The Web3 ecosystem is a burgeoning technology, continually giving rise to new use cases. Its inherent nature revolutionizes data ownership by decentralizing content, data, and asset flow. However, this novel infrastructure cannot be secured in the same manner as Web2 due to its decentralized architecture. As a result, it often lacks robust security measures, leaving users exposed to various forms of attacks.
Cryptographic assets, devoid of any central authority or governing body, epitomize decentralization. Efforts to centralize these assets can disrupt the ecosystem’s balance, inadvertently granting undue power to specific companies. Thus, no entity oversees or facilitates transactions, endowing users with newfound autonomy but also burdening them with the responsibility to safeguard their own assets. While decentralization empowers asset owners, it simultaneously opens new security vulnerabilities.
Users with some level of technological expertise tend to fare better on decentralized platforms built on blockchain technology. The existing gap in Web3 knowledge puts users at risk for attacks like phishing, which have grown increasingly sophisticated. Over eight million transactions take place on EVM (Ethereum Virtual Machine) blockchains daily, highlighting an urgent need for enhanced transactional and blockchain transparency.
The FoolProof App aims to fill this gap by promoting security, transparency, and an optimal Web3 user experience. Our focus is on fostering the development of decentralized applications, facilitating transparency in business practices, and creating a secure foundation for the future of Web3. We strive to offer more than just a temporary fix—we’re building a platform specifically for Web3.
Our first offering, BlockVision, serves as an in-wallet security application for Web3. It employs patent-pending technology to provide users with blockchain interaction transparency, self-custody tools, and education on both current and emerging vulnerabilities. Beyond educating everyday users, FoolProof positions itself as the vigilant gatekeeper for all transactions. We offer tips and tricks while continuously monitoring individual wallets to ensure your safety.
The FoolProof App emerges as a much-needed solution in this landscape, specializing in providing robust security mechanisms and transparency for the Web3 environment.
Why Did We Make The FoolProof App?
Web3 fills a significant gap in internet technology: ownership. However, it also has a critical flaw—its user experience often leads users to unknowingly participate in scam transactions. The Web3 many people believe they are accessing falls short in security measures and user education. So why is Web3 lacking in terms of security, and what can we do to address this issue?
One primary reason for Web3’s security shortfall is the ecosystem’s lack of transparency and education. Many users, and even some developers, are still unaware of the security risks associated with using Web3 applications. This lack of transparency makes it difficult for users to understand the risks they face and how to protect themselves. When we require users to essentially become engineers to comprehend their transactions, we place an unnecessary burden on the journey toward a borderless economy and a more equitable form of capitalism, one that empowers both producers and consumers.
This is why transparency and proper education are essential in Web3. Developers should prioritize security and inform their users on protective measures. Users, in turn, need a comfortable and frictionless environment that empowers them to take responsibility for their security without deterring them from participation.
To address these issues, we need a dedicated security solution designed around Web3’s unique architecture and systems. This tool should be user-friendly, accessible to everyone in the Web3 ecosystem, and integrated into a single platform. It must equip users with the necessary tools to identify and mitigate security risks, thus protecting their assets.
The FoolProof App is not just another security layer; we are a comprehensive solution tailored for the unique challenges of the Web3 ecosystem. We understand that the traditional security models of Web2 are inadequate for the decentralized nature of Web3. That’s why we have developed specialized tools and educational resources to empower individual users and developers alike.
Our technology is built to enhance transparency, educate on vulnerabilities, and offer proactive measures to ensure asset safety. With The FoolProof App, you’re not just navigating Web3; you’re doing it with a security expert by your side.
Our Solutions
FoolProof Token
What is a FoolProof Token?
FoolProof Tokens are extensible smart contracts permanently linked to the original ERC token. They can be controlled by the original owner and transferred to a separate wallet, providing an immediate layer of security. The FPT serves as proof of ownership once the project supporting it updates its token gates to recognize the FPT’s smart contract. Think of it like the pink slip for your car; you wouldn’t drive around with it because it’s too valuable and serves as your proof of ownership. Instead, you keep it safe at home.
The concept here is simple: use your FPT when interacting with token-gated platforms instead of your original token. If the contract turns out to be malicious or a scam, your original token remains safe. Only the true owner can control the FPT, ensuring it can’t be stolen or sold.
Having an FPT adds an extra layer of security, allowing token owners to engage with platforms and applications without risking their valuable assets. With the surge in popularity of NFTs and alt-coins, implementing safeguards like FPTs is critical for maintaining a safe ecosystem.
Our FoolProof Token (FPT) technology is continuously evolving. Future iterations will include advanced features like real-time risk status indicators and precise metrics on the amount protected.
Amped FoolProof Token
Building upon the already impactful and secure foundation that FoolProof Token (FPT) provides, one of our most promising extensions, “amped,” is currently in development.
Designed to help brands and communities generate an alternative form of revenue, manage their brand reputation, and protect their content in a web3 native way, “amped” aims to further elevate the transformative potential of FPT.
How do we set up a FoolProof Token Contract for Our Project?
Developers can deploy FoolProof Tokens using our deployment tool. This tool only requires the payment of gas fees to execute the transaction. Once deployed, these FPTs are automatically minted to a wallet that corresponds with each actual token, establishing a 1:1 relationship.
For enhanced security, owners have the option to transfer their FPTs to a separate “hot wallet,” designated for personal logins. This wallet is considered “at-risk” and should only hold minimal assets.
If you decide to sell or transfer the original token, the corresponding FPT will automatically move to the new owner’s secure vault wallet. This ensures that the FPT is always linked to its current owner, providing a continuous loop of transparency and security without the need for ongoing maintenance.
