By Dominic Klopsch – Co-Founder TIVAN Consulting
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: https://www.eternalproxy.com/
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: https://www.eternalproxy.com/lasogette-integration/
And for the tech-savvy among us, go ahead and check for loopholes or flaws: https://docs.eternalproxy.com/
If you want to learn more, check out the other Insights-Articles!