Transaction Lens by Colossus
In the increasingly complex landscape of blockchain, security and transparency have become essential priorities. Navigating the blockchain space and accessing clear information can be challenging.
One of the most crucial aspects is transaction signing, a critical process where having complete and accurate information is vital to avoid mistakes that could lead to disastrous consequences, such as the loss of funds or exposure to fraud. What are the risks associated with signing transactions? How can they be mitigated, or better yet, completely eliminated? How can you ensure that the hash you are signing truly represents the intended transaction?
In this context, Colossus has developed a new feature to give clear info and to ensure maximum security for its users.
The Problem
Blockchain transactions, while representing a breakthrough in the evolution of digital transactions, can be complex and difficult to interpret, especially for those who are not experts in the field.
A particularly critical point is the "raw" signing of transactions, which involves creating a hash — an encrypted 32-byte string — that the user must sign. This hash is incomprehensible and does not allow for direct verification of the transaction details being signed. Signing a hash without being able to cross-check it with the original transaction represents a significant risk: a malicious actor could deceive the user into signing a transaction different from the intended one.
The Solution: Transaction Lens
To address this issue, Colossus developed Transaction Lens, a methodology and set of tools that allow users to independently verify that the hash they are about to sign matches the desired transaction.
Transaction Lens operates by always providing the transaction in "clear" format (clear HEX) along with the hash to be signed. This allows the user to:
check all the transaction details, including sender, recipient addresses, amount, decoded inputs and more
calculate and verify the hash independently
The Transaction Lens tools and libraries , provided by Colossus, can be used in a stand-alone mode or integrated into customized control flows, offering an unprecedented level of security.
With Transaction Lens, users no longer need to blindly trust the hash creation process; instead, they can mathematically verify that the hash truly represents the transaction they intend to sign. Transaction Lens is developed for each coin independently. Check with our team for future releases.
Colossus Online Transaction Lens
To verify a transaction, users have several options, including public decoders or the specially developed Colossus Online Transaction Lens. The Colossus Transaction Lens allows users to verify transactions for coins that are not supported by other public decoders, ensuring that even lesser-known or more complex coins can now be accurately verified.
Using the Avax blockchain as an example, transactions are currently unverifiable because there are no publicly available tools or decoders supporting it.
As a result, it is not possible to confirm that the hash you are about to sign represents exactly the transaction you intend to execute. However, with the Colossus Transaction Lens and its simple, user-friendly interface, this is now possible.
Conclusion
Transaction Lens represents a significant breakthrough in blockchain transaction security, offering users complete control over the signing of their transactions. Institutions operating with cryptocurrencies are invited to integrate Transaction Lens into their workflow, using Colossus’ Institutional Hub to ensure that every transaction is verifiable and secure. Leave nothing to chance: with Transaction Lens, you can sign your transactions with the certainty of knowing exactly what you are approving.
For more details and to start using Transaction Lens, visit our Institutional Hub website page and contact us using the form: colossus.digital/institutional-hub/