactions prior to signing in a much more visually pleasing way,” stated the tweet by the top BSC protocol.
Many people assume that hardware wallets are hack-proof. That may not be entirely true, however. Many hardware wallets existing today only do shallow authentication whereby users sign a transaction without digging deep to confirm they’re interacting with genuine smart contracts. This superficial authentication is known as Blind Signing, which still makes it possible for owners of hardware wallets to be vulnerable to skilled hackers, as happened to Nexus Mutual’s founder, Hugh Karp.
By implementing PancakeSwap’s ABI, Keystone users will be able to view the smart-contracts of transactions initiated from their software wallet’s PancakeSwap Dapp to be sure it matches the genuine one pre-loaded into the Keystone hardware wallet. If there is any mismatch in the contract’s variables, the user is alerted on the screen of the Keystone device, thus enhancing the security of Keystone’s users while interacting with PancakeSwap.
In decentralized finance, you can never be too careful when it comes to preventing your crypto assets from falling into the wrong hands. As such, any security solution – such as Keystone’s ABI approach, which makes it much more difficult for users to fall victim to hackers, is a very welcome development. See this handy BSCNews guide for ways to keep your crypto assets safe on the Binance Smart Chain.
What is Keystone?
Keystone is a 100% air-gapped QR code hardware wallet. The wallet is designed to maximize attack cost, minimize trust, prevent potential human error, avoid single-point-of-failures and boost interoperability.
Keystone Hardware Wallet supports BTC, ETH, USDT, BCH, XRP, TRON, LTC, DASH, DOT and KSM. ETH and TRX tokens are also supported. Here is the complete list of crypto assets supported by Keystone.
Learn more about Keystone here:
What is PancakeSwap?
PancakeSwap is a Decentralized Exchange (DEX) built on BSC. It offers users various features such as Liquidity Pools, Swapping, Yield Farming, Syrup Pools, Automated Market Maker, Initial Farm Offering (IFO), NFT profile system, and many others.
With the highest trading volumes in the market, PancakeSwap is the leading DEX on the BSC.
Visit these links to learn more about PancakeSwap:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.