Cardano Shield - January Update

Welcome to the January update for Cardano Shield! 
As we continue our journey to enhance the security of Cardano wallets, let’s dive into the latest developments and our roadmap for the coming months.

Open-Source Security - Balancing Transparency and Protection

The open-source nature of Cardano Shield is a double-edged sword. While it allows for community involvement and transparent development, it also requires careful consideration to prevent exploitation by malicious actors. 

Our strategy is to maintain an optimal balance between what is shared publicly and what is kept confidential. This ensures robust security measures are in place while still embracing the collaborative spirit of open-source projects.

Embracing ML Algorithm for Phishing Detection on Cardano

At the heart of our security system is the Random Forest ML algorithm, chosen for its efficiency and accuracy in detecting phishing attempts. Its ability to handle complex data makes it an excellent fit for the nuanced requirements of blockchain security. 

Progress and Roadmap

As we forge ahead, our focus is on enhancing and expanding the features of Cardano Shield:

Transaction Summary Enhancement: This enhancement aims to improve the overall user experience and provide a clear assessment of transaction risk levels, particularly for DApps. 
Our scoring mechanism, which operates behind the scenes, is designed to accurately evaluate the safety of transactions.

Working with GeroWallet as the trusted wallet of choice we will release Cardano Shield’s ‘Transaction Summary’ in January!

We welcome users with GeroWallet who’d like to become alpha testers for Cardano Shield to contact us, as feedback from our alpha testers is crucial in refining this feature.

work-in-progress images for the transaction summary window

Understanding Our Security Checks

we use a sophisticated scoring system to evaluate the safety of websites and wallet addresses you interact with. Here’s a simplified look at how it works:

Blacklist Checks: If a URL or wallet address is on our blacklist, it's immediately flagged as high-risk.

Smart Detection with ML: Our ML model pitches in to spot phishing sites. If it detects something fishy, your risk score goes up.

Watching Your Transactions: We observe if certain types of transactions occur, like receiving flagged assets, and adjust the risk score based on what’s typical for safe activity.

And more secret sauce!

Remember: This system is here to keep you safe, but always use your own judgment and stay informed!

User Reporting System: A user reporting system is in the works, allowing our community to actively participate in the security process. Users will be able to report transactions as either fraudulent or safe from within their wallets.

This feature not only helps in identifying potential risks but also plays a crucial role in reducing false positives and improving the system’s accuracy. User feedback is invaluable in ensuring the effectiveness of Cardano Shield as it grows and adapts to new challenges.

As we move forward, your involvement remains crucial to the growth of Cardano Shield. 
Thank you for being part of our journey towards a safer Cardano ecosystem. Stay tuned for more updates

The Cardano Shield team