Cybercrime is the greatest threat to digitization, which prevents technology from growing further. To combat these emerging cybercrime threats, Energi, a versatile blockchain network that combines Ethereum compatible smart chain networks, a self-funding treasury, on-chain governance, and a robust layer-2 masternode network under a single platform, has gone one step further. It has implemented an EBI recovery tool in its blockchain network and has successfully reduced cybercrime rates by 70%.
EBI, or the Energi Bureau of Investigation, safeguards the investors’ funds and digital assets from cyber threats. The EBI tool prevents any malicious software from accessing the investors’ wallets through phishing methods. The EBI recovery tool eliminates the bottleneck that still exists in the cryptocurrency space, the inability to recover stolen funds, which prevents investors from allocating their funds confidently to the crypto wallets.
Energi’s implementation of the EBI recovery tool will soon be eradicating these limitations. With this new tool, wallet users will be able to report fraudulent and phishing transactions to the Energi’s robust cybersecurity team directly. They will also communicate with the customer support team 24/7 regarding any issues and get instant responses from the Energi team.
As soon as the customer support team receives any reports from the users about their wallet credentials being compromised, they will immediately inform the EBI to start the investigation process. If the EBI tool finds that any wallet has been maliciously attacked, it will immediately block that wallet and drain the legitimate user’s funds.
However, the cybersecurity experts at Energi have laid out some strict procedures to initiate the fund recovery process. The user needs first to prove his identity as the wallet’s valid owner and prove that his wallet credentials have been compromised. He has to explain the detailed story of what happened and where it had happened. The EBI will look through the genuineness of the issue reported, and after assessing the intensity of the case to justify a block, it will decide whether or not to put a stamp on the block proposal. The process completes only when at least 10% of the masternodes vote for the proposal.
The next process starts after 10% of the masternodes vote for the proposal to block the wallet. The user has successfully submitted his Proof-of-Claim and filed an official fraud report with the local law enforcement authorities. Suppose the EBI is satisfied with the shreds of evidence provided by the user. In that case, a Drain proposal will be endorsed, and the entire funds lying in the wallet will be drained out to the legitimate owner, after he fills a Know Your Customer (KYC) form with the cybersecurity team. The user must also provide legal documents proving his identity and sign certified documents under penalty of perjury, declaring that all his provided testimonials and data are accurate. For this draining proposal, 10% of the masternodes will have to agree; this avoids the fund recovery process’s abuse.
Thus, this innovative EBI safety mechanism will change how the existing crypto space works and pave a way to a more secure blockchain.