New Framework Introduced for Cryptocurrency Fraud Protection
/ 1 min read
🛡️💰 New decentralized insurance framework aims to protect cryptocurrency users from fraud. Researchers have introduced Insured Cryptocurrency Transactions (ICT), a novel framework designed to provide financial recovery for users affected by fraudulent transactions in the cryptocurrency space. Given the irreversible nature of these transactions and the lack of consumer protections, ICT aims to mitigate risks by offering strong security guarantees against malicious activities. Additionally, the Insured Cryptocurrency Exchange (ICE) serves as a practical application of ICT for centralized exchanges, utilizing a smart contract to compensate users in cases of security breaches or insolvency. The implementation of ICE has shown low operational costs, marking a significant advancement in decentralized insurance solutions within the cryptocurrency industry.
