Wallet Guardian is a new tool designed by GBC.ai to enhance Web3 security. Artificial Intelligence (AI) is destined to play a role in leveraging the power of blockchain technology to organize, manage and develop advanced features of digital assets in the future. Blockchain as a mechanism for storage and sharing data paired with AI’s ability to harness this data makes Blockchain and AI a technical marriage worth exploring. As crypto adoption increases so too do the risks of data handling and mismanagement.
Our personal data is more accessible than ever before. Storing data on-chain is a popular way to keep records and as newer users set up their wallets for the first time the Wallet Guardian can be a critical role when interacting with digital assets. AI can be trained to predict the authenticity of data, and the patterns of transactions and identify any potential hacks that may lead to decreased protection for the end-user.
Minimizing the risks of using crypto bridges
Bridges are all the rage in the world of crypto these days with more and more users interacting with dApps across a wide range of blockchain protocols. There are two types of bridges: trusted bridges and trustless bridges. As we move towards a more decentralized future there will be more attention given to trustless bridges that use smart contracts and algorithms that do not require a centralized party for transactions. This increased interest and usage of bridges is testing the levels of security offered across all blockchains. So how can we improve or guarantee that the data we are sending between bridges is more safely protected?
Risks associated with bridges – The largest hacks in crypto have originated from bridges. As it is a new technology, it is vulnerable and susceptible to infiltration from bad actors. As the technology develops over time so too will the security features. In the meantime, users must remain vigilant and understand individual risks when using bridges to engage with cryptocurrencies.
Working with Web3 security products to enhance protection
GBC.AI has announced Wallet Guardian, a brand new Web3 security product that incorporates artificial intelligence into blockchain technology allowing for improved security features and optimization of distributed ledger technology. GBC.AI wants blockchains to become dynamic and, more importantly, become self-aware. This is accomplished by detecting protocol issues and ensuring that vulnerabilities are pre-actively dealt with before they become problems, keeping blockchains efficient and safe.
“To date, audit and monitoring services for Web3 environments have been the preserve of those willing (and able) to pay high fees,” commented Pavel Entin, CEO at GBC.AI. “This runs counter to the individual-empowerment and inclusivity ideals that drive a lot of blockchain innovation as users are still missing the tools that help them research and protect their wallets. There is growing transparency and awareness about how our data is collected and used when visiting Web2 sites. Ironically, this is one area where Web3 environments have started to fall behind.”
“Protection and active intelligence in the form of Wallet Guardian will help put all this right and bring the power of AI to bear on the task. We want to use this tool to bring power back into the hands of users to take charge of the permissions they have granted, identify risks before they cause issues, and understand what information they have revealed, ultimately ensuring they do not compromise their wallets. We’re excited to launch this Wallet Guardian to add to our suite of products designed to harness the power of AI and the blockchain,” added Entin.
Designed to protect digital asset users against the growing number of threats to their wallets, Wallet Guardian combines cutting-edge AI and blockchain technology to offer three tools: “X-ray”, “Real-Time Protection Protection”, and “Bridge Guardian”, which can be rapidly deployed on top of wallet and browser environments to offer unrivaled visibility, protection and control.
The first tool launched within Wallet Guardian is “X-ray”. Before a user approves any smart contract interactions within their wallet, Wallet Guardian’s X-ray feature will display a list of all the permissions and disclosures being requested by the new smart contract transaction. The tool will also allow users to browse and review all the outstanding permissions that their wallet has granted to other smart contracts. This also allows them to opt out of any of these old permissions and mitigate potential risks, ultimately providing users with greater oversight and control over their various smart contracts.
Wallet Guardian’s technology is based on enterprise-grade innovations by GBC.AI. This new consumer-centric product is part of GBC.AI’s mission to be a leader in AI-empowered blockchain technology.