bit releases the.bit alias to provide a solution to the security risks of crypto asset transfer

原文来源：.bit

bit (" the company "), an open source Web3 identity protocol that provides decentralized identifiers (DIDs), has released a powerful tool following its recent warnings about the risks of using DIDs for cryptographic asset transfers. To reduce the risk of users sending assets through mainstream cryptocurrency wallets and trading platforms.  

The.bit is designed to make Web3 more secure and user-friendly. The company provides multi-chain compatible decentralized identifiers that support signature verification using a variety of asymmetric encryption algorithms. Users can use it as a data container to write data on different chains as needed, providing more possibilities based on sovereign status. The.bit alias feature translates complex blockchain addresses into simpler and more readable.bit accounts for greater convenience. Because of the.bit compatibility with multiple chains, users can assign a.bit alias to an address on any chain. By setting the.bit alias for the address, users can trigger double authentication during transfer, preventing risks such as hacker attacks, internal manipulation, program errors, data obsolescence, and DID expiration, preventing assets from being transferred to incorrect addresses, and ensuring transfer security.

.bit  How do aliases make money transfers more secure

The asset receiver provides the address and corresponding.bit alias to the sender. In this case, the wallet or trading platform initiates a.bit Alias Lookup request to the API service. After the query result is found, the system prompts the user to complete the alias of the received address. After the user fills in, the wallet or trading platform will compare the user's content with the query result, and allow the user to continue the transfer only if the two are consistent. For smaller transfers, the wallet or trading platform can simply say: "Please confirm the correct alias for this receiving address".

This method is somewhat similar to how we do fiat money transfers in the traditional world banking system. In the traditional banking system for fiat money transfer, we never worry about the transfer error, because we need to enter the other party's bank account and the other party's bank account name at the same time, the two must match. If it doesn't match, our funds will eventually be returned. Will nbsp; The.bit serves the same purpose as an auxiliary validation tool when sending assets, while ensuring that all data is on the chain. When the application found the user completed   .bit  If the alias does not match the query result, the user is not allowed to continue sending the asset, thus ensuring that the asset is always safe.

Recognizing and analyzing these risks,.bit also offers the following recommendations:

1. For wallets or trading platforms:

· Disable the function of using DID to directly send or exchange assets;  

· Use solutions such as.bit aliases to improve the security of asset sending or exchangeThis guide.

2. For the asset recipient:

· Set a.bit alias for your own address;

· Provide the sender with the blockchain address and corresponding.bit alias when receiving the asset.

3. For the asset sender:

· Avoid direct transfers using DID;

· Use wallets/trading platforms that enhance the security level of user assets.

This article is from submissions and does not represent the views of BlockBeats.

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