Introduction
In the fast-evolving world of crypto transactions, security is paramount. The CoolWallet App introduces an innovative feature that aims to empower how users interact with Web3 applications—Smart Scan. This feature, supported by both cold and hot wallets within the app, offers an advanced layer of security by meticulously scanning and analyzing transactions before they are executed.
What is Smart Scan
Smart Scan is a sophisticated feature designed to enhance the safety and security of Web3 transactions directly from the CoolWallet App. It serves as a comprehensive security tool that performs multiple checks: scanning and analyzing the security of the interacting DApp, previewing the sending and receiving assets, estimating the balance change post-transaction, and verifying the wallet address involved. This multi-faceted approach ensures that users are fully informed and protected against the evolving threats in the digital asset landscape.
Important: Please note that while the CoolWallet App provides alerts for abnormal situations, it does not enforce the cancellation or blocking of transactions. Users are responsible for making their own decisions regarding whether to proceed with a transaction.
The Importance of Smart Scan
The digital asset world is no stranger to the perils of crypto scams and malicious endeavors. In 2022 alone, the crypto community witnessed a staggering loss of $3.8 billion, nearly triple that of the previous year. These scams often take the form of impersonated DApp or NFT projects, luring individuals into making transactions under false pretenses. The absence of a clear understanding of smart contracts can lead unsuspecting users to transfer tokens without receiving the promised NFTs or tokens, falling victim to fraudulent schemes.
This alarming trend underscores the critical need for a solution like Smart Scan. By empowering users with the ability to scrutinize and understand the transactions they’re about to make, Smart Scan acts as a crucial defense mechanism against the sophisticated scams pervading the Web3 ecosystem.
The following examples demonstrate potential scenarios that users may encounter during their interactions. These examples can serve as a reference for determining whether to proceed with a transaction.
How Smart Scan Works
Smart Scan operates through a series of comprehensive checks and analyses to ensure transaction security and integrity:
- EIP712 Signing: EIP712 is a standard for hashing and signing typed structured data. While users are interacting with EIP712, Smart Scan is enabling users to easily review the content they’re signing to ensure a safer DApp interaction experience.
- Authorization Approval: Approval Contracts are a common feature when interacting with DApps, granting third-party access to specific assets in your crypto wallet. Typically, smart contracts request users to grant permission to send tokens. Before the request is approved, Smart Scan evaluates the DApp involved and performs a token security scan. This preemptive analysis helps identify and mitigate potential security risks, providing users with an additional layer of safety.
- Executing Transactions: When executing transactions, Smart Scan offers a comprehensive suite of security checks:
- Transaction Preview: Users can see an overview of the transaction details, including the assets involved and the estimated balance change.
- Address Scanning: The protection also alerts users about malicious entities or dubious target addresses.
- DApp Scanning: Similar to the signing process, this scan assesses the DApp’s security and trustworthiness.
- Smart Contract Scanning: This check analyzes the underlying smart contracts for potential vulnerabilities or malicious code.
- Token Security Scanning: Before proceeding with the transaction, the security of the tokens involved is evaluated to ensure they’re safe to transact with.
Through these meticulous checks, Smart Scan provides a robust framework for secure transactions, safeguarding users from the prevalent risks in the Web3 space.
Our Strategic Partnerships
Our strategic partnerships with Blockaid and KEKKAI significantly bolster the security features of the Smart Scan within the CoolWallet App.
Blockaid, a leader in web3 security solutions, enhances Smart Scan’s capabilities through its advanced DApp scanning technology. This integration empowers users to confidently navigate the crypto space, with a focus on preemptively identifying and mitigating fraud risks.
On the other hand, our collaboration with KEKKAI, known for its pioneering work in Web3 security, brings real-time assessments and alerts on the trustworthiness of DApps, marking a crucial step forward in enhancing DApp interaction safety.
Together, these partnerships reflect our unwavering commitment to providing a secure digital transaction environment, reinforcing our dedication to user safety and asset protection.
Securing Your Assets: Our Top Priority
At CoolWallet, the security of your digital assets is not just a feature—it’s our core mission. Through our partnerships and continuous innovation, like the Smart Scan feature, we are steadfast in our commitment to safeguarding your investments. As the digital asset landscape evolves, so do we, with the safety and security of our users’ assets always leading the way.
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