Binance, the world’s top blockchain ecosystem, revealed a new layer of user protection with the undertaking of ‘Project Shield.’ BEP-20 and ERC-20 based projects listed on the Binance centralized exchange are audited in Project Shield.
BNB covers fees for audits. This is the first time that the crypto exchange has used this kind of protection.
Project Shield is part of Binance’s measures to protect users and deliver access to secure projects. It includes a thorough evaluation of possible projects against strict security, legal and regulatory compliance standards and continuous performance reviews for listed projects.
Furthermore, other measures include Binance’s security research and investigations program and user-accessible security tools.
Binance is cooperating with CertiK and PeckShield to rethink project tokens listed on Binance centralized exchange. The tokens will be on the Innovation Zone to guard users by providing a thorough security audit. Moreover, CertiK and PeckShield will audit about 150 project tokens by the end of this year.
Binance Founder and CEO Changpeng Zhao (CZ) stated that with the expanded interest in the market and the profitability of crypto investments, the number of people’ apeing’ has grown. Investing without proper understanding and enough research is risky. Still, through Project Shield, they think that Binance can be one of the first loads that projects must overcome before approaching users. Also, with the raised security standards for assignments, they consider that the industry will get healthier. Therefore, it would permit greater mass adoption soon.
Audit Results Awaited
Audit outcomes will be shared with the audited projects for advancements. Hence, Binance will deliver real-time security incident assistance to the listed and listing project teams. The Binance Security team will sustain the project owners to enhance and enhance any vulnerabilities that may have arisen from the audit.
Tigran Gambaryan, VP of Global Intelligence and Investigations, spoke that securing their platform is one of their essential priorities. Project Shield will improve the existing capabilities by leveraging industry partners to support their defenses and guard the Binance ecosystem.