Orion x Lossless build a secure future of DeFi

Orion Protocol partners with Lossless to build a secure future for DeFi as Orion CEO Alexey Koloskov joins the Lossless Security Committee.

Lossless is the first hack mitigation tool for token creators: freezing fraudulent transactions based on a set of fraud identification parameters and returning stolen funds back to the owner’s account.

Security is of utmost importance to Orion Protocol - both for its users (Orion Terminal has the highest security score of all CertiK-audited platforms) and the industry at large. Orion Protocol is proud to partner with Lossless to bolster the security of DeFi projects in the industry: CEO Alexey Koloskov joins the Security Committee as one of eight top public figure crypto professionals to help Lossless investigate hacks and revert stolen funds.

Committee members play an integral role in the Lossless ecosystem, composed of three entities - Token Creator, Lossless Company, and Lossless Security Committee. The committee that overviews frozen transactions consists of key crypto industry professionals and figures like Alexey that provide trusted and unbiased decision-making.

Lossless Security Committee:
Alexey Koloskov | Orion Protocol
Matthijs van Driel | Magnus Capital
Harry Denley | MetaMask
Tiago Martins | Polkastarter
Dan Thomson | InsurAce
Rex Hygate | Defi Safety
Adam Bém | Victoria VR
Jacek Czarnecki | MakerDAO

How does Lossless work?

Lossless infographic

Two levels of loss mitigation

A proof-of-stake hack finding platform

  • An intuitive dashboard that allows manual overview and reporting for hack spotters
  • Bot friendly APIs for community-created hack-spotting bots
  • A transparent reward system that guarantees high levels of participation and innovation

Three Party Lossless Decision Making Structure

  • This structure consists of three entities:
    - Token Creator
    - Lossless Company
    - Lossless Committee

The committee overseeing the frozen transactions consists of investors as well as key public figures such as Orion Protocol’s CEO Alexey Koloskov. This provides a trusted and unbiased method for resolving incidents.

Lossless Protocol takes action immediately after a hack to mitigate its effects.

  • Minutes after hack - anyone (finders) can freeze an address for 24-48 hours if they stake LSS tokens.
  • The Lossless team reviews the frozen address to determine whether it's valid or not.
  • If Yes - further steps are taken (see below); finders are rewarded a fee.
  • If No - staked tokens of the finder are confiscated, the address is unfrozen.

If the hack is valid - the address is frozen for a further 14 days, and a committee proposal is enacted for permanent transaction freezing and reversing the transaction.

“It’s a pleasure to have industry leaders like Alexey join our Security Committee which shows Orion Protocol’s commitment to prevent hacks in the DeFi space and be one of the first-movers. We’re excited to have him and his know-how onboard for such an important mission.” - Vygandas Masilionis, CEO of Lossless.

“Lossless has already proved its commitment to resolving critical DeFi vulnerabilities and hacks. With Orion’s exceptional approach to project security and safety, it is a hugely attractive prospect to work with a number of the industry’s key figures in securing the future of DeFi and Orion itself and we look forward to furthering our partnership together.” - Alexey Koloskov.

About Lossless

Lossless is the world’s first DeFi hack mitigation tool for token creators. Apart from Lossless’ known cyber security solutions and renowned professionals, the community also plays a role. With a tangible reward system, community members are also encouraged to explore new ways to detect hacks and fraudulent transactions.

Lossless’ protocol halts counterfeit transactions through various methods of fraud identification and automatically reverses any stolen tokens back to the original owner. Its solutions to the impending problems of cyber theft within the blockchain space are thorough and applicable within many protocols.

Lossless is available on Orion Terminal, and tradeable from your own wallet with no account needed.

Trade now: trade.orionprotocol.io/trade/LSS-USDT

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