What is Fordefi Platform?

In this article, we'll discuss information about the Fordefi Platform project and Fordefi token. 

DeFi’s Barriers To Further Adoption

Representative of the broader crypto ecosystem, there are several areas that have been identified as the biggest blockers to DeFi adoption from both institutions and retail customers. 

Regulatory Oversight and Sanctioning Programs

Financial regulations and user protection laws act almost as a historical record, reactive to the industry as the space and technology evolves. The uncertainty or debatable state of certain regulatory requirements has created a quelling in adoption from more risk-averse institutions and individuals. The nascency of the crypto space and nature of its infrastructure make this issue perhaps more pronounced, as regulators are just beginning to understand both the technology and its use cases. 

Smart Contracts Can Be Flawed

The second issue is that while smart contracts are transparent, they can be flawed. The code is there for everyone to see, but sometimes there are bugs that are not readily apparent and only learned of after someone compromises the code and steals money. If you happen to find a bug, it’s dangerous for you to tell anyone, even if you are just trying to be a good guy. If you tell the wrong person, someone can exploit this information and steal funds before users are able to withdraw their money.

Wallets Need to Evolve to Protect Against DeFi Attacks

The third issue is that the infrastructure and tools that have been designed to secure digital assets were not built to also protect against malicious DeFi activity. Of course, this is because DeFi didn’t even exist in this form when most of the existing wallets were created. Unfortunately, wallets created before DeFi as it exists today are essentially ineffective at protecting against DeFi attacks. 

When the main use case was holding and transferring funds, the infrastructure was designed to protect the private key. Private key compromises were the cause of billions of dollars lost or stolen from exchanges and wallets over the last 14 years. To protect against this, wallet providers beefed up their approach to key management by replacing a single key with multiple shares/signatures/shards and/or making it more difficult to access the key material through HSMs, secure enclaves, cold or offline storage. Policies were also put in place around who can transfer funds, how much they can transfer, and ensuring the transfer was going to the right place. Before DeFi as we know it, crypto wallets were also initiating the transfers, whereas in DeFi the dApps are initiating the transaction and therefore, without clarity of the smart contract, users aren’t able to ensure that the transaction they’re approving is safe.     

Much of the funds lost to date in DeFi have not been because of private key compromises. Today, funds are often lost due to users not understanding the transaction they were approving. A smart contract is code and has no meaning to someone who looks at it, so even if multiple people are required to approve a transaction, they will have no idea what they are approving. Attackers in DeFi today are exploiting user blindspots and targeting holes in security. These attacks are making major headlines in 2022, as funds stolen this year amount to the most ever in crypto history. 

The Role of Fordefi in Driving DeFi Adoption

Fordefi’s institutional MPC wallet and security platform tackles head-on, the challenge of wallets needing to evolve to meet the complexities of DeFi and protect user funds from DeFi attacks. 

Multi-Chain dApp Connectivity

Connecting to dApps is currently a challenge on its own, especially as we move to a multi-chain future. Though dApps began integrating with the most popular wallets, if your wallet was not supported, then the dApp wouldn’t be able to create the transaction for you and you wouldn’t be able to interact with the dApp as intended. We decided that a ubiquitous connection and unified experience was both more secure and more user-friendly. To that end, Fordefi has built a browser extension – a singular interface – that connects to all dApps across multiple chains. Not only are you saved the trouble of switching wallets but you also won’t have to worry about the dApp integration.

Unprecedented Smart Contract Clarity

It doesn’t help to have a wallet if you don’t know what you're approving. Fordefi solves this challenge by providing smart contract verification and producing a transaction to review. We take every smart contract and translate it into language the user can understand. We independently verify the dApp name to make sure the contract matches our database of known contract addresses. We simulate every smart-contract transaction and show the user what will happen if they approve it, including what their new balances will be. Providing this level of detail and verification is unique among wallets in the space. We’re the first ones to actually put smart contract transactions in a format that can be understood by everyone. 

Granular Self-Serve Policy Management

Policy management to tackle the complexities of DeFi has been limited or lacking in wallet platforms until now. Fordefi offers users the ability to define and manage their own policies for every transaction, dApp, and operator. Our policy engine is completely self-serve, allowing you to directly edit and manage your own policies. To ensure a balance between security and flexibility, each policy change requires the approval of multiple admins. You’ll be able to set fine-grained DeFi-first workflows, enabling you to confidently stake, trade, lend, and approve transactions. You can set firm compliant risk controls, manage token allowances, and automate approvals. Any rule that can be conceived can be created with our policy engine, the most robust in the market. 

MPC Key Management and Hardware Enclaves

MPC is the best-suited technology to protect from key theft while striking a balance between security and utility. That’s why it is at the core of Fordefi’s key management solution. Fordefi was designed by a team of experts in cryptography and cybersecurity. Our system is built to protect against any single point of failure. Our system is structured so that the user has a share secured by a hardware enclave in their mobile device, while Fordefi has a share in our own secure enclave. The shares are used to collectively generate the public addresses as well as sign transactions.



Unprecedented Smart Contract Clarity

  • Never sign a blind transaction again. Fordefi’s transaction enrichment system presents you with insightful details on each transaction so that you can verify its integrity, understand and mitigate any risks, and understand its impact on your wallet.
  • Transaction Simulator: Our transaction  simulator displays the run-time effects of each transaction prior to approval, showing you its expected balance changes, token approvals, bridging details and more.
  • Contract Integrity: We display the verified name of each smart contract, dApp or token address within a transaction, thus enabling you to understand who you are interacting with on-chain.
  • Risk Alerts: Receive alerts on any suspicious anomalies in your transactions, protecting you against phishing and compromised dApp front ends.

Rigorous DeFi Security Meets Flexible Controls

  • Protect your assets from unauthorized transactions, insider threats, hacked devices and mistakes. With Fordefi’s policy engine, you can easily create and set granular controls for different workflows.
  • Flexible DeFi Controls: We offer a flexible yet fine-grained policy management tool in addition to a directory of contracts and dApps, enabling you to confidently configure specific policy controls for each type of DeFi transaction.
  • Secure Self-Serve Management: Our policy engine is completely self-serve, allowing you to directly edit and manage your own policies. To ensure a balance between security and flexibility, each policy change requires the approval of multiple admins.

Unified platform

Built for collaboration and management, our platform is an all-in-one solution designed for your entire team.

  • Portfolio: Monitor your portfolio and open positions.
  • Vaults: Create and manage vaults to safely store contracts.
  • Asset management: Access all assets under management.
  • Risks: Review risk alerts, suspicious activity, and manage token approvals.
  • Transactions: Review and monitor every single transaction.
  • User management: Invite team members, set roles and permissions, and define approvers.
  • Backup: Implement your own self-custodial disaster recovery process.

How and Where to Buy token?

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Once finished you will then need to make a BTC/ETH/USDT/BNB deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase token from the exchange.

I hope this post will help you. Don't forget to leave a like, comment and sharing it with others. Thank you!

🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

#bitcoin #cryptocurrency #token #coin 

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What is Fordefi Platform?

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