Security Dashboard
FoolProof’s Security Dashboard is designed for a wide range of users— from everyday traders to Web3 novices, as well as advanced users who require efficiently formatted data. The platform is committed to making Web3 security both effective and transparent for everyone.
The dashboard eliminates the need for specialized cybersecurity knowledge, enabling you to focus on your Web3 activities without any undue security concerns.
Our Security Dashboard is gearing up for a significant update—version 2 will feature a user-interface overhaul and enhanced FoolProof Token functionalities.
FoolProof Token Manager
The dashboard is designed to work seamlessly with FoolProof Tokens. While the tokens themselves are already functional, planned updates will offer more detailed insights into your transactions, including potential issues that could arise.
Contract Approval Manager
One standout feature currently available on FoolProof’s Security Dashboard is the contract approval manager. This feature aims to give you full control over your blockchain interactions, enhancing your overall security.
Signature Invalidator
Another feature, the signature invalidator, adds an extra layer of security. If a malicious transaction is detected, this feature can help mitigate risks immediately.
Future Developments
BlockVision, Custom RPCs, Wallet Snap, and Amped Tokens are in the pipeline. These features aim to broaden the platform’s capabilities significantly. Additionally, we plan to include a feature that allows users to report suspicious interactions for further analysis.
BlockVision
An advanced Web3 in-wallet security tool. Using patent-pending technology, it provides users with transaction transparency and education on vulnerabilities. It uniquely pauses and analyzes transactions after signing, allowing users to assess impacts and make informed decisions, ensuring optimal wallet safety.
WalletSnap
A rescue wallet service enhancing security for token owners. By setting up a backup wallet, users gain immediate alerts to suspicious activities, can swiftly transfer all valuables with a single click, and have tokens automatically moved out of their protected wallet during unauthorized transactions.
Custom RPCs
When interacting with the blockchain, safety precautions are essential. FoolProof Custom RPCs (Remote Procedure Calls) offer an added layer of protection. Think of an RPC as a private road you use to connect your wallet app to a validator node.
Every FoolProof user receives a custom RPC, a feature that pauses outgoing transactions after the signature and provides human-readable information. This ensures that you fully understand the transaction you’re about to execute and can cancel it if necessary. Your custom RPC also optimizes the transaction path, considering factors like gas prices and network congestion.
Additionally, FoolProof monitors your wallet for any transactions not initiated through your custom RPC. If such transactions occur, FoolProof can automatically transfer all your assets to a specified, secure wallet, if you opt for this feature. This keeps your assets continuously under your control, mitigating the risk of theft or loss.
It’s worth noting that our Custom RPC feature is currently in the development phase, set to offer users an unparalleled layer of control and transparency in their blockchain interactions.
Real-world Application Examples
Leasing
Selling your NFTs outright is one option, but another gaining popularity is leasing them. With the use of FoolProof Tokens, you maintain control of the original asset while leasing the FPT.
One main benefit of leasing your FPT is that it allows you to maintain proof of ownership while still generating revenue or accruing other benefits. For example, you might lease your FPT to someone who wants to use it for an event like NFT NYC. Once the event concludes and the lease expires, the FPT returns to you, along with payment, safeguarding your ownership rights from faulty leasing contracts. Leasing your NFTs can also be a lucrative revenue stream, especially if your NFT is in high demand. FoolProof Labs sees this as a massive opportunity for future Web3 experiences, particularly as token-gating becomes standard for events. Imagine leasing your FoolProof Token for someone else to attend Ape Fest, allowing you to capitalize on your Bored Ape asset while also experiencing the event vicariously.
Veterinary Applications
Another use case for FoolProof Tokens is controlling the flow of personal information, particularly concerning your pets’ medical care. FoolProof Tokens enable you to grant or retract access as needed. Having control over your pet’s veterinary data empowers you as a caregiver, allowing you to decide who can access it and for what purpose. You could even monetize it by selling it to research facilities, ensuring it doesn’t get sold without your consent.
Additionally, storing your data on NFTs minimizes the risk of data breaches. In a decentralized system, an attacker would need to compromise a multitude of individual data points, making you less susceptible to data leaks.
Custom RPCs
Custom RPCs create a secure environment, allowing users to interact only with approved contracts and wallets. This is especially useful for companies aiming to maintain transparency on a decentralized blockchain while controlling the user interactions.
Insurance
Custom RPCs also offer an internal audit function, enabling you to define what transactions are insured. Transactions occurring outside of the custom RPC are not insured, offering another layer of control.
Conclusion
The Web3 ecosystem represents a significant leap forward in how we interact with the digital world, but it also brings its share of security challenges. The FoolProof App addresses these challenges head-on by focusing on enhanced transparency, user education, and secure interactions. In this whitepaper, we’ve introduced various solutions including token-gating (restricting access to only specific token holders), Custom RPCs (Remote Procedure Calls that act as secure channels for your transactions), and EVM (Ethereum Virtual Machine, the tech backstage ensuring smooth operations). Each of these innovations contributes to our comprehensive security suite designed to keep you safe in the decentralized digital world.
Our platform serves a diverse audience, from everyday traders to newcomers in the Web3 ecosystem, and offers specialized features such as FoolProof Token Manager, Contract Approval Manager, and Signature Invalidator. We also touched upon future developments that include a significant UI overhaul in the upcoming v2 of our dashboard and new features like BlockVision, Custom RPCs, and Wallet Snap.
The FoolProof App is not just another layer of digital tape but a security essential aimed to democratize safety and knowledge in Web3 interactions. We aim to empower users, granting them the tools and knowledge they need to navigate the new digital frontier securely. If you’re as concerned about security in the Web3 space as we are, then it’s time to take action. Join us in making the Web3 ecosystem more secure and user-friendly. Visit our website, sign up for our beta program, or get involved in our community forums. Your involvement can help shape the future of secure, decentralized technology.