Summary
TLDR: Cube.Exchange introduces Guardian Council to prevent fraud by having third-party validators approve transactions, ensuring multi-party accountability and minimizing risk. The platform aims to enhance asset security and user protection in Web3, with plans for more security innovations. Cube.Exchange never fully holds assets traded, using a hybrid system where users maintain ownership through MPC wallets and trading is settled on the blockchain.
Key Points
1. Digital asset trading platform Cube.Exchange has created a Guardian Council to prevent fraud on the exchange.
2. The Guardian Council comprises industry participants from the Solana Foundation, Everstake, Triton One, Juicy Stake, and Kiln, acting as independent third-party validators to prevent fraudulent withdrawals.
3. Approval from several parties is required for transactions on the exchange to proceed, ensuring multi-party accountability to minimize risk and financial loss.
4. Cube.Exchange CEO Bartosz Lipiński aims to raise the bar for asset security and user protection in Web3.
5. Cube.Exchange never takes full custody of traded assets, maintaining a hybrid model where users own assets through MPC wallets and trades are settled on the blockchain.