BNB Chain, a blockchain closely associated to the world’s largest crypto exchange Binance, has joined hands with leading blockchain security audit firms to start security infrastructure project AvengerDAO, the platform announced on Tuesday.
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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.
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BNB Chain is the world’s largest smart contract blockchain and has processed over three billion transactions to date and has more than 1300 active dApps.
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Decentralized security app (Dapp) Hashdit has integrated with decentralized exchange (DEX) PancakeSwap to facilitate contract scanning for users of the DAO.
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The system will provide a multi layer 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.
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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.
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“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.
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Binance has previously announced plans to issue “soulbound” tokens which will act as identity passports on the BNB blockchain to all users who complete know-your-customer (KYC) requirements.
Read More: BNB Chain and Google Cloud Work Together to Advance the Growth of Web3 and Blockchain Projects
