Braavos launches its "Capture the Flag Challenge," releasing a Braavos wallet and seed phrase containing an up-for-grabs $150K to anyone who can hack it within the challenge period.
TEL AVIV, Israel, Feb. 6, 2024 /PRNewswire-PRWeb/ -- Braavos, a leading smart contract wallet, announces its "Capture the Flag Challenge" in which the seed phrase to a Braavos wallet containing $150,000 in USDC is released. The funds are up-for-grabs for anyone to attain between 12:00 am PST on February 7th and 11:59 pm PST on February 9th.
Braavos is a consumer personal wallet protected by different types of authentication all controlled by the user. It is not simply another multi-sig wallet, where all signers use the same authentication type. There are generally 3 main types of authentication:
- Something you know: a password, PIN code etc.
- Something you have: a hardware device, such as a mobile phone
- Something you are: biometric identity, such as a fingerprint
A good form of authentication combines at least 2 out of the three types above. In crypto we use only the "something you know", the seed phrase, which is considered the weakest out of the three. Even if you use a hardware wallet, it will still rely on the 12/24-word recovery seed phrase – normally if an attacker gets a hold of the seed phrase, it's game over.
The Braavos mission is to improve crypto UX by utilizing account abstraction on Starknet, and one of the primary hurdles to overcome and improve is the vulnerability of the seed phrase. That's why, over a year ago, Braavos introduced two-factor authentication (2FA) security. This combines something you have – the security chip in your mobile device, with something you are - a fingerprint or face scan, allowing signing transactions on-chain to be as simple as using Apple Pay or Google Pay.
Although Braavos supports three-factor authentication (3FA), the account holding the $150,000 will be protected by 2FA only. Users can download the Braavos Wallet as a mobile app or web browser extension, recover the wallet using the seed phrase - and see the $150K balance for themselves. For full details and instructions on how to download the wallet and recover the seed phrase, please visit: http://www.braavos.app/blog
Motty Lavie, CEO and Co-Founder of Braavos, shared, "At Braavos, we believe in challenging the status quo and pushing the limits of what is possible in the realm of crypto wallets. Our 'Capture the Flag Challenge' embodies our commitment to innovation and security. The overriding belief is that seed phrases are the ultimate form of self-custody security measures, but we have shattered this paradigm by bringing decentralized 2FA and 3FA to Web3 self-custody. We now invite the global crypto community to participate in this challenge. Try to get our $150k and ultimately bear witness to the evolution of crypto wallet security."
In addition to breaking new ground in crypto security, Braavos' smart contract-enabled wallet also empowers users with the ability to fully engage with DeFi protocols right from the wallet app and stake and earn yield from liquidity pools, all while offering significantly lower gas fees compared to Ethereum. Braavos remains committed to redefining the standards of security and user experience in the crypto industry, providing users with a secure and intuitive smart contract wallet experience.
For media inquiries, please contact Jonathan Duran at (310) 260-7901 or Jonathan(at)Melrosepr(dot)com
About Braavos
Braavos is a frontrunner in Smart Contract Wallets, seamlessly merging the user-friendly experience of Web2 with the core values of Web3, focusing on self-custody and decentralization. Operating on Starknet, Braavos distinguishes itself with remarkably low gas fees, making it accessible to a broad user base. The platform provides an interface that caters to both crypto newcomers and veterans, offering robust security features and a gateway to DeFi protocols, NFTs, crypto games, token swapping, and staking.
SOURCE Melrose PR
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