EOS has just announced a new solution to the hacking problem in the blockchain ecosystem that is seemingly getting out of hand. According to a report released this week by Chainalysis, hackers have stolen over $3 billion worth of digital assets so far this year. Following the pattern seen in October, if corrective action is not taken, that number is expected to increase substantially.
The world’s largest exchange, Binance, was among the latest victims, having lost $100 million worth of assets on BNB Smart Chain. After the breach, Binance implemented a hard fork update, but is that the best course of action?
Enter EOS with Recover+ and Yield+
As a result of the growing number of hacking attempts, EOS has released two new solutions: Recover+ and Yield+. To aid the EOS community in developing a systematic approach to dealing with hacking incidents, the EOS community has formed the Recover+ working group and community initiative. EOS is able to use its own distinct DAO governance mechanism to provide a higher standard of security and stability for its users by leveraging the Delegated Proof-of-Stake (DPoS) consensus process developed for highly scale blockchains like Ethereum.
Recover+ will make the EOS network a more secure place for businesses to grow by facilitating better communication between the network’s primary block producers and project developers. The goal of the Recover+ program is to establish a stable environment whereby EOS projects, white-hat hackers, and the EOS network as a whole can thrive in the future.
The EOS community can gain a deeper awareness of projects, events, and related block producer decisions through the Recover+ Portal. The portal which serves as a platform for users to initiate governance proposals and a window to record and present relevant information and governance procedures. As soon as the Blue Paper goes public, the Recover+ portal will go live.
The second instrument, Yield+, is a reward system that motivates customers to contribute more liquidity. Users can increase TVL and reduce exposure to possible market manipulations by taking this action. However, Yield+ is only available to those eligible to use Recover+ and have gone through the necessary Know Your Customer (KYC) steps.