HAPI, a DeFi protocol, has announced partnership plans with Chainalysis. The two companies are going to work together on multiple fronts as HAPI seeks to evolve from being just a DeFi protocol. This partnership will have mutual benefits for both companies. It will help to transform the entire blockchain space.
Details of the Partnership
HAPI will create a new department called HAPI Labs. This department will be an independent investigative branch, which will tackle case-by-case incidents. It will also take on some of the cases from Chainalysis. This partnership between HAPI, which is a DeFi-focused protocol, and Chainalysis, the leading crypto intelligence and AML platform in the crypto world, could have an impact far beyond the crypto world. As a result, it could bring a transformative effect to the entire blockchain space.
An Introduction To HAPI
One of the core features of HAP is its approach to security in the DeFi space. Instead of using off-chain solutions like most centralized solutions, it has carved a niche in the area of decentralized cyber security. HAPI is designed as a smart contract-powered solution, which can work with blockchain technology. This capability allows HAPI to be used in the DeFi industry, such as on decentralized exchanges. The result is a unique decentralized cybersecurity protocol, which can be used by any application in the DeFi world.
The decentralization via HAPI consists of three key elements, which are:
- An on-chain data that is accessible to everyone
- A governance-based, disintermediated, and ungoverned protocols
- Smart-contract-based solution
HAPI Use Cases
The HAPI protocol comes with some great real-world use cases. The first one is to create a reporting and alert system. With such a system, anyone can report unlawful participants to the database, and everyone in the network will receive an alert in real-time. By simply staking HAP and reporting malicious actors, one can make the crypto space safe for everyone.
Another use case for HAPI is to check the address. HAPI offers a new check functionality, which allows users to vet addressees against those previously involved in malicious acts. Doing so ensures that the address with whom one is about to interact with has not been engaged in any illegal activity. To check this, one pays only a small fee in HAPI.
Finally, the HAPI protocol is the only one that directly embeds into the DeFi world and aids in money laundering prevention. HAPI supplies smart contracts that have the most accurate data from various sources baked into them. They then utilize their internal cybersecurity team called HAPI Labs to secure DeFi efficiently.
HAPI working with Chainalysis is great news for the future of the DeFi world. For a long time, the DeFi industry has been associated with security breaches that have cost investors millions of dollars in crypto. While the DeFi sector holds great potential, if the threat from cybercriminals is not dealt with, it could discourage the masses from joining this promising industry. As such, solutions provided by HAPI could prove pivotal to helping DeFi go mainstream.