Fire is a crypto fraud prevention startup with a free web extension that simulates web3 transactions. In the simulation, the extension shows users exactly what will enter and leave their wallets before they sign the contract. The tool controls your wallet in a manner that makes web3 simple that is, by showing users what happens at the smart contract level in a human readable format. With the help of a browser extension, Fire aims to simplify transactions and help users avoid scams and drive up adoption and growth of the crypto and NFT ecosystems. This utility will pave way to a more secure and accessible future in the web3 industry.
Fire has recently raised $3.5 million in an undisclosed funding round that was led by Atomic – a venture fund based in the US. The firm intends to utilize the funds acquired in this event to facilitate the simplification of user transactions in a secure manner. Since the tool was rolled out, it has managed to secure more than 50 000 wallets. The browser extension supports Ethereum, Polygon, Optimism and Arbitrum blockchains across several browsers including Chrome, Firefox and Brave. The funding highlights the need for secure and usable tools to promote a safe and secure web3 ecosystem.
The extension has enhanced usability as users only need to take few simple steps to get the tool set up in their web browser. Users need to download the extension and install it on their preferred browser and the tool will take up the rest from there. After installation, the Fire Extension is able to catch signature requests from your browser and run simulations while showing users the results of the transaction if they choose to sign it. If the results look good to the users, they can then sign the transactions using their wallets.
In this era of advanced technology and online presence, scams and fraud remain a significant issue. This concerns create a major stumbling block to gaining traction in more adoption of the sector from potential users. User’s therefore, need a safety-blanket so that they feel safer to conduct their businesses online. The Fire extension provides this safety-net by displaying data to users like when a transaction is about to occur including the involved addresses and assets.
To put this in perspective, Fire aims to scams that have duped many users in the past among them Kevin Rose – a serial entrepreneur who earlier this year accidentally transferred NFTS worth over $1 million to a malicious actor. The fact that a person of his prominence didn’t see this coming raised an alarm over the overall safety of crypto and digital asset transactions over the internet.
To drive up adoption of the Fire Extension, the firm offers a free NFT minting experience where users can see the tool in action. The tool comes complete with a UX design that allows users to easily see what the smart contract is doing in abstraction but clear enough for humans to understand.
