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How can we make crypto and Web3 safer? Innovate!

By Dominic Klopsch – Co-Founder TIVAN Consulting

Services like EternalProxy can help make Crypto and Web3 safer!

How can we make crypto and web3 safer? Innovate! Services like EternalProxy or Vulcan are providers of such innovation!

“It’s a trap!” – Admiral Ackbars’ famous quote is something that can be yelled out quite often in the NFT-space. I’m convinced the way to solve the massive amount of scams is consistent innovation! And today I stumbled upon something innovative that caught my attention: 

The Eternal Proxy Service (EPS)

„Que es eso?“ you might ask (if you’re Spanish-speaking at least…). Well, let me try to explain.

? Basically, minting with a cold wallet (if you don’t have one, get one, seriously!) is not recommended at all as it increases vulnerability. You should always use a burner wallet or at least a hot wallet to mint. 
But then, many projects provide free or discounted mints if you can prove you’re already the holder of a certain token. But if this token is on your cold wallet, how can you proof ownership while at the same time not using your cold wallet to mint?
❓ Transfer your beloved and highly valuable token from your cold wallet to a hot wallet? ❌ Uff, not really nice. 
❓ Mint with your cold wallet? ❌ Nooope, also not recommended at all. 

There are existing solutions to this (e.g. VULCAN) but they are potentially prone to manipulation and/or unhandy.
This is where EPS is providing a great solution! You can check it out here:

So what is EPS actually?

To state their own words: 
„You have a [valuable NFT XY] safely tucked away in a ledger cold wallet that you never connect to anything. You can use EPS to link this cold wallet to a hot wallet (without connecting the cold wallet to anything). Then you connect to the Lasogette app with your hot wallet. It will allow you to free mint based on the [valuable NFT XY] in your cold wallet.“

That’s actually quite cool and EPS seems to be getting attention as the currently exploding „Lassogette“-collection (NFA) is using this solution. 

These are the kind of developments we need to consistently increase security and give scammers a hard time. 

If you want to know how EPS teamed up with Lasogette to make minting safe:

And for the tech-savvy among us, go ahead and check for loopholes or flaws:

If you want to learn more, check out the other Insights-Articles!

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