MonitorChain: Blockchain Security For ICO Tokens And Investors
What Is MonitorChain?
MonitorChain is a cryptocurrency security and compliance service whose aim is to protect exchanges, traders, as well as token creators from fraud in relation to cryptocurrency hacks and theft. It achieves this through the reduction of the impact of catastrophic incidents on the various blockchain. MonitorChain platform also aims at preventing the endless losses that cryptocurrency investors suffer due to the availability of bad actors and negligent security practices.
MonitorChain comes specifically with decentralized applications as well as smart contracts. The smart contract alert feed is Ethereum-based, merged with Artificial Intelligence and a compliance criteria database node. Therefore, this makes a unique Oracle used for triggering most protective functions that includes exchange trading halts and token contact freezes.
How MonitorChain Blockchain Security For ICO Tokens & Investors Works
MonitorChain gets to action once there is occurrence of a catastrophic event in order to halt or mitigate the damages that might occur due to such hacks especially the dumping of the stolen cryptocurrency tokens on exchanges and DApps in order to hide their stolen goods. The loss is then passed to traders, token creators, and exchanges thus increasing the number of hack related losses.
The platform runs a full Ethereum node, which enables it to see every single transaction as well as event occurring on the Ethereum blockchain, which includes those on decentralized applications and token contracts that reside on Ethereum. The availability of expertly crafted rules created by blockchain analysts and an automated smart contract-parsing engine, leads to the development of a system on the platform that simply detects the occurrence of a suspicious activity.
MonitorChain Instant alerts
For various exchanges, the platform provides instant and detailed alerts the moment a major theft or event has occurred allowing them to take immediate protective action through the suspension of trading, depositing, or withdrawal of the disputed tokens.
For Ethereum token creators, the platform protects them through the provision of instant alerts to an activity that is considered suspicious that violates the terms of the token contract and the conditions of the major holding address.
The MonitorChain alert feed operates as an Ethereum Oracle that allows users to automatically trigger freeze functions. The platform gives the crypto traders and investor’s instant notifications allowing them to know the types of flash sales to avoid when they want to trade. The system can also be directly integrated to the investor's trading bot for maximum service.
The platform offers live monitoring of the token contracts that are made. This is up to even the block detection of possible and potential exploits as well as hacking and theft patterns that might occur on the various cryptocurrency platforms including exchanges.
The MonitorChain platform sends an immediate notification to its specific subscriber in case a token is compromised or tampered with in the system. The alert is directly sent through an Ethereum network prompting the user to take immediate action.
Users of the platform can take various preventive actions by use of smart contract oracle on the system thus allowing them to get notifications even before the counterfeit or stolen tokens are used.