Home
NFT

A new Web3 email design aims to combat NFT fraud

0 Comment

Fraud on Web3 is, to put it mildly, a problem. According to a report by blockchain auditing and security company CertiK, in the first six months of 2022, Web3 projects lost a total of $2 billion to hacks and other fraud schemes.

As Web3 is still an emerging space, it is surprising that a significant portion of this loss comes from misuse of communications logistics in the NFT space. Hackers repeatedly target Project Discord and flood them with malicious links; Wallet interfaces have such a bad track record of being used against members of the NFT community that companies are urging users to read the fine print before conducting transactions.

Suffice it to say, everything is random. But the crypto and NFT space lacks a cohesive and secure communication tool that Web3 startup Ethermail is aiming for.

Secure Web3 communication

Founded by Shant Kevonian and Gerald Heidenreich in late 2021, the company aims to be the first Web3 email solution to set a new standard for anonymous and encrypted wallet-to-wallet communication, according to a press release shared with nft.

The service, which is still in beta testing, allows users to “claim” their Web3 email address on ethermail.io and access it through a known email client of their choice or using EtherMail’s own client. To claim an address, users log in with their wallet of choice and sign a transaction agreeing to the terms of service.

via ethermail

This email service, the company says, will help developers of NFT projects reduce the risk of communication fraud by notifying users of breaches and vulnerabilities in advance. EtherMail also enables self-updating mailing lists for community newsletter distribution based on up-to-the-minute smart contract data.

“Communication in this space is extremely fragmented, frustrating and overwhelming,” founder Kevonian explained in an email exchange with nft now. “User wallet addresses are not notified of any Web3 activity associated with them, so they have to check different channels to stay up-to-date with their digital assets. It’s unstoppable, searching through thousands of spammy messages and notifications on Telegram, Discord and Twitter. Given the frequency with which holders sell their crypto assets and NFTs, there is a high risk of losing vital information to both users and projects. Users can benefit from blockchain-synced real-time information in their inbox, so they don’t have to worry about losing important information on their digital assets.”

Creating a dynamic functionality in Web3

The Kevonian added service can be used in several ways:

  • DAOs can involve members in governance participation.
  • NFT schemes can help as a whitelisting tool.
  • Web3 Project may notify users of new product releases.

Notably, the company is introducing an “Earn2Read” model designed for what Ethermail describes as a “mutually-beneficial” relationship between advertisers and users.

Using a “paywall” feature, users can opt-in to subscriptions from companies willing to advertise via EtherMail and specify what type of email content they’d like to read in exchange for EtherMail’s native token, $EMT, which the company plans . Launch early next year. While companies willing to send ads to users’ inboxes will have to pay to do so, the Ethermail team hopes that more spam protection will “create a framework for the email economy.”

The service currently supports MetaMask and WalletConnect, and the company plans to integrate more soon.

Given the problematic state of crypto and NFT communications, it will be instructive to see how Ethermail and similar services create more secure ways for community members to communicate. Many point to the lack of security and fraud protection as one of Web3’s significant obstacles due to its decentralized nature – the advances from EtherMail are an attempt to address that issue. This is a potentially valuable area of ​​focus that, if executed well, could save countless millions of dollars in the fight against Web3 scams.



https://ift.tt/hDleHIZ

Baca juga

Post a Comment

Post a Comment