Scams on Web3 are a problem, to say the least. In the first six months of 2022, the Web3 project lost a total of $2 billion to hacks and other fraud schemes. according to reports By CertiK, a blockchain audit and security company.
Given that Web3 is still an emerging field, it is not surprising that a significant portion of these losses are due to abuse of telecom logistics in the NFT space. Hackers repeatedly target Discord for projects Fill them with malicious links.The wallet interface has a poor track record of being used against NFT community members, and the company Encourage users to read the fine print before making a transaction.
Needless to say, it’s all a little bullshit. But it is precisely the lack of a cohesive and secure communicator in the cryptocurrency and NFT space that Web3 startup EtherMail is trying to address.
Secure Web3 communication
Founded in late 2021 by Shant Kebonian and Gerald Heidenreich, the company is the first Web3 email solution to set a new standard for anonymous and encrypted inter-wallet communication, according to a press release shared by nft now. We aim to become
The service, still in beta testing, allows users to “claim” their Web3 email address at: ethermail.io Access through your favorite email client or use EtherMail’s own client. To claim an address, the user logs in with the wallet of choice and signs a transaction agreeing to the terms of service.
According to the company, the email service will help NFT project developers proactively mitigate the risk of wire fraud by notifying users of breaches or vulnerabilities in advance. EtherMail also enables an auto-updated mailing list for delivering community newsletters based on the latest smart contract data.
“Communication in this area is very fragmented, frustrating and overwhelming,” explained founder Kevonian in an email exchange with nft now. “User wallet addresses are not notified of relevant Web3 activity, so we need to keep our digital assets up-to-date by checking different channels. Thousands of spam messages and notifications on Telegram, Discord, and Twitter. Given the frequency with which owners sell their crypto assets and NFTs, the risk of losing important information for both users and projects is high. Real-time information is available in your inbox, so you don’t have to worry about losing important information in your digital assets.”
Incorporating dynamic functionality into web3
Kevonian added that the service can be used in several ways.
- A DAO can involve its members in governance.
- The NFT project can serve as a whitelist tool.
- The Web3 project can inform users about new product releases.
In particular, the company is introducing an “Earn2Read” model tailored to what EtherMail describes as a “mutually beneficial” relationship between advertisers and users.
Using the “paywall” feature, users opt-in to subscriptions from companies that want to advertise through EtherMail, in exchange for EtherMail’s native token, $EMT, to read whatever type of email content they wish to read. You can specify Launch early next year. Companies that want to send ads to users’ inboxes have to pay a fee to do so. The EtherMail team hopes that this will improve spam protection and “create a framework for the email economy.”
The service currently supports Metamask and WalletConnect, which the company plans to integrate in the near future.
Given the issues of cryptography and NFT communications, it would be beneficial to see how EtherMail and similar services could build a more secure way for community members to communicate. Many point to the lack of security and fraud protection due to Web3’s decentralized nature as one of its major drawbacks. Advances with EtherMail are one of his attempts to address just that problem. This is a potentially valuable focus area that, if done well, could save millions of dollars. Fighting Web3 Scams.
