The Rise of Blockchain Vaults and Security
Revault, a blockchain vault aggregator, is the first DeFi protocol to integrate with Orbs’ layer-3 technology. Layer-3 technology from Orb will be used to enable three critical Revault features: auto-compound, TVL-APR calculation, and auto-rebalance. By being the “Google search for vaults,” Revault hopes to enhance APY. Its technology locates and puts money into the strongest vaults automatically.
Revault also regularly indexes each vault in the DeFi ecosystem to ensure that all assets get the best possible returns. Users may move their assets with a single click after getting a message if a superior vault is discovered. DeFi presents several ways for users to improve their APY, and Revault aids in automating and streamlining this process.
The choice to incorporate Orbs Network into Revault is intended to mitigate some of Revault’s centralized characteristics. It’s crucial since today’s EVM-based Layer-1 and Layer-2 chains aren’t built to support such functionalities.
Orbs are compatible with Ethereum, BNB Chain, Polygon, and Avalanche because of their EVM compatibility. It also offers the infrastructure needed to improve EVM smart contracts and their capabilities while maintaining decentralization.
Orbs’ Layer-3 project is also beneficial to the DeFi ecosystem. The Open DeFi Notification Protocol is one of the “L3 apps” that have emerged. DeFi users may get decentralized and free mobile alerts for any on-chain event they wish to be notified about, such as supply changes, major transactions, and so on, thanks to this protocol. DeFi was created to provide consumers with additional utility and assist them in extracting more value.
Understanding the Need for Security and Privacy in Crypto
One can’t reasonably surf the Internet without sometimes entering Incognito mode. You’re not utilizing it to obtain superior material; the internet sites you’re visiting are the same no matter how you get there. You’re doing it primarily to prevent specific searches from remaining in your browser history. Furthermore, you’re doing it because you respect your privacy and security.
When you’re scrolling through your Instagram or Facebook page, you may not take the same precautions, but you notice if someone is attempting to peer over your shoulder. Even if it upsets you, you’re not going to shut the Instagram app simply because someone else is there. You’ll leave them be since you don’t consider those Instagram postings sensitive information, even though they are personal to your account.
Take a look at your financial statements. Are you comfortable using your bank account in public and letting all see you just received monthly income? Most probably, the answer is no. You would go to great lengths to keep your financial transactions private. And I’m not talking about security; you already trust (more or less) the underlying banking system in terms of security. I’m referring to the transaction history as well as the data itself. Even if no one else can access your account or use this information, you’re still doing all you can to keep it private. In fact, according to surveys, 48% of millennial couples keep their money hidden from one another.
In the case of cryptocurrency, the very same concept applies. You have faith in the blockchain, the underlying mechanism, to keep your assets safe. In any case, when it comes to transaction privacy, you’re just utilizing the wallet address you generated in 2017 when you purchased your first BTC.
However, by doing so, you are jeopardizing your security and the privacy of everyone who receives payments from you.
If you think no one has time to trace down your transactions. Software solutions have been developed expressly to monitor bitcoin addresses. They are either publicly accessible for anybody to use or are being employed by particular organizations and agencies for hidden purposes at this time. Simply knowing about the progress of transaction surveillance agencies makes you want to keep your money in your wallet. Therefore, in 2022 there is an excellent need for focussed security and privacy solutions that helps users remain anonymous and transact securely and safely.
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Image credits: Brock Wegner and Shubham Dhage.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.