Solana’s BonkBot Announces Game-Changing Technology To Promote Self-Custody

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As a seasoned crypto investor with a few battle scars and war stories to tell, I must say that BonkBot’s shift towards a non-custodial model has left me feeling secure and empowered. The focus on user control over assets is something I’ve long advocated for, and the new security measures they’re implementing are impressive.

BonkBot, which is widely used on the Telegram platform for trading, aims to move towards a non-custodial model in order to enhance its security by implementing Pre-Transaction (Pre-TX) protection against potential hacking threats.

In the BonkBot app, a user-controlled approach is emphasized, ensuring user asset security by putting control in their hands. This means users can always access and manage their funds, with no one else but them being able to authorize transactions. The BonkBot app does not feature any freezing or censorship of assets.

BonkBot Goes Non-Custodial, Puts Users in Control

In their latest update about X, developers emphasized that users now have full authority over their transactions. They’ve introduced two-factor verification for Solana withdrawals, the ability to export private keys, and an optional feature for token whitelisting. Additionally, they plan to enhance security by incorporating Face ID and passkey authentication in the future.

As a researcher, I am incredibly proud to introduce our cutting-edge, in-house developed Key Management System (KMS). This innovative technology stands out as the most secure, efficient, and state-of-the-art solution in its class.

It’s a remarkable engineering accomplishment, most of which is hidden behind BONKbot’s sleek, intuitive user interface.

here’s how it works:…

— BONKbot (@bonkbot_io) October 9, 2024

The updated design of seed phrase wallets allows users to manage multiple wallets using a single recovery phrase. Previously, they needed separate passwords for each wallet, which could be inconvenient. As the official blog states, this change simplifies management and enhances security for cryptocurrency users.

A common issue and frequent complaint about Telegram trading bots is that they operate in a custodial manner. In other words, the user’s private keys and confidential data are typically kept by the service provider on their backend system. This structure makes users’ wallets and assets susceptible to potential attacks because hackers could potentially seize full control if there’s a security breach.

As a result, the BonkBot crypto trading platform is moving towards a decentralized model to prioritize user safety. Once this change is implemented, users will have complete control over their assets, meaning they can manage their funds at any time. It’s essential to note that the bot won’t hold onto the assets; instead, the users will be the only ones capable of executing transactions.

In case your Telegram account is hacked, this cryptocurrency trading bot offers robust security measures such as two-factor authentication for Solana withdrawals, the ability to export private keys, and optional token whitelisting to shield you from similar situations. Future upgrades will include Face ID verification and passkeys for added protection.

Custom KMS Delivering Unparalleled Security and User Control

As a researcher, I can affirm that we’ve implemented Pre-TX verification mechanisms to guarantee the safety of transactions within BonkBot, even if other platform vulnerabilities may arise. This is achieved through a predefined set of WASM modules, which meticulously validate the integrity of each transaction, ensuring that they function precisely as intended.

Users will soon have access to a novel approach for creating wallet seed phrases. With this method, a single seed phrase can unlock and operate multiple wallets, eliminating the need to manage various private keys.

It appears that the recent announcement hasn’t moved the market for BONK, as its value has dipped by 2.16% over the past day, now being traded at approximately $0.00002038.

On the other hand, the bot advises users to securely store their recovery phrases away from BonkBot’s protective measures. In other words, if a user exposes their phrase, BonkBot won’t be able to safeguard it. This step is crucial for maintaining a balance between ensuring user security and making the platform user-friendly.

This cryptocurrency trading bot has been deliberately constructed to enforce stringent security measures ensuring users’ privacy and control over their assets. No person, whether they are employees of this bot, cloud service providers, or external parties, will ever gain access to or knowledge about a user’s private key. Consequently, only the user has the ability to initiate transactions.

Each transaction should accurately represent the user’s intent, making the trading bot function as an “intent-driven” wallet. This way, user safety is prioritized, even if the fundamental smart contracts are compromised. Achieving such a high level of security, particularly in distant systems, can be challenging because it essentially emulates a hardware wallet within the cloud.

BonkBot’s innovative strategy ensures strong key management for users, offering an unprecedented level of security against unexpected actions in smart contracts that is seldom found in standard wallet protection mechanisms.

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2024-10-09 22:00