Security And Risk Management
Last updated
Last updated
The Internet Computer Protocol (ICP) secures the frontend through several key mechanisms:
Threshold Cryptography: ICP uses threshold cryptography to ensure that multiple parties must collaborate to decrypt sensitive information, enhancing security.
State Machine Replication: This ensures that all nodes in the network agree on the state of the system, making it resilient to attacks and failures.
Secure Integration with Web2: ICP can interact with existing ecosystems and Web2 servers through secure HTTP requests, ensuring that frontend applications remain secure while interacting with external systems.
Internet Identity Service: This service provides a secure way to manage identities and keys, ensuring that user authentication and authorization are handled securely.
These features collectively help secure the frontend of applications running on the Internet Computer.
Our Blockchain Developer conducted comprehensive penetration tests and vulnerability assessments, in order to safeguard our protocol against potential threats.
The smart contract was built without a liquidation threshold function to protect users from forced liquidations in times of economic downturn and bear markets. It was also built without a Cash Reserve Ratio (CRR) function in order to cater all potential borrowers and allow them to utilize the entire borrowing liquidity in the lending pool. It's essential to learn risk management, stay informed and understand that price fluctuations happen. Hold strong, and remember that crypto has its ups and downs.
Avoid repaying your loans without clicking the claim button to check for dividends or else the smart contract will automatically reallocate the dividends to all remaining borrowers in proportion to the amount they loaned. New borrowers only earn dividends when new fees were added from the point of loan until the point of claim. If you borrowed but no fees were added in the dividend pool between the point of loan and point of claim, you don't get a reward causing a "No Rewards" prompt.
Avoid withdrawing your funds without clicking the claim button to check for earned interest or else the smart contract will automatically reallocate the interest earned to all remaining lenders in proportion to the amount they lent. New lenders only earn interest when new repayments were initiated from the point of lending until the point of claim. If you lent stablecoins but no one repaid a loan between the point of lending and point of claim, you don't get an interest causing a "No interest" prompt.
