AMA Recap: Quick Intro Into Lossless
Lossless CMO Monika recently participated in an AMA with the ₿EAR kING community and introduced Lossless in full. Check it out here to get up-to-date with our core idea and technology.
Q: Can you please introduce yourself and your background, also introduce the team working on Lossless?
A: Sure thing. 👏 My name is Monika, I’m the CMO of Lossless. I started working in tech in 2016, went into blockchain in 2017. Marketing was always my core passion, be it in the corporate or crypto world so I enjoy working with $LSS every day. 😎
You can always find me on Twitter if you’d like to stay in touch: https://mobile.twitter.com/monika_svdrsk
As for our team:
All the members can be found on our website https://lossless.cash 👏 Of course, the tech team is the biggest one. 🔥
Q: What is the mission of your project? And what users can get from Lossless?
A: Our mission is a trusted and safe DeFi ecosystem with minimal to no losses from hacks, exploits, or social engineering.
We provide a solution that helps spot hacks, freeze them and revert stolen funds back to the owner’s account. 🚀
We have a mechanism that allows token creators to insert a code snippet into their token smart contracts. This gives us the power to scan that currency’s transactions and spot fraudulent ones.
We can then stop them with a network of developers/white-hat hackers midway by freezing them. Then a Decision-Making Body investigates if this is an actual hack or not and if yes — we revert the funds. 💰
So the main thing users can get is security from hacks, exploits, and social engineering if they invest in tokens that have our solution integrated. 30+ already have — names like Vulcan Forged, AAG Ventures, Engines of Fury, and more. 😎
Q: Could you explain a little about Lossless and what makes it different from other projects?
A: Of course. 👌 Videos explain such things best! Here you can find an overview of what we do best — DeFi security. 😎
It may look difficult but we’re actually offering infrastructure to those that want to clean up DeFi.
A Finder spots a hack and reports it. Community members can stake on top to earn rewards. Decision-Making Body investigates to validate a hack (or not). This way we save millions of stolen money. 💰
We lost 10B last year. This first quarter — 1.2B, which is already 8 times higher than 2021 Q1. Speaks volumes. As for how are we different — there are only 15 Cybersecurity projects listed in that category in CMC.
Q: Can you tell us about some of the partners, and projects that are currently working with Lossless?
A: We have plenty! 🔥 We have so far secured around 60 partners. Here’s our security ecosystem, as we call it. 👇
You’ll see names like VENT Finance, PAID network, Uno Re, Polygon and so many more. 😎 Our pipeline is full of incoming partnerships. The CBDO of our team has around 3 calls per day with various projects in need of security. So this will only grow. 🌳
Q: What does the name of the project mean to you and why did you choose “Lossless” for your project?
A: Ha, the name was actually born by accident. 😀 But we liked how it sent the message of what we essentially do. “loss” + “less”, since we aim to mitigate hacks in order to minimize losses of DeFi users. So Lossless was born. 🔥
Q: Can you explain how is your tokenomics? How many tokens will be minted? And how many tokens will be locked by the team?
A: Sure thing. In total there will be 100M $LSS tokens. Currently, there are around 45.8M in circulation. In the first week of this June, we will have the last private round’s unlock. 👏 Here are all the proportions shown:
And here you can find our tokenomics explained. After June, team, advisors and the company’s reserve remain as the ones which will experience unlocks. 👌
Q: How can I get the Lossless token? Where can I buy it?
A: You can get us in a couple of places — KuCoin, Uniswap, gate.io, and 1inch. Whichever you prefer. 😎
We’re also working on restoring our BSC liquidity — after a wave of hacks on the chain we withdrew it to come back with tokens that are fully hack-proof. i.e. has the code of Lossless inside too. 🔒
Q: As we know one thing that investors put importance on is security. How do you convince users that the Lossless tech is safe to use?
A: Because we ourselves have applied the technology of token protection onto our $LSS token. We have a dedicated tech team working on multiple tools directed at DeFi security. For example:
- Our Token Minter (https://minter.lossless.cash). If you’re about to launch a token into the market, you can mint it here free of charge. It will also automatically integrate our protocol into your token smart contracts and you will get a highly discounted Hacken audit. 🔥
- Vault Protection (https://vault.lossless.cash). Provides an additional layer of security to tokens that have our protocol integrated. This one already proved its usability when it stopped a 55k worth of a hack for gotEM.
- And of course, our Core Protocol (https://platform.lossless.cash), which we launched 14th of April. 😎 Projects that have us integrated will get a security upgrade. First on ETH, then on Polygon, BSC, Harmony, AVAX, and Fantom.
Here’s an explanation of how it will work:
So we not only provide security but apply it to ourselves as well. Since the security area in DeFi is very early, we must lead by example. 👏
Q: What are your top 3 things for priorities in 2022? Could you share some plans for the upcoming year?
A: So priority no. 1 was to launch our Lossless Protocol smoothly. It’s the main tool we’ve been working on so the main focus will remain on it to add it to other chains we support. 👌
Priority no. 2 — token wrapping tech and new products. Currently, tokens that are about to launch into the market or are willing to relaunch their token can implement Lossless. So with token wrapping, we can ease this process to already established tokens. There are more niches we identified so more products will follow in the DeFi security field.
Priority no. 3 — increase the spotlight on security in DeFi in general. I personally believe there’s much more to be done so that people and projects would see protection as a must, not a nice-to-have. So we will work on this question a lot too. 🔥
Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from Lossless’ known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.
Lossless protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Its solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.