The decentralized social network, Friend.tech, and Coinbase’s Ethereum layer-2 chain, Base, have both witnessed tremendous growth just shortly after their launch. However, with success comes new challenges, particularly in the form of phishing attacks. To address these potential threats, the newly-launched Web3 SmartScan of CoolWallet is playing a vital role in bolstering security for these platforms.
Web3’s Rising Stars
Friend.tech, a decentralized social media platform built on the Base blockchain, has been making waves in the crypto space. Its daily active user count has surged past a million, and its transaction volume and total value locked (TVL) have soared beyond $35 million according to Token Terminal data.
The platform’s distinctive approach involves users buying “shares” of other users to initiate conversations. Share prices are determined by factors like popularity and reputation. This innovative system has cultivated a loyal following among crypto enthusiasts.
Amid Friend.tech’s meteoric rise is the expected unwanted attention it is getting from unscrupulous players in the industry, which makes it a major target for phishing attacks. It should be noted that these deceptive tactics have become a prominent threat in the Web3 sector, resulting in staggering losses, surpassing $650 million by June 2023.
To counter this looming menace, both Base and Friend.tech are advising users to employ hardware wallets to secure their digital assets. Hardware wallets provide an additional layer of security by safeguarding private keys and scrutinizing transactions.
Enter CoolWallet’s Unique Defense
CoolWallet, a leading hardware wallet manufacturer, has recently taken the initiative to combat phishing through its Web3 Guardian Competition. This campaign aims to raise awareness and promote CoolWallet’s Web3 SmartScan, a proactive transaction screener that identifies malicious behavior and smart contract vulnerabilities before users fall victim to theft.
CoolWallet Pro, launched in 2021, is a powerful hardware wallet with updated features that seamlessly integrate with Friend.tech and Base. It boasts several security features that harmonize with the features of the social platform, including an EAL6+ secure element, biometric verification, and a tamper-proof design. These features provide an added layer of protection against phishing attacks and unauthorized transactions.
However, while cold storage is generally secure, human error remains a vulnerability. Users may unknowingly authorize harmful transactions or disclose sensitive information. CoolWallet’s Web3 SmartScan, accessible via the CoolWallet App, addresses this issue. It conducts real-time Web3 transaction analysis, identifying phishing attempts, suspicious transactions, and smart contract malicious exploits.
The Web3 Guardian Competition
CoolWallet’s commitment to user security is further demonstrated through its Web3 Guardian Competition. This global initiative encourages blockchain users to prioritize asset protection.
Participants have the opportunity to enhance their security awareness and earn generous rewards. This presents a great way for users to learn and earn along the way as they enjoy the added security that CoolWallet provides.
Final Thoughts
In an era where the crypto landscape is teeming with potential and risks alike, CoolWallet’s Web3 SmartScan emerges as a crucial guardian for Friend.tech and Base users. By proactively identifying threats and bolstering security measures, it plays a pivotal role in safeguarding the future of decentralized platforms in the Web3 ecosystem.
As the crypto space continues to evolve, security innovations like Web3 SmartScan are essential for users to safely navigate the digital frontier with renewed confidence.