In an attempt to reach our vision of becoming the trust symbol for DeFi and a widely adopted anti hack tool, we’ve taken steps from the first day to ensure we reach that vision. That’s why the whole private fundraise round consists of value-add investors that contribute to Lossless long-term success. LaunchX is a partner without an exception to this rule.
With the Lossless token standard developed, LaunchX will promote integration of the code to all future tokens launched on its Launchpad. The partnership will allow more projects to use the Lossless code in their protocol, to provide more value and trust to their users and investors. Therefore, with this code, it is possible to stop or track hackers before users lose their funds.
We are excited for such a big platform and look forward to achieving our goal of helping DeFi projects reduce fraud in their protocols, and ensure their users are protected at all times. This partnership also allows our token, $LSS, to have more use cases and attract more users, who are keen to get rewards for spotting, reporting and stopping hacks.
Projects wishing to launch on the LaunchX platform go through a thorough background check before they can be listed for a fundraiser. During this process, the chosen projects will integrate our crypto hack mitigation tool for trusted and safe DeFi. Therefore, the project will be able to empower white hat hackers and security experts to assist in detecting, stopping hacks and retrieving any stolen funds. Investors will be protected against any fraudulent activities from the beginning, providing more trust in the DeFi protocols.
Launch X is a decentralized multi-chain, governance-based IDO Launchpad with a unique functionality and a B2B ecosystem that gives start-ups the flexibility to raise capital in a decentralized manner across multiple blockchains. LaunchX is based on the Binance Smart Chain with full cross-chain integration to expedite Ethereum tools and DApps, allowing projects built on Ethereum to be effortlessly ported to BSC and increase access to a broader audience.
LaunchX’s governance model allows for a transparent and fair listing process with its target set on innovative and strong projects with robust teams. Users of the platform have the opportunity to back their desired projects on the Launchpad. The proposed projects are thoroughly assessed and analysed by industry leading financial, marketing and legal specialists. The Launchpad therefore only lists the strongest and legitimate projects with the highest potential.
Lossless protocol is used to freeze fraudulent transactions based on a set of fraud identification parameters, then returns the stolen funds back to the owner’s account. Token creators use the Lossless code by inserting it into their protocol to mitigate the losses suffered from exploits and hacks. Lossless is able to mitigate hacks by using a stake-based reward system to incentivize the community to develop increasingly effective hack-spotting mechanisms. The first spotter to take action receives the reward.
Lossless has a two-step process for recovering stolen funds; instant freezing after a hack which is community and technology based and permanent freezing which is done after a hack has been verified by the Lossless committee, company and token creator.