For Blaize.Security, 2024 was another milestone year. Our team conducted an impressive 92 audits, solidifying our role as a trusted partner in safeguarding the rapidly evolving web3 landscape. Each audit added to our collective expertise and provided invaluable insights into the patterns and challenges that will shape the future of blockchain security.

As we reflect on this transformative year, it becomes clear that the trends we’ve witnessed will not only persist but intensify in 2025. From the ever-expanding scope of protocol security to the deep integration of zero-knowledge technologies and cross-chain interoperability, Blaize.Security has been at the forefront, adapting to and securing this dynamic ecosystem.

The Expanding Definition of a Protocol: Beyond Smart Contracts

In 2020, Chainlink introduced the concept of “hybrid contracts,” foreseeing a future where smart contracts would no longer operate in isolation but instead rely heavily on external off-chain services. Fast forward to 2024, and this vision has become a reality. Modern protocols are far more than just smart contracts; they are complex systems that integrate diverse components to achieve their full functionality. This evolution has redefined how protocols are built and, consequently, how they must be secured.

Today’s smart contracts extend their logic well beyond the blockchain, relying on critical off-chain infrastructure and services. Here’s a breakdown of how protocols have grown in complexity:

• Access Control and Security: Secure private key storage has become a foundational requirement for admin-level actions. Many protocols rely on multisignature (multisig) infrastructures to distribute control and minimize risks. These components ensure that sensitive operations are conducted with robust safeguards in place, mitigating risks of unauthorized access.
• Oracle Dependency: Almost every DeFi protocol integrates oracles, whether for price feeds, random number generation (via VRFs), or other external data feeds. Each oracle itself represents a sophisticated system, often aggregating data from multiple sources through TWAP (time-weighted average price) mechanisms or relying on third-party price feeds. The reliability and security of oracles are now critical to the functioning of DeFi systems.
• Automated Processes: Protocols often require the ability to trigger repetitive or time-sensitive actions, such as liquidations, rebalances, or scheduled payouts. To achieve this, many leverage third-party solutions like OpenZeppelin Defender or develop their own custom automation tools. These services ensure smooth operations but introduce additional attack vectors that must be scrutinized.
• Active Monitoring and Response: Security is no longer a passive concern. Modern protocols integrate active monitoring systems to detect and respond to threats in real time. Tools from partners like CyVers and Drosera provide continuous surveillance, anomaly detection, and instant alerts, enabling protocols to mitigate risks before they escalate.
• Cross-Chain Interoperability: As ecosystems expand, cross-chain interactions have become the norm. Protocols frequently integrate with interoperability solutions such as LayerZero or Wormhole to enable seamless asset transfers and messaging between blockchains. These integrations are critical for ecosystem scalability but introduce new layers of complexity that must be secured.
• Advanced Features Like Account Abstraction and Meta-Transactions: Account abstraction and meta-transactions are pushing the boundaries of user experience and protocol design. These innovations enhance usability by allowing more flexible transaction models, but they also demand a deep understanding of the underlying mechanics to prevent exploitation.

This growing sophistication means that protocol audits can no longer be limited to analyzing Solidity codebases. The role of an auditor has evolved to require cross-functional expertise across blockchain ecosystems, a solid foundation in cybersecurity, and familiarity with the latest web3 technologies. Today’s auditors must be capable of:

1. Assessing Cross-Chain Messaging Protocols: Solutions like Wormhole and LayerZero introduce new risks and dependencies. Auditors must evaluate these integrations meticulously.
2. Understanding Oracle Security: Analyzing oracle mechanisms, data aggregation processes, and third-party feeds is critical to ensure that data dependencies cannot be exploited.
3. Monitoring Active Protection Systems: Auditors need to build invariants and assess the integration of tools like CyVers and Drosera for real-time threat detection.
4. Adapting to Hybrid Contract Models: With Chainlink CCIP concepts and similar innovations, auditors must understand the interplay between on-chain and off-chain components to identify potential vulnerabilities.

As protocols grow increasingly interconnected and reliant on external systems, audits are becoming a multidisciplinary effort. Securing these modern systems requires not just technical expertise but also a holistic understanding of how each component contributes to the protocol’s overall functionality and security. At Blaize.Security, we’ve adapted to this evolution, ensuring that our audit processes are as dynamic as the systems we protect.

Tokenization Reaches Its Peak

Tokenization has reached new heights in 2024, transforming how assets are created, managed, and traded. Initially focused on cryptocurrencies, tokenization has expanded to represent a diverse range of real-world and digital assets. This evolution has unlocked unprecedented opportunities for fractional ownership, liquidity, and market accessibility.

Meanwhile explore Blaize article on various aspects of tokenization.

From tokenized real estate and art to intellectual property and financial instruments, blockchain technology now serves as the backbone for securely digitizing assets. By embedding transparency, traceability, and provenance, tokenized ecosystems are reshaping traditional industries. Projects like Digital Original and Brainstarter highlight the innovation in this space:

• Digital Original is revolutionizing how art and collectibles are verified and traded by ensuring the authenticity and uniqueness of tokenized items. Blaize.Security’s audit of the platform safeguarded its infrastructure, enabling secure ownership and trade.
• Brainstarter empowers creators to tokenize their projects for crowdfunding, offering transparency and security for both investors and innovators. Our audit ensured the platform’s smart contracts are robust and capable of handling tokenized investments securely.

These examples illustrate how tokenization has expanded far beyond traditional crypto projects, creating new avenues for creators, investors, and businesses.

While tokenization offers immense opportunities, it also brings security challenges, such as complex smart contract ecosystems and fraud prevention. Blaize.Security has remained at the forefront, conducting audits to mitigate risks and support the growth of secure tokenized platforms.

2024 has proven that tokenization is not merely a trend but a transformative force reshaping how we interact with assets and markets. As this technology matures, Blaize.Security is committed to securing the foundations of this dynamic, rapidly evolving sector.

Ecosystem Growth: From Solana to Sui and Cosmos

The blockchain landscape in 2024 has been marked by significant growth and diversification, with ecosystems like Solana, Sui, and Cosmos experiencing notable advancements.

Solana: Sustained Momentum

Solana has maintained its position as a leading blockchain ecosystem, accounting for 38.8% of global crypto investor interest in chain-specific narratives.

In Q3 2024, Solana’s DeFi Total Value Locked (TVL) increased by 26% to $5.7 billion, ranking it third among networks.

The developer community has also expanded, with over 3,300 active developers as of Q4 2023, representing a 10x growth since 2020.

Sui: Emerging Contender

Sui has rapidly gained traction, capturing 4.8% of global investor interest in 2024.

The ecosystem has attracted projects like Cetus, a leading liquidity provider, indicating a vibrant and growing developer community.

Cosmos: Steady Expansion

The Cosmos ecosystem holds a 2.5% share of global investor interest.

Its modular framework and emphasis on interoperability have attracted a diverse range of projects, contributing to its steady growth.

Blaize.Security’s Role

At Blaize.Security, we’ve been actively involved in auditing and securing projects across these ecosystems.

Our Rust, Move, and Golang teams have deepened their expertise to meet the unique challenges presented by each platform, ensuring robust security measures are in place to protect the integrity of these rapidly evolving networks.

The dynamic growth of ecosystems like Solana, Sui, and Cosmos underscores the importance of specialized security expertise.

As these platforms continue to evolve, Blaize.Security remains committed to providing comprehensive security solutions tailored to the specific needs of each ecosystem, fostering a safer and more resilient blockchain environment.

Zero-Knowledge: The New Norm in Web3

Zero-knowledge (zk) technology has rapidly evolved into a core component of blockchain innovation in 2024, with its applications revolutionizing Layer 2 scalability, privacy, and decentralized AI. Zk-rollups are leading the charge in scaling Ethereum, enabling faster, cost-efficient transactions by batching operations off-chain and validating them through zk-proofs. At the same time, zk technology is transforming privacy in web3, allowing users to transact and interact confidentially while maintaining the integrity of trustless verification. In the decentralized AI sector, zk technology ensures secure data pipelines, protecting the integrity and confidentiality of sensitive data during processing.

At Blaize.Security, we’ve adapted to this shift by equipping our team with the expertise needed to secure zk-driven systems. This includes rigorous training in zk-SNARKs, zk-STARKs, and other proof systems, as well as hands-on experience auditing critical zk applications. Our work spans the evaluation of zk-rollup implementations, ensuring they deliver scalable and secure solutions, and the analysis of privacy-preserving protocols to uncover vulnerabilities in confidential transactions.

Moreover, as zk technology extends into decentralized AI, we’ve focused on securing data pipelines, validating zk-proofs in AI models, and safeguarding privacy in data handling. Our auditors also design invariants to monitor zk systems over time, ensuring they remain resilient and uncompromised as they scale.

Read More: Blaize comprehensive guide into decentralized artificial intelligence.

Zero-knowledge technology is no longer a niche innovation – it is becoming a foundational element of web3. With its widespread adoption comes greater complexity and heightened security challenges. At Blaize.Security, we are committed to staying ahead of these challenges, ensuring zk-powered projects are not only innovative but also secure, robust, and future-proof.

Emerging Trends: What Lies Ahead

Breaking Cross-Chain Boundaries

Interoperability solutions like Wormhole, LayerZero, and Axelar are eliminating blockchain silos, enabling seamless asset transfers and communication across chains. These advancements are pivotal for ecosystem scalability and require auditors to evaluate interchain messaging protocols and integration risks.

DePIN Evolution

DePINs are transforming protocols into full-fledged ecosystems, building on-chain layers for storage, connectivity, and tokenized infrastructure. This shift integrates the digital and physical worlds, demanding new security approaches.

Rise of dApp Chains

Layer 2 scaling solutions are evolving into application-specific chains, particularly in the Cosmos ecosystem, where projects like Osmosis exemplify streamlined, interoperable dApp-focused blockchains. These chains enhance scalability while presenting unique security challenges.

Growth of Sui and Cosmos

While Solana remains strong, Sui and Cosmos are rapidly expanding. Sui’s Move-based architecture and Cosmos’s modular framework attract diverse projects, highlighting the need for specialized audits. Blaize.Security has played a key role in securing protocols across these ecosystems.

Zk Technology Goes Mainstream

Zero-knowledge (zk) technology is now essential for web3, driving innovations in Layer 2 rollups, privacy, and decentralized AI pipelines. Blaize.Security’s auditors are trained to secure zk implementations, ensuring scalability, privacy, and data integrity.

AI Meets Blockchain

Decentralized AI requires robust security for data pipelines and AI/ML models. Blaize.Security helps projects integrate AI with zk technology, ensuring secure data processing and model training.

Closing Remarks

2024 has been a landmark year for blockchain technology, characterized by advancements in interoperability, ecosystem growth, and the integration of cutting-edge innovations like zk-technology and decentralized AI. As web3 continues to evolve, the challenges and complexities surrounding security will only deepen.

At Blaize.Security, we’ve embraced these trends by expanding our expertise across ecosystems and technologies:

• From securing cross-chain messaging with Wormhole, LayerZero, and Axelar to auditing dApp chains in Cosmos and Sui, we’ve adapted to the rapidly changing demands of blockchain infrastructure.
• Our focus on zk-technology and cryptographic advancements has positioned us as leaders in securing Layer