Learn how the SafeMoon Wallet is trying to control dusting attacks with visual protection!
With the Release of the SafeMoon Wallet, questions have been asked regarding the security implementations. As it was mentioned that the SafeMoon Wallet will have 15,000 bit encryption.
Now while 15k bit encryption is on its way with development. The SafeMoon Wallet has launched with the industry-standard security measures which is the 12 Word Seed Phrase which does protect the users as long as they follow the guidelines Here.
What is a Dusting Attack?
In Crypto-verse, dust is referred to very small amounts of digital coins or tokens, ones which are not even noticed by users. As an example, let us think of a satoshi — 0.00000001 BTC or the smallest unit of measure in Bitcoin. Typically, dust would equate to about a couple of hundred satoshis (or 0.00000200 BTC).
These are small amounts that get stuck in users' accounts after the execution of trading orders. These “dust balances” are so small they are not trade-able, but if you are using Binance exchange, for example, it lets you convert this dust into the native crypto BNB (Binance coin). Learn more about dusting Here.
How is the SafeMoon Wallet helping against dust?
When you first open the SafeMoon Wallet you will see that there is an only hand full of selective tokens available to view/trade or swap. This is done for a few reasons. However, the main reason is because of their target audience being new holders of crypto. Imagine you are a new person to crypto and you see xxxxx amount of this token you didn't even by your first instinct is to see how much that is worth, right? Let's just hypothetically it worth $10, that could be a lot to someone so they sell it or swap it, which begins the Dusting Attack process. So by removing the option to see dust (For the most part as yes, there is a chance that dusters will use larger name tokens) and having only selected coins/tokens you are essentially dramatically reducing the risk of dusting attacks. As the Main thing NOT to do when you do receive a dusting attack is DO NOT MOVE or SELL the dust. In conclusion by removing this ability to not see these dusting attacks new and existing users will be more protected in terms of being less worried about this random token in your wallet. I will say right now you don't have to worry about dusting attacks, just simply ignore it which is forcefully done as protection on the SafeMoon Wallet.
Are there any other features to prevent receiving dust?
Currently, there aren't any specific features that could prevent you from receiving dust from an attacker. However there are ideas and concepts across the crypto space to address this issue but for now, SafeMoon is taking the visual step by thinking: "Out of Sight, Out of mind" which will comfort new and existing holders. Now, this isn't the only reason for not showing all tokens, you can read more about SafeMoon's stance on listing tokens Here.
Protection Measures against dusting!
If you think you’ve been dusted, don’t move the dust. Look for wallet apps that allow you to “mark” small, unknown deposits in your wallet to prevent them from being used for other transactions.
Monitor your balance — 100% of the time. If wayward satoshis suddenly show up in your crypto wallet, you might have been dusted. It’s a good idea to find a wallet app with a push notification, which tells you when you receive new funds.
Don’t give out private information — ever. If a website — or other airdrop entity — wants more than your wallet address in exchange for tokens or coins, it’s a red flag. Be as wary of handing out your cryptocurrency information as you would be of providing fiat bank account log-in data.