Venn Network Launches Decentralized Guardian
Web3 projects, a category encompassing blockchain-based applications and ventures, have been hit hard by cybertheft in 2024. According to Ironblocks on X, over $700 million has already been stolen from these projects by hackers.
The substantial rise in stolen funds shows the growing vulnerability of web3 projects to cyberattacks. While the decentralized nature of blockchain technology offers unique advantages, it also presents security challenges. Traditional financial institutions often have security measures in place, but web3 projects may still be in the process of developing and implementing such safeguards.
This trend is concerning for the future of web3. As the technology continues to evolve and attract investment, cybercriminals are likely to become even more sophisticated in their attempts to exploit vulnerabilities. To ensure the long-term viability of web3, developers and investors must prioritize cybersecurity measures.
Enter Venn Network.
Launched earlier this month, Venn Network is a Web3 decentralized security infrastructure that safeguards protocols and rollups at the execution level, with a framework that promotes transaction validation across different stakeholders in the Venn ecosystem.
Venn Network provides post-deployment prevention and alerting with unlimited security policies developed and executed by a decentralized network of cybersecurity operators. Operators include Spearbit, Sigma Prime, Ironblocks, Hats.finance, Certora, ChainSecurity, OtterSec, BlockSec, ChainPatrol, Fuzzland, Arcadia, AltLayer, Kiln, InfStones, Validation Cloud, Luganodes, DAIC, Allnodes, Nodes.Guru, Coinsummer and DSRV.
"Venn is the realization of years of development and planning," said Ironblocks CEO Or Dadosh. "Gone are the single points of failure that have led to previous cybersecurity solutions failing, with a continuously operating network of security operators that provide robust, independent and resilient security and validation."
Millions of transactions are soon expected to be directed through the Venn Network on an annual basis. Security operators on the Venn Network run a node where transactions are sent for validation, with protocol teams using the network modular middleware to validate transactions and secure their assets and community. Should a malicious transaction be discovered, alerts are sent to the corresponding security team and the transaction is frozen while the remaining protocol users are able to carry on as usual.
The costs associated with using the Venn Security Network include an added fee on top of the original transaction fees. This additional fee is distributed among network participants, which compensates them for their roles in maintaining and enhancing the network's security.
Edited by Alex Passett
