Get ready for the next Tier 1 project soon to launch its IDO on Ignition. Meet Lossless, the world’s first crypto hack mitigation tool for trusted and safe DeFi.
Here are the important dates to note for participation:
- Whitelist Start: May 20, 2021 11AM UTC
- Whitelist Close: May 22, 2021 4AM UTC
- IDO on Ignition: May 31, 2021 11AM UTC
Vesting Period: 20% at TGE and then 20% quarterly over the next year.
Whitelist for Lossless on Ignition HERE.*
Cyber Attacks, Hacks and Exploits in the Crypto and DeFi Space
The crypto industry is a booming ecosystem that, without a doubt, provides many opportunities for financial gains for both businesses and individuals alike. However, due to its fully digitalized nature, it is also a space that can be subject to hacks, exploits, and cyberattacks that result in catastrophic consequences for investors, developers, and users.
In fact, in 2020, $3.8 billion was stolen in total from 122 separate crypto hacks (including hacks on DeFi companies), demonstrating the level at which the industry is a clear target for bad actors to operate in. Besides the loss of funds which in itself is a highly significant misfortune, such negative exploits also ruin the reputation of the crypto space as a whole, leading to a loss of goodwill and a negative atmosphere that restricts the emergence of new technologies such as DeFi to gain popularity.
Lossless is the first DeFi Hack Mitigation Tool for Token Creators.
Lossless is the first tool to enter the crypto and DeFi space that monitors and detects hacks to help affected individuals and organizations retrieve their stolen funds. The core feature that enables it to do this is a piece of unique code that developers can input into their token code, allowing Lossless to freeze and to retrieve fraudulent transactions that meet a set of fraud identification parameters.
The Lossless protocol will introduce an intuitive proof-of-stake hack finding platform that provides both manual overviews to spot hacks alongside community created bots that scan a specific blockchain to identify hacks automatically. With a focus on making DeFi safer for everyone, the platform will be the first of its kind to implement an approach that incentivizes hack spotters through rewards in exchange for them to guarantee high levels of participation, continuous innovation and security.
When a hack is spotted, Lossless will be able to freeze funds until a decision has been made from a “Decision Making Body” formed of 3 parties that include, the Lossless Committee, made up of well-known industry people, projects and investors, the Lossless company and also the Token Creators themselves. To flag up the hack, LSS tokens can be staked by the Lossless company and Token Creators to revert the stolen funds back. If the hack is confirmed, then those who staked LSS will be rewarded a generous fee. If the event in question is not confirmed as a hack after investigation, the hack finders will have their staked tokens confiscated, and the funds will be unfrozen.
Make Crypto and DeFi a safer space! Join the Lossless whitelist lottery NOW!
The LSS Token Utility
The LSS token represents the heart of the Lossless ecosystem that will allow its community to make valuable decisions regarding future hacks in the crypto and DeFi space. As a key element of the Lossless protocol, the LSS token can be deployed by hack-finders as “stake” once they feel a hack has taken place and payment if the identified event is actually a hack or attack. Additionally, the token will grant holder governance privileges, access to promotions and referral programs, and early access to extra value-added benefits that will eventually be streamlined into the Lossless ecosystem.
*For applications to be considered valid, all applications must adhere to the PAID whitelist lottery rules, pass PAID Ignition’s KYC process, and adhere to each project’s specific KYC requirements and country restrictions which vary per project on a case to case basis. For a list of Lossless specific restricted KYC countries, check HERE.
Lossless is the world’s first crypto hack mitigation tool.
Implemented into the token, the Lossless protocol allows to freeze and retrieve any fraudulent transaction based on a set of hack identification parameters.
Lossless aims to create a trusted and safe DeFi ecosystem with minimized losses from hacks, exploits or social engineering.
IGNITION is a featured product of PAID Network, operating as a decentralized swapping protocol which allows blockchain-based token projects to offer their private and public auctions. The platform features Ethereum, Binance Smart Chain (BSC), and here shortly, Polkadot functionality.
Ignition is different from other auction platforms in that it properly vets and selects only top-tier cutting-edge projects. Its multi-level incentivization mechanisms for participants of published projects will encourage HODLing that supports both the project founders and the community. It isn’t just a trading platform, it FUELs projects and takes fundraising to the next level.
Ignition brings quality projects, fixed swaps, and equitable lottery participation to the PAID community.
PAID Network seeks to redefine the current business contract, litigation, and settlement processes by providing a simple, attorney-free, and cost-friendly DApp for users and businesses to ensure they #GetPAID wherever they are in the world.
PAID technology leverages Plasm to operate on both Ethereum and Polkadot ecosystems. PAID makes businesses exponentially more efficient by building SMART Agreements through smart contracts in order to execute DeFi transactions and business agreements seamlessly.
For any questions for the PAID network, please feel free to reach out to us on: