Stellar Integrates Advanced Security Technology for User Protection
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Blockaid, a company specializing in blockchain security, has integrated its Onchain Detection and Response (ODR) technology into the Stellar blockchain, initially targeting the Lobstr and Freighter wallet applications.
This move, announced on October 17, aims to enhance security with real-time threat detection and response capabilities, with additional integrations planned for the future.
Ido Ben Natan, Blockaid’s CEO, stated that the technology will alert users to potentially harmful transactions and DApps, effectively acting as an antivirus for Web3 platforms.
The firm claims its solutions, trusted by major names like Coinbase and Metamask, have scanned over 4.5 billion transactions and blocked more than 100 million attacks, preventing potential losses of over $4 billion.
Stellar itself is an open-source platform for decentralized finance (DeFi) and payments, with its token, XLM, valued at approximately $2.8 billion as of October 16. The platform’s Federated Byzantine Agreement (FBA) algorithm enables quicker and more efficient transaction processing compared to others like Bitcoin.
Additionally, Cointelegraph previously reported on the collaboration between Next Generation and Decta to launch EURT, a euro-pegged stablecoin on Stellar, signaling a positive trend in regulatory clarity for crypto firms in the EU amid the new Markets in Crypto-Assets (MiCA) regulations.
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