Fuse Moves to Boost Security with Oddin Integration

Innovative security and insurance provider Oddin has partnered with Fuse. The first step of the collaboration involved integrating Oddin’s security technology into the Fuse multichain bridge on Voltage Finance.

While the core blockchain technology has been a major cryptography-based breakthrough enabling robust distributed systems and has proven to be highly resistant to attacks, applications built on top of it have not yet achieved the same level of robustness. This has led to numerous costly hacks across the crypto space. One type of decentralized application (dApps) that has proven to be particularly vulnerable is cross-chain bridges.

While we firmly believe that dApps, including decentralized cross-chain bridges, will eventually mature enough to make significant hacks and exploits a rarity, in the current conditions, some dApps and their users may benefit significantly from incorporating automated tools that protect them from malicious uses of the protocol.

Using data to protect crypto users

Developed by a team of seasoned IT security and distributed systems professionals, Oddin is an innovative security and insurance platform striving to protect and insure crypto wallets against losses resulting from malicious behavior.

Oddin’s transaction monitoring functionality is powered by a network of independent oracles that provide information about wallets that is collected from various sources. Oddin’s oracles offer data to wallets then analyzed by neural nets (AI).

Suppose the behavior of a wallet attempting to complete a transaction via an Oddin-enhanced smart contract is determined to be abnormal. In that case, the transaction in question is paused by the smart contract while all the other transactions continue unperturbed.

In addition to the security solution, Oddin also offers projects and users insurance coverage functionality based on the same technology used for analyzing wallet behavior to determine security risks but utilized for determining the wallet’s risk profile instead.

A wallet owner can apply for Oddin-powered insurance coverage for the wallet, upon which Oddin will analyze the wallet’s behavior and determine its credit score. Based on the score, Oddin will propose to the wallet owner an insurance premium that will need to be paid in exchange for coverage.

How Fuse Integrates Oddin

In a major step towards boosting wallet security on the platform, Fuse has recently agreed to partner with Oddin. As a starting point, Oddin’s technology has been integrated into the Fuse multichain bridge on Voltage Finance that connects the Fuse Network blockchain to Ethereum and BNB Chain.

This upgrade will enable the bridge to pause transactions that involve withdrawing funds from Fuse Network to Ethereum or BNB Chain if they show abnormal characteristics determined by Oddin’s oracle network.

This approach will make it possible to prevent malicious actors that committed hacks and exploits on Fuse from bridging the illicitly obtained tokens out of the Fuse Network blockchain.

Other projects on Fuse that are interested in enhancing the security of their products can also benefit from Oddin’s offering. Oddin’s tech can be easily plugged into smart contracts by adding a few code lines. Projects can also create insurance funds to protect their users’ wallets via Oddin.