BNB Chain, Blockchain Security Firms Start AvengerDAO to Protect Users

AvengerDAO will be run by the community with the ambition to set an industry standard for safe practices.

Sep 20, 2022 at 2:00 p.m. UTC

Updated Sep 20, 2022 at 3:28 p.m. UTC

CDCROP: Cyber Security (jaydeep_/Pixabay) — (jaydeep_/Pixabay)

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

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BNB Chain, a blockchain closely associated with Binance, the world's largest crypto exchange, has joined hands with leading blockchain security audit firms to start security infrastructure project AvengerDAO, the platform announced on Tuesday.

The founding partners of the decentralized autonomous organization (DAO), entities that have no central leadership, include security audit firms such as Certik, Go Plus, SlowMist, Zokyo, BlockSec, Hashdit, Verichains, and other crypto companies like Pessimistic, CoinMarketCap, TrustWallet, PancakeSwap, BSCtrace(NodeReal), BSCscan, MathWallet, DappBay, Coin98 and Opera.
BNB Chain is the world's largest smart contract blockchain and has processed over three billion transactions to date and has more than 1,300 active dapps.
Decentralized security app (Dapp) Hashdit has integrated with decentralized exchange (DEX) PancakeSwap to facilitate contract scanning for users of the DAO.
The system will provide a multilayer security through Meter, a passive API (application programming interface) system that will allow applications to request security ratings and send back alerts to flag bad actors, the announcement said.
Two additional platforms, Watch, a subscription based alert system, and Vault, a programmable fund management system, will warn subscribers in real time when security exploits occur and assist safe passage of funds between parties according to the providers' internal rules, respectively.
"We want to enhance further adoption of blockchain technology by setting an industry standard for safe practices," said Gwendolyn Regina, investment director at BNB Chain.
Binance has previously announced plans to issue "soulbound" tokens that will act as identity passports on the BNB blockchain to all users who complete know-your-customer (KYC) requirements.

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