The BNB Chain, the blockchain developed by Binance, has launched a new website to alert users to potentially fraudulent decentralised applications: fake tokens, dubious fee systems, missing social networks, etc. So far, 191 projects already make up the list. For the moment, 191 projects already make up the list.
NBB Chain focuses on user security
If you’re ever in doubt about the reliability of a crypto project on the NBB Chain, there’s a tool to answer your need. The DappBay website now has a new tab called “Risk Scanner”. It allows anyone to enter the address of a smart contract of a decentralised application (dApp) and get an estimate of the risk associated with its use.
The judge is none other than Binance and the judgement criteria are rather vague. Nevertheless, it is known that they are based on smart contract analysis and that the elements observed include tokenomics, the fees associated with the purchase or sale of tokens, potential flaws in the code and even the state of the associated social networks or website.
Here is an example made with a dApp on the NBB Chain:
Example of using the NBB Chain’s DappBay scanner
The scanner tells us the following: “This address contains bugs, vulnerabilities or malicious code that could result in catastrophic losses to investors, please stay away from this project as soon as possible. No further details on the origin of these bugs or the potential impact are mentioned.
For the NBB Chain, Binance also provides the “Red Alarm”. This list consists of 191 decentralised applications that are considered risky investments. This list is updated every Friday in order to stay as close as possible to the current state of the blockchain.
It is important to note that the Risk Scanner is considered a proactive alert by Binance. The website states that it is not investment advice as “it does not represent the risk level of the underlying dApp projects”. Still, it is an interesting tool to know for NBB Chain users who want to ensure the reliability of an application before using it.
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