- June 21, 2022
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
Digital art gallery DeviantArt will provide Web3 users with an extra layer of security. The platform announced a “groundbreaking communication standard” for the nascent sector called Protect Protocol.
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Created as an open, interoperable, and decentralized communication tool, the Protect Protocol is an extension of DeviantArt Protect, according to a press release shared with Bitcoinist. Launched in 2021, DeviantArt Protect offered users a safeguard against bad actors in the sector.
DeviantArt is one of the largest online art galleries in the world with over 35 million registered members. The platform has been making a push into the Web3 and non-fungible token (NFT) sectors with their DeviantArt Protect as one of its most important initiatives.
This tool has enabled 400 million NFTs from over 9 blockchains to be indexed and claimed in case of theft or an attack. The platform records over 320,000 NFT infringement claims. The new Protect Protocol will operate in a similar fashion by allowing users to register their NFTs and for platforms to seamlessly keep track of these digital assets.
According to the press release:
Protect Protocol will allow all participants in the Web3 NFT ecosystem to share information about NFT issues, such as art infringements, market manipulations, rigged wallets and malicious smart contracts.
DeviantArt believes Protect Protocol will provide users with more trust and security while transacting with NFTs. The online gallery claims that the nascent sector needs security measures beyond the traditional Know Your Customer (KYC) and Digital Millennium Copyright Act (DMCA).
Unlike a traditional platform, Web3 products and services are based on blockchain technology which can provide users with a certain degree of anonymity. In many cases, users and creators are left to fend for themselves. The Protect Protocol aims at changing this status quo.
The Defenseless Web3? DeviantArt Provides Countermeasures
Per the release, the Protect Protocol will create “checks and balances” in the nascent sector. This will improve communications between NFT-based products, users, and creators, and could help remove bad actors from the industry.
In addition, the Protect Protocols will attempt to create direct communication channels between users. This could help them to share information regarding an NFT item, and its ownership, and create a “safer and more trusted web”, the release claims.
Moti Levy, CEO of DeviantArt, believes the Protect Protocol will provide users with a tool that will allow them to enjoy the benefits of Web3 rather than suffered from the new technology. Levy added:
Artists are doubly punished, first through the theft of their work, and then again by having to file endless DMCA reports to multiple NFT marketplaces. A decentralized web does not mean a defenseless web. The onus of dealing with bad players and thieves should not be put on creators alone – the creator platforms and ecosystem have a responsibility to make Web3 safe and secure.
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At the time of writing, Ethereum (ETH) trades at $1,100 with a 40% loss in the past 7-days.
