GoPlus Security and Slow Mist Security jointly submitted a time-limited authorization solution EIP, featuring automatic authorization recovery and other characteristics

Chaincatcher news, in response to the issue of user assets being stolen due to unlimited contract authorization, the Web3 security ecosystem infrastructure GoPlus Security has jointly submitted a time-limited authorization solution EIP with SlowMist Security here.

It is reported that this solution has three new features: 1. Return control to users, allowing users to set the APPROVAL for their ERC-20 tokens, automatically reclaiming authorization using a default period, or customizing the time to achieve automatic reclamation of authorization, thus avoiding risks in a timely manner; 2. Fully compatible with the ERC20 standard, applications such as crypto wallets and DEXs can use the new features without any modifications; 3. Implementation-compliant proxy contracts can support this standard through upgrades.

It is understood that while submitting the time-limited authorization EIP, GoPlus Security has also recently launched an authorization detection and management API. By integrating the API, various Web3 products can easily provide their users with a good authorization management experience, allowing users to see whether the authorized entity is safe, whether it is a malicious contract or an invalid contract, and also view the list of all contracts they have authorized to check for any risks.