To enhance security for cryptocurrency airdrops by implementing a vesting schedule that delays immediate access to tokens, thereby reducing the risk of asset theft due to wallet compromise by scammers.
Key Components:
1. Vesting Mechanism:
✦ Vesting Period: Tokens received through an airdrop will be locked for a predetermined period (e.g., 6 months, 1 year) before they can be accessed or transferred. This period can be adjusted based on the project’s goals or the sensitivity of the token distribution.
✦ Gradual Release: Instead of a full release at the end of the vesting period, consider a phased or monthly release schedule. For instance, 10% of tokens might be released monthly over 10 months. This approach can spread out the risk and market impact.
2. Security Enhancements:
✦ Two-Factor Authentication (2FA): Implement or require 2FA for claiming airdrops. This adds a layer of security, making it harder for scammers to access funds even if they know one set of credentials.
✦ Multi-signature Wallets: Encourage or mandate the use of multi-signature wallets for receiving airdrops. These wallets require more than one key to authorize transactions, significantly lowering the risk if one key is compromised.
3. Recovery Options:
Compromise Recovery:
✦ If a wallet is compromised, have protocols in place allowing users to:
✧Freeze transactions for a period to investigate.
✧Use a time-locked recovery process where funds can only be moved after a cooling-off
period, providing time for the legitimate owner to regain control.
I have learned a lot these days, I just want to share my sad experience with cloud family, maybe this will help somebody in the future. I love to work, this is some meditation for me. Staying in touch with all my cloud family charges me a lot. I love what I am doing,I hope this will inspire others who got scammed. It is just money, your knowledge and skills are what nobody can take away from you. Time is moving forward, we can’t stop it, so there is no reason to lose time just need to move forward for your goals. big L for my Cloudmens.
Maybe the Sanctum Profile could be used as the 2FA. You would have to connect your wallet and profile to claim. I think the vesting period they have now is not bad, but a bit more security would be helpful, especially in this space.
Again, I’m really sorry you had to go through this, but I am so inspired that you have been able to bounce back so fast. I think I couldn’t even think of Crypto for a few months after FTX. Which means I missed when SOL was at its cheapest Ah well, live and learn. You got this Cho! Coming back better and stronger than before!
2FA in my opinion could be a nice solution. Or at least that users could choose to lock for this vesting time.
Thank you Tiggles. I just understood that hiding away from problems is not a solution. I would rather fight and try to get the best possible scenario out of this situation. I know it’s not easy to handle with all this, but on the other side, these are only emotions and money. The best support came from you guys, this kicked my ass and I could fast realize that I am just there where I was when I entered Sanctum from financial perspective, so why not work harder this time?
At least I have two positive news.
I reached out one Dev and he told me that JP has in development one tool that will help people with compromised wallets get the staked JP out to a safe wallet. So probably I will not lose all to 100%.
Luckily I got some good news from Solana support. They will give me a one-time exception to get the NFT out of the scammed wallet.
These scumbags even bricked my compromised wallet, so I can’t do anything with it. I just burned the last cents, that they need to deposit some Sol for fees. Probably they bricked it forever or just wait till vaults will be fully claimable. This is the reality. I hope that this will never happen to you guys. Be super careful. God bless you all.
This seems like a pretty cool option! I have no idea what it takes to build these kinds of systems, but keeping it in house with Sanctum would be excellent
There are lots of community members who wants this long road option. I am not a day trader and not a meme collector. I like valuable tokens and not just some kind of rubbish. Thats why i love sanctum for its originality and creativity.
My experience in crypto is, there are people who are here for airdrop, and there are people who are here for the long-term commitment. What I learn is, never “kokblock” other people from getting airdrops (except sybils).
I’ve been here with Sol ever since 2022, I love the ecosystem, but Sanctum is different. You guys treat your community differently compared to Jito.
If we want to spread the word around, airdrop is the best thing to do… vesting is for VC or liquidity provider. Every bull is not a problem, but the the bears is what always kills projects.
Rather than concerned about bulls and airdrops, I think the community and devs need to help on how the project will thrive in bears…
I fully agree with you. I really care about how to secure this airdrop. I am not agains it. Airdrops are a nice gift from the project. Thats why i made this proposal to think how to secure maybe it better. I just dont want to that somebody gets scammed as i was. Big L for Love
hello cho, the idea of vesting is already in place as of the season 1. however, the post of yours based on enhanced security could be taken in terms of wallets and email registration for multi authentication purposes. The idea of multi authentication is excellent in case of wallet compromise etc. Defi is based on decentralized without any central authority, the idea of 2fa is excellent , the mechanism can be looked in for further analysis as like accounts freeze if authentication not done few times and also recovery to be decentralized ofc with multi authentication but it may require some extra work for sanctum to work for different wallet address in case of recovery etc . All vesting needs to come with voluntary or extra yield for being fair to all. great work.
Ah well, live and learn. You got this Cho! Coming back better and stronger than before!
