Re: Energi [NRG] Cryptocurrency for World Adoption | PoS | MN

#Energiswap is expanding yet again!

We just added another batch of 52 new tokens to the platform.

You can now trade more than 180 assets with low fees and the best security in the space.

Get started here: https://energiswap.org

Here are all the new assets we just added to EnergiSwap:

$CVC $SRM $ANKR $NMR $DNT $IOTX $BTS $SYS $OGN $AVA $NXS $AION $HARD $TRB $CTK $WAN $CELR $LOOM $HIVE $QKC $AKRO $PPT $STORJ $AUDIO $DUSK $YFII $CREAM $MTL $GHST $WRX $BLZ $MFT $ROOK $RGT $KEEP $POWR $PERP $PAXG $DPI $SUPER $FARM $RLC $STAKE $RARI $HXRO $MAPS $FRM $DF $BZRX $BAO $OMI $KP3R

With the best security in the space?

That is quite the statement to say the least. Would you claim to be as secure as the biggest players in the industry? Security requires a lot of resources, manpower, knowledge and money.

Do other projects have such a security system? Can you mention at least one project that a person can contact if their coins have been stolen?

If not, then I would say that it is really "the best security in the space". Wink

Are you saying if someone steals my coins you will reimburse me? It's almost a bit suspicious because there is no legitimate reason for you to be able to get coins back from a hacker, unless...

It's not actually reimbursing, it is recovering the stolen funds. The process freezes the wallet of the hacker so they cannot be moved after it is confirmed a crime is committed.

There is some more information here as to how the process works - https://medium.com/energi/ebi-recovery-reduces-cybercrime-by-70-5fccc31dd5b

As to not having a legitimate reason to recover stolen property, I'm not sure what you are trying to say here. It is theft and, depending on the exact circumstances, fraud (through impersonating others). I don't think thieves should profit from stealing and the recovery process can prevent that.

I am not saying it is bad to see efforts that want to make crypto space more secure, but there is also a massive element of centralization in your process. Who knows if you don't hold at least 10% of the masternodes and can decide on your own what is a crime and what is not? What if a hacker steals the private key and signs a message? Also, I believe you will be confronted with many edge cases where it is not that easy to tell who is right and who is not.

I am at the mercy of your process then. What if someone is broke and doesn't have money for the deposit? That is a possibility. How would you decide then?
Do I have to provide KYC data before my first deposit? Or before my first withdrawal?

I would say there is more the potential of centralization as I do not know who owns what for masternodes but at the same time, there wouldn't be any positive side to Energi abusing this setup. In other words, abusing the process would cause issues and do damage to everyone including Energi.

As to a hacker getting the private key, that really doesn't matter as there always needs to be proof of the crime in addition to proof of involvement and our EBI does a thorough investigation. For the recovery process, the user also must follow the following (from Prerequisites for Drain in the link I provided).

Quote

Third, the victim needs to submit a Proof of Action Fraud Report. If the victim reports a crime, like stolen funds or impersonation, they will have to file an official action fraud report with their local law enforcement authorities and prove that they have done so. This way, the EBI can act knowing that the alleged victim involves real-world police and legal institutions.

In an edge case, if it cannot be determined "who is right", we wouldn't be able to move forward but our EBI is very good at what they do (investigating). There is no guarantee the recovery process will always work but the alternative is almost 0 chance.

As to not being able to provide the funds, that is taken care of if you report the crime to our EBI. You only need to provide the funds for the various stages if you do not involve our EBI. This is to prevent abuse of the system (like someone trying to lock your wallet just because they want to).

As to the KYC requirement, that is basically the last step before the stolen funds would be released back to the rightful owner. In other words, the stolen funds would have been drained from the thieves wallet and the victim needs to provide KYC (among other documentation) prior to the funds being released and sent to their new wallet.

Finally, the alternative is almost no chance of recovering stolen funds. With as many scams and scammers that are in the crypto space, there needs to be security for everyone, especially those new to everything. One of the biggest "blocks" to crypto adoption in my experience is the fact people can lose everything with basically no chance of getting their funds back.