How does the NGK technical team secure the BGV after it went online?
With the launch of BGV on the A network exchange, the daily turnover is hovering around one million US dollars. Previously, the Pickle was hacked and lost nearly $20 million of Dai. Thus, the safety of BGV has become the focus of investors.
The BGV will be brought into the NGK ecosystem, including the integration of strategy, security expertise and talents. From a job function perspective, the BGV developers will focus on strategy, while the NGK technical team will provide additional security, peer review, audits and discussions.
The NGK aims to increase the number of users. It encourages the mass adoption from the traditional markets and non-technical investors. The NGK aims to bring the benefits of blockchain and DeFi to the society. In an era where the government issues negative interest rate with floating bonds and crazy money printing, people need better solutions to avoid the wealth devaluation. It is necessary to allow people to achieve economic growth, regardless of who is the central bank that manages a particular currency or determines the monetary policy.
So, what are the measures taken by the Baccarat project and the overall encryption space to enhance its competitiveness and attract more customers?
Let’s start with the most basic:
The NGK projects have their own whitelist system, which is a list of items/IP addresses. Once they receive the initial verification, they will be allowed to access a certain system or protocol. In NGK DeFi, we can verify an address through one or two trusted anchors, and then perform the “KYC” on users. Once the user is verified, all other projects in the same trusted channel, including a group of virtual asset service providers, or VASPs that have agreed to follow the same set of rules and cooperate within a well-defined platform, can be used by users to obtain products and services without having to redo the entire KYC process.
This advantage has two main aspects: (1) the users only need to show private files to one or two entities, thereby reducing the attack surface of any potential data hackers; (2) the VASP (industrial application service provider) can reach a larger user base without increasing the compliance costs. In addition, such a system can also allow the individuals and entities excluded from traditional banking, savings and transaction ecosystems due to geopolitical reasons, to invest in the yield products and alternatives to high-interest loan accounts. The Baccarat project is another option for these citizens and business owners for money saving, money making and trade purposes.
After the audited code and third-party certification, many blockchain projects are not built according to the minimum standards, so it is difficult for each user to verify whether the code is performing what it should perform through the code base. All NGK projects can increase the threshold by allowing third-party to check the code and prove its honesty, functionality and reliability, making these projects more competitive and safer for the NGK investors.