What a score, in 2020 about 3.8 billion USD has disappeared in large and small hacks. Let that sink in for a moment. USD 3.8 billion. It's an amount I can't even dream of. Are you also tired of always having to be wary of back pulls and hacks? There's not much you can do against the back pulls, except of course don't invest until you have thoroughly researched everything. As far as that is within your capabilities.

But could these hacks have been prevented?

According to the Lossless Protocol, yes!

How? You can read that below.

What is Lossless Protocol (LSS)?

Lossless Protocol is a project that fights hacks, to ensure that there are no or as few losses as possible. This is done by a piece of code, which is put in their token by developers. This code makes it possible for Lossless to detect and freeze fraudulent transactions.

The method of combating fraud can be done in two steps.

In the event of an urgent freeze after fraudulent acts, the person who identified the hack will be rewarded.
In less urgent cases, the freeze will only take place after the hack has been confirmed by Lossless, the company itself and the creator of the tokens. It is important that all three parties are actively committed to undoing the transaction.

This way of trading is very useful for projects and their tokens. Lossless does not charge any costs in advance, but charges a fixed percentage as compensation for preventing a hack. As a result, projects can constantly enjoy protection, and it is continuously available to them. But they only pay when necessary.

The Token of Lossless Protocol: LSS

The project has its own token with LSS. This token can be used for various purposes. For example, the token impacts the Lossless ecosystem, involving the community in decision-making. The community also gets exclusive access to certain tools and new insights and products are shared early. In addition, the LSS token also makes it possible to provide feedback or make suggestions. These administrative tasks are possible for investors who are going to stake their tokens.

To join the Lossless community, ethical hackers must stake $5,000 worth of LSS before a hack freeze can take place. If afterwards it turns out that the hack turned out to be a false alarm, the tokens that a hacker has started to stake can be confiscated.

In addition to the finder's fee and the stake reward, the team has other plans to earn tokens. These plans are aimed at increasing brand awareness, increasing liquidity and sending hackers to the platform.

This will be done by launching an affiliate program. This allows influencers, companies, bloggers and social media channels to earn tokens by referring people to the platform. In addition, there are also plans to perform airdrops, in order to keep the liquidity of wallets high. The airdrop bonus will also be paid out in LSS tokens.

LSS token sale

The early sale of LSS took place at the end of May 2021. Lossless Protocol raised money through a private sale, IDO (Initial Dex Offering) and IEO (Initial Exchange Offering), raising a total of $2,695,000. Investors could buy LSS for $0.077 each, this price being the same for each sale. During the private sale, Poolz and DAO Maker, among others, invested in the project.

The two IDOs took place on PAID Network (PAID) and DAO Maker (DAO), while the IEO took place on the trading platform Gate.io. A total of $450,000 was raised through these three platforms, with approximately 6 million tokens sold. The biggest sale came in the private sale, selling 29 million tokens and raising $2,245,000.

The characteristics of LSS

Token ticker: LSS
Total number of tokens: 100,000,000
Number of tokens in circulation: 22,373,970
Token type: ERC-20
Price during ICO: $0.077
Funds raised during ICO: $2,695,000

Where can you buy LSS?

It is possible to buy LSS through a small number of trading platforms. In total there are 5 platforms, with KuCoin and Uniswap being the most well-known options. Other options to buy LSS are Gate.io, Hotbit and BKEX. If you would like to invest in the project, it is wise to do so on a secure platform. KuCoin and Uniswap are the most reliable options in this area, which also have the most liquidity.

Suitable wallet for the token

In addition to the exchange, you can also store LSS on a hardware wallet. This is recommended in most cases, since you have the private key in your hands and are therefore the actual owner of the coins. The most famous hardware wallet is currently the Ledger Nano S.

The Lossless Protocol team

The Lossless team consists of 8 young but ambitious men, who, despite their age, have gained the necessary experience. In the video below, Dominykas van Otterlo tells how the first months of the project were.

