BonkBot, currently one of Telegram’s most utilized trading bots, intends to shift to a non-custodial model to ramp up its security through Pre-TX protection against hackers.
It focuses on a non-custodial model, in which one prioritizes the security of the users by letting them control their assets. The users will always have access to their funds, and only they can approve the transactions. In itsAftermini app, It’s. PartAftermini app,., BonkBot has no form of freezing or censuring the respective assets.
BonkBot Goes Non-Custodial, Puts Users in Control
In a recent post on X, the devs assured users they are now in total control of their transactions. They added two-factor authentication for SOL withdrawal, private key export, and optional token whitelisting. The company also intends to add more security measures like Face ID and passkey authentication.
our next-gen Key Management System (KMS) is the most advanced, secure and performant system of its kind – built entirely in-house.
it’s an insane feat of engineering that’s almost entirely abstracted behind BONKbot’s clean, user-friendly UI.
here’s how it works:…
— BONKbot (@bonkbot_io) October 9, 2024
The new model of seed phrase wallets will enable users to access several wallets with one phrase. Before, they had to take the trouble of keeping different passkeys for various wallets. In this way, as the official blog explains, it will be easier and more secure for users to manage their crypto.
One of the biggest concerns and most frequent criticisms about Telegram trading bots is that they are fundamentally custodial. Private keys and other sensitive information from a user’s account usually remain with the provider on his backend system. This setup makes wallets and their assets vulnerable. This is because hackers might gain complete access and control when there is a security breach.
Therefore, this crypto trading bot will transition into a non-custodial model, putting safety for the users first. Afterward, it will take control of their assets. This means that at any time, the users will be in control of their funds. BonkBot cannot freeze its assets, but the user can only conduct transactions.
If one’s Telegram account gets compromised, this crypto trading bot has ultra-secure protections, like 2FA on SOL withdrawals, private key exports, and optional token whitelisting, to help defend against such scenarios. The following updates will implement Face ID and passkeys.
Custom KMS Delivering Unparalleled Security and User Control
Additionally, Pre-TX verification mechanisms ensure that BonkBot transactions are safe, even in the case of other platform vulnerabilities. This is due to a predefined set of WASM modules validating the integrity of every transaction to ensure that it acts precisely.
Another new model for wallet seed phrase generation will be available to users. In this model, one seed phrase is sufficient to reach and work with many wallets, so there shouldn’t be any hassle managing different private keys.
Still, it seems that the announcement didn’t impact the BONK price. The coin dropped by 2.16% in the last 24 hours and is currently trading at $0.0000203846140.
However, the bot warns users to keep their seed phrases in a safe location. This means it is outside of BonkBot’s scope of protection if the phrase is exposed. This transition is an essential step in balancing user security with ease of use.
By design, this crypto trading bot has built its system to implement strict security requirements that offer users privacy and user control over their assets. No human – including all employees of this crypto bot, any cloud providers, or any third parties, ever accesses or even learns a user’s private key, which means only the user can ever originate transactions.
Every transaction must precisely reflect the user’s intention. The trading bot is thus an “intent-based” wallet. This ensures that the security of the users is guaranteed, even when the integrity of the underlying smart contracts is broken. It isn’t easy to achieve such a high level of security, especially in remote systems, since it creates something similar to a hardware wallet but in the cloud.
The ingenious approach of BonkBot grants even robust key management, protecting users from the irregular behavior of smart contracts to a degree of security typically not provided by typical wallet protection methods.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/solanas-bonkbot-announces-game-changing-technology-to-promote-self-custody/
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