Trava Finance Security Advisory Board for Trava Governance has been announced. The Security Advisory Board (SAB) is established as a group of people in charge of protecting Trava Governance against potential insecurity.
These events could be an attempt to manipulate the market by centralized factors, the effort to attack the protocol or other unexpected situations.
Why does Trava need a Security Advisory Board?
In the world of blockchain, the biggest thing is users’ trust in a protocol based on their development potential and strong security.
Although blockchain technology is secure, decentralized, as well as distributed, the risks still remain in many forms, especially in cryptocurrency. In fact, DeFi hacks are on the rise. In addition, digital thieves had a big year in 2021, taking $3.2 billion in cryptocurrencies. As a result, this number is predicted to be even higher in 2022. Additionally, in the first three months of this year, hackers have stolen $1.3 billion from exchanges, platforms, as well as private entities.
For that reason, Trava needs to prepare for unexpected issues. As a long-term vision, Trava will soon implement the Trava Governance and go ahead with building an entire decentralized marketplace where the users are responsible for developing the protocol themselves.
At first, users with voting power will decide on critical terms of the Trava Lending Pool, such as adding or removing assets, changing the risk parameters, etc.
To be more specific, if most governance tokens are in the hand of centralized parties, it would be possible for a governance attack to occur where a centralized entity uses its users’ voting power to take over the governance proposals and voting.
In that case, it is necessary to have a group of people who can solve the problem quickly and effectively enough to prevent the worst scenario and consult reasonable strategies for avoiding the risks.
Primary roles of SAB
- Firstly, providing quick solutions for unexpected issues relating to the dramatic fluctuation of the market and hacking actions.
- Secondly, recommends the strategy for improving the governance security.
Trava Finance Security Advisory Board
- Mr. Minh Nguyen — CEO & Co-founder of Trava Finance
- Mr. Duc Tran — Head of Security & Co-founder of Trava Finance
- Mr. Thang Nguyen — CTO & Co-founder of Trava Finance
- Mr. Quan Dinh — CPO & Co-founder of Trava Finance
- Mr. Chung Dao — Strategy Advisor of Trava Finance- CEO & Co-founder Oraichain
First, the security advisor board includes five people from the team, as mentioned above. However, in the future, the Trava governance will decide who is in this group, including both people from the Trava Team and community members.
ABOUT Trava Finance
TRAVA is the world’s first decentralized marketplace for cross-chain lending. TRAVA offers a flexible mechanism allowing users to create and manage their own lending pools.