With the recent crash and subsequent recovery of some of the world’s most valuable crypto assets, the question of security of investment in blockchain-based digital money remains open. That being said, some of the investors consider Bitcoin and the like as a lucrative investment for a short-term gain; other finance experts still insist that cryptocurrency will grow and reach a tremendous scale. How this will unfold, remains to be seen, but the fact remains clear – DeFi, or digital finance, may very soon take over the race of the leading investment instruments of the decentralized world.
While it may be true that some improvements are still separating crypto from becoming a mass indulgence, the same cannot be said about rapidly expanding DeFi. Having brought a variety of projects under one umbrella of decentralized ledger technology, DeFi currently boasts a variety of new token launches that not only are hedged from volatility, but actually offer an advanced security for those who are new to the field. DeFi also claims to possess a stronger potential than crypto: numerous DeFi projects (not mentioning NFTs) have already been experimented with in a public domain, while crypto market remains a narrow field for those who tolerate higher investment risks. In the near future, DeFi is even said to outperform traditional finance.
Continuously innovating, the recent gamechanger in the field of DeFi is UltraSafe Finance: arriving with an answer to the decades-long security problem, it proposes an audited asset protected against the threat of malicious intent that caused so many troubles to investors in the past. Based on Binance Smart Chain, UltraSafe managed to build an ultra-secure contracts mechanism supported by a fast execution process and a variety of perks, such as the rewards generated on yield protocol. With this in mind, UltraSafe takes a serious stance towards propagating security at the times when it’s most in-demand.
Being deeply intrigued by the underlying proposition of UltraSafe, I decided to pose a few questions to the CEO of the project.
First of all, which areas of blockchain technology make it most vulnerable to various security threats?
In my opinion I feel hacks are one of the biggest threats to Crypto, we see the vast majority of these being flash loan attacks which have influenced our development decisions with upcoming dApps we are yet to release. We have seen it in recent times on huge names in the BSC space with Bogged and Bunny which are two fundamentally great projects but due to not having resistance to these types of attack ultimately fell victim to it. I feel also the biggest security threat to any cryptocurrency is the trust placed in the people behind them.
We see this a lot on BSC with multiple tokens launching everyday for the sole purpose of the people behind them either draining the liquidity pool by dumping huge amounts of tokens they have left for themselves or simply pulling the liquidity all together. We also see a similar thing with people creating honeypot contracts of legitimate contracts on the same day of their launch, this exact thing also happened to us on Day 1 and for new investors these things can be incredibly difficult to spot.
I don’t want to see Crypto regulated to fix these issues, I am a huge DeFi advocate and this would have incredibly negative impact across the entire space, I simply want to educate people on what to look out for as once you know what you are looking for it is very easy to not fall for all these different types of scams that plague the crypto world, if we can educate new people in the space we can near-completely eliminate this plague.
What are the risks crypto investors are most exposed to, and how does UltraSafe tackle these challenges?
I will use my previous examples for this as I feel those are the two biggest things negatively impacting the crypto space at the moment. For the first due to the transaction fee we have it is incredibly difficult to flash loan attack or even simply have bot trading happen on our token as they would need a greater profit than 16% to make any profit at all and in an instant, this is incredibly rare to happen, something I have personally never seen so we do not expect this to happen.
For our upcoming staking dApp we have also kept this in mind and have created a contract that is heavily resistant to flash loan attacks so we do not expect to see it happen on this too. And secondly for the trust aspect in the people behind tokens we have done everything possible to remove as much trust as possible from us yet still have a feature. We have done this by renouncing the contract of the token so we can not do anything nefarious with the call functions which in the wrong hands could do a huge amount of damage but we have completely eliminated the possibility of this. We also only control a very small portion of the token supply which we are using for the betterment of the project and not our own personal gain.
The tokens we control would have a 30% price impact if we sold everything this is theoretically the most amount of damage we could do to UltraSafe, this would never be something we would ever do but in comparison to other tokens this is very small to what some other projects could do if they had malintent.
What are the special features that make UltraSafe an ultimate security solution unlike any others on the market?
We have removed the call function that allows the deployment address to regain control of a contract after a renounce, so our contract will be renounced forever. This also means that the reflect function bug that affects many of our competitors is also not possible on UltraSafe.
This is where a wallet that was previously blacklisted from receiving reflections is removed from this blacklist. Once removed it will receive all reflections from the past and essentially take tokens out of people’s wallets to do this, but again with UltraSafe this is not possible.
Do you expect a higher asset protection level to stimulate a higher investment flow from amateur investors into the DeFi niche?
We really do and have seen some great success from it already. There are a lot of new people that have just joined crypto this year due to the bull market and don’t really have much of an idea what they are dealing with so often fall victim to scams.
We wanted to be a place new investors could take refuge from the huge amount of scams happening everyday. We also would like to educate these new investors about cryptocurrency and hope they learn a lot from us before they look into new and upcoming projects to protect themselves.
Is your solution targeted at individual investors, or at corporate players too? In the future, do you see your solution implemented at a large scale – e.g. in banks?
We are targeted at individual investors but you never know what the future may hold on that one. In the future we are looking into facilitating ULTRA to FIAT swaps as easy as possible, this will be through a phone app that will either connect to your bank account for deposits and withdrawals or linked to a prepaid debit card that you can load up with ULTRA. This is something technically possible for us at the moment, the only thing holding us back being financial constraints but once we have become more established and hit new market cap heights this will be something in the realm of possibility.
Why did Binance Smart Chain become your preferred medium?
We chose Binance Smart Chain for two reasons. The first reason is that there are a huge amount of rugpull and honeypot scams on BSC. It sickened us over here and was the reason for us creating UltraSafe, this was after reading an article that said the biggest loss of money for this generation of young people was these types of scams happening on BSC and we wanted to be a shining beacon of hope. The second reason is simply because the gas fees on BSC are extremely low and our contract is very gas intensive, on a network such as Ethereum the fees for sending and trading Ultra would be astronomical so BSC is the perfect home for us.
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I’m fascinated to hear that you offer a 4% fee return on every transaction as a part of the Reflection program. Could you tell me what makes it possible?
Reflections work as whenever any ultra transaction happens, whether this be a buy, sell or send an internal transaction takes place which happens in two parts. The first part being the liquidity fee to continuously increase the liquidity pool and the second part being the reflections into all our holders wallets. This is the contract code pioneered by RFI and used in huge names since then, the biggest being SafeMoon.
Due to how internal transactions work they do not emit an event so you will not be able to see any of this happening in real time like you can with normal transactions through BSC scan as these fee transactions happen within the contract. The closest you can get to seeing this take place is when you look at an ULTRA transaction you will see before it hits the recipient it interacts with the ULTRA contact. This would be these fees taking place.
What are your project’s milestones for the rest of 2021? And what are your expansion plans further on?
We have so many things coming this year, too many to name in this short interview but the two I am most excited for is our NFT marketplace that is built with creators in mind, our USP being that there are no service fees and creators can set royalty fees for their pieces so will always be paid when their creations transact into new hands. From this we hope to entice content creators away from competitors into our platform.
The second thing is our continuing partnerships with real-world celebrities to help expand the awareness of UltraSafe to the people. Our first ambassador of safety is Rashad Evans, a legend in anyone’s eyes who has just come out of retirement and we look forward to our relationship and what we can achieve together but this is only the first of many.