TL; DR Breakdown
- Civic Technologies introduces a tool on the Solana network to protect users against bot attacks on the platform.
- The firm specializes in providing compliance solutions for DeFi projects, NFTs, and blockchains.
Civic Technologies, the San Francisco-based identity firm, unveiled a tool to battle NFT bots on the Solana network on November 8. The recent attack on the Solana network leading to a 17-hour downtime, prompted this action.
The unfortunate event went down on September 14 from a denial of service breach by trading bots. The bots were trying to take advantage of the ongoing GRAPE decentralized exchange offering at the time. As a result, over 400 thousand transactions per second on the network overloaded it, leading to the shutdown. Solana’s coin also suffered a plunge after the incident by 30%.
The Solana network took the necessary steps to get 80% support to create a hard fork to deal with the issue. According to its report, its engineers and validators joined their efforts in progressing the solution quickly. Additionally, the team ensured rewriting the system’s code to initiate a reboot to get back on track.
The tool, Ignite Pass, will assist users in identification verification to prove that they are not bots on the network. According to Civic, the tool coincides with reCaptcha methods on most Google-based services. However, the difference is that every user will need to take a video selfie to prove they are human.
Civic Technologies providing answers to the issue
The firm recognizes the growing interest in NFT-based products in the digital market. Furthermore, NFTs hold an excellent investment option for digital asset enthusiasts. Nonetheless, bot presence on the networks to help users automatically trade raises a problem for many networks.
The whole process will ensure that bots do not disrupt engagement on the platform by hoarding good opportunities. Civic assures users that none of their private information will stay on the network’s servers. This point will increase trust despite the necessity for the identification process.
According to Civic Technologies CEO Chris Hart, bots hinder the progress NFT artists and markets can achieve. He added that bots destroy the trust within the NFT industry, essential to its continued success. As such, the free version of Civic Pass, Ignite Pass, will answer this pain point. Moreover, it will create stronger connections among creators and investors alike.
Dedication to DeFi and NFTs
Civic Technologies’ efforts did not kick off due to Solana’s issues alone as it provided similar services to the FluxArtProject and Metasaurs. The firm believes in regulation policies that protect users and induce progress to the crypto industry. In that case, it believes in permissioned networks on decentralized platforms.
One such project is the Solrise DEX pro, a decentralized exchange under Solana, running on Serum. Civic joined Solana in creating a platform that depends on the digital identification of its users. According to the digital identification solutions firm, permissioned protocols will be crucial in creating a safe environment to attract more institutional and retail investors.
That way, its goals align with providing the same services for any network in the market today. As Mr. Hart put it, any platform can reach up and add this option on top of its network.
