A total of $2.1 billion Assets have been stolen by hackers. Although we have seen a major drop in hacking cases on the Defi sector, still its a major problem and a threat in centralized exchanges.Security measures have been taken but still exploiters always seem to find a way to do it.
I suppose its time we accept that exploitation /hacking is a major problem , its a problem which seems to be unsolved the same way we seem to accept fraudulent as an unsolvable problem in traditional world.
According to history , it’s proven that when we realise that a problem can’t be solved we always thrive above it. The problem dissapears into a thin air and we realize that the so called problem was always an illusion .
But how can we thrive above the hacking problem ? And how can Klever take the leading role ?
To me its through Crypto Insurance . Yes Insurance , I know it sounds weird but hold on .
Think about it this way , when someone is involved in an accident and his vehicle is insured does he worry about buying another car , does he have to worry about the bills ? No!! He doesn’t . All worries are outsourced to a third party.
But how will this apply in crypto ? This is where Klever comes in. (Alot of insurance firms are yet to be exposed to blockchain and whoever makes the early jump to insure crypto sector is in for massive growth.) and we can take the leading role by reaching out to insurance firms , showing them the industry gap and need for insurance in crypto .We already have data to show that we need insurance ($2.1 billion Assets stolen).
Through Klever network we can develop Dapps which deal with registering and insuring blockchain users .Of course the blockchain users need to pay a insurance premium .To ensure safety Defi protocols should ensure that users have insurance cover before depositing on their protocol
The issue of being hacked and security efficiency is one that continues to linger around. I believe hackers continue to make more efforts and try to come up with new methods to carry out this theft. One way to beat them at this is to continue to stay 2 steps ahead and to implement the “best” security measures and precautions at all times. Klever is a web3 platform that understands this and they show us everyday how committed they are to implementing effective security solutions.
Thanks a lot @Antony_muinde for this detailed information
Klever can help solve key issues in DeFi by making it easier and safer for people to use. With Klever, users can store and manage their digital assets securely, as the platform has strong security features. Klever also makes DeFi accessible by simplifying complex processes, like staking and swapping tokens, so even new users can participate without much hassle. Plus, Klever’s tools can reduce transaction fees and processing times, which are often a problem in DeFi.
@Antony_muinde You’re absolutely right; hacking and exploitation are persistent threats in DeFi. Embracing crypto insurance as a solution is genius! By outsourcing risk to third-party insurers, users can mitigate losses and have peace of mind.
Great insights on addressing the persistent hacking issues in crypto through insurance. I agree that crypto insurance could bring much-needed stability, similar to how traditional insurance alleviates risk. If we (Klever) position ourself as a bridge between blockchain and insurance firms, it could not only establish market leadership but also enhance user trust by mitigating losses from hacks. Developing Dapps that offer secure and user-friendly insurance solutions would be a pioneering step in the crypto world, paving the way for sustainable growth and wider adoption.
sure @Abbeyfx , if Klever implements this it will be like Tesla. everytime we think of electric vehicles we think of tesla same way it would be everytime we think of blockchain insurance Klever comes on our mind
