Is the Lossless Altcoin a Buy Right Now? LSS is a hacking mitigation coin that allows for funds to be frozen and be sent back if the hack is detected early enough. It detects attacks using bots and 3rd party reports. If a hack is prevented, LSS gets 7% of the value of the returned money.
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The code is added to the coin, and it becomes L-coin, for those familiar with wrapped ETH, ETH to wETH it is the same concept but instead of Ethereum on polygon you get the lossless code implemented to the coin. The opportunity for LSS will scale alongside the crypto market. At the moment, crypto has a market cap above 2.5 trillion. In the future, some estimates have that number surpassing 20 trillion, with bitcoin alone surpassing gold to reach over 10 trillion. Even Uniswap is expected to exceed $500 billion in trading volume for 2021. With this increase comes a lot more hacks and targets for hackers/scammers.
Implementing LSS in established coins might be difficult especially when it comes to smart contracts that were made on these established networks using ETH. However, it can be used for a lot of the new coins that involve defi, especially with NFT tokens. LSS can help bring an extra layer of security to these DeFi tokens. According to the research done by Atlas VPN, there have been more than 122 major hacks, and a total of $3.8B has been stolen in 2020 alone. This number is set to rise as more adoption arrives.
There are no direct competitors to LSS only indirect ones like indirect competition includes: Kaspersky Blockchain Security, Slowmist, ABDK Consulting and Bugcrowd. I believe that LSS will be able to improve detection over time. There is massive upside potential but also massive downside. This project has huge potential, especially over the long run, which is why it will be on my watchlist. I will potentially look into accumulating if we enter a crypto bear market.
Resources:
Whitepaper: https://lossless-cash.gitbook.io/lossless/
Coin market cap link: https://coinmarketcap.com/currencies/lossless/