The CEO (Chief Executive Officer) of Lossless is Vygandas Masilionis. After graduating from Vilnius University of Technology, Masilionis worked for the company Monetha. He also had his own business with BTC-exchange.com. The business then continued, before Masilionis became CEO of Lossless, he spent several years working on mobile apps, dropshipping and affiliate marketing.

Someone with even more marketing experience is Lossless's Chief Marketing Officer, Gytis Trilikauskis. After being active at ExMarkets, Hacker Noon and Howdoo, among others, Trilikauskis decided to become active in the crypto world. The blockchain economy and DeFi are, in his own words, his obsessions.

Like the CEO of Lossless, Domantas Pelaitis was educated in Vilnius. Pelaitis is the CTO (Chief Technology Officer) of Lossless and has a lot of experience as a software developer. This experience has been gained at Syntropy, Lympo and Cryptodus, among others.

The team member who shares his findings in the video above is Dominykas van Otterlo. In addition to a Dutch surname, Van Otterlo also studied at the University of Groningen in the Netherlands. Like the CMO, Van Otterlo has gained work experience at ExMarkets. In addition, Van Otterlo has worked at four other companies, with the longest period being with ConnectPay and CoinStruction. Nowadays, in addition to his work for Lossless, Van Otterlo is busy with his Lithuanian Instagram page, which focuses on the history of Lithuania.

Roadmap

The Lossless team has published a roadmap for the year 2021, showing the targets per quarter. Lossless also has some targets for the fourth quarter of 2021. For example, there are plans to relaunch the token.

In addition, the project aims to increase their offer. At the moment, Lossless is able to code ERC-20 tokens. However, the team also wants to make these codes possible for the Binance Smart Chain (BSC) tokens and the Polkadot (DOT) tokens. In addition, the focus will also be on wrapped tokens in the last quarter of 2021. The team wants to make sure that the encryption is possible on Bitcoin (BTC) and Ethereum (ETH) during this quarter. Considering these two projects are by far the largest projects in the crypto market, this is a very big step for Lossless Protocol.

The popularity on social media

The project has a small follower base on three social media channels. Through the blogging platform Medium, the project has 850 subscribed readers. Most readers are reached via Twitter and Telegram, where there are 36,000 and 17,000 followers respectively.

Compared to Medium, these social media channels are much more accessible to interested parties. To read unlimited articles on Medium, readers must pay monthly. This ensures that the step to other channels is quickly made for many people.

Critical note

Every project has its downsides, especially starting projects have to do with areas for improvement. This is also the case with Lossless Protocol, as the project is not very active on the various social media channels. In addition to Facebook and Twitter, there are a lot of other platforms, but Lossless is still missing these opportunities for now.

Having its own subreddit on Reddit would be a nice addition. At the moment, Lossless is not active on Reddit, but if you search for the project on Reddit, you will come across questions about the reliability of the project. You can remove this mistrust by creating your own subreddit.

Another point is the usefulness of LSS. Investors who do not have technical knowledge or seas of time cannot discontinue their LSS. This is only reserved for LSS owners who are also active as ethical hackers. The amount of LSS tokens can be a barrier for ethical hackers, since this amount concerns a substantial investment of $5,000 in LSS tokens.

Conclusion

Thanks to the Lossless Protocol technique, huge losses can be prevented. This is very beneficial for both trading platforms and private individuals. Billions of dollars are stolen every year because hackers outsmart trading platforms and individuals. The technique of the project is not unique, given Tether a similar method used to combat fraudulent transactions. However, the Lossless method is decentralized, because three different parties decide on the transactions.

The Lossless Protocol token is of interest to investors and ethical hackers. This last group enjoys additional benefits, for this group it is possible to discontinue LSS. You must meet an amount of LSS tokens that represent $5,000 in value. This amount is a considerable amount for many people, but because of this the project ensures that ethical hackers will be very involved in the project.

The project has very big plans, which solve a lot of problems. Any investor can face hacks, so potentially any investor would be interested in the project. However, the activity on social media is below par, there are opportunities for Lossless here. Adoption of the project could also increase if investors can also receive bonuses or stake their LSS tokens.

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