Fire, one of the upcoming Web3 tools, has created an extension that provides cryptocurrency traders with a human-readable representation of what occurs at the level of smart contracts, tagged its first entry into their simulation series of walking through Web3 concepts.
On September 9, Fire explained the new innovative feature via its official Twitter platform; according to them, the new feature was inspired as a result of their friend that lost his Ape to a malicious attack.
The new tool, according to Fire, simplify crypto transactions and allows crypto traders to trade, earn, and stake cryptocurrency assets without security concerns. The fire tool is said to work with any Ethereum wallet.
Fire tool protects its users by simulating initiated transactions and scanning to provide information on the possibilities of malicious attacks before traders sign or approve the transaction in their wallet and can therefore be tagged the are you sure check box.
When a transaction is initiated, the tool analyzes the transaction and provides information on what the outcome of the transaction will be; based on simulation, it will give information on the number of assets that will leave your account and that which will come in after you completed or sign the initiated transaction.
This feature is vital in protecting crypto traders from losing their assets through fraudulent transactions, as financial activities using cryptocurrency assets are not subject to chargeback.
In addition, the Fire tool does not only provide its users with the human-readable representation of smart contracts transactions but also offers some other essential benefits to crypto traders using them, including providing them with up-to-date information on known scams such as phishing alerts, protocol hacks, NFT theft, among others.
It is also said to enable its users to block contracts reported for malicious activities preventing interaction with them, thereby protecting users’ crypto assets.
Furthermore, Fire claims the extension does not have access to the user’s secret phrase and wallet address, stating it solely protects through transaction simulation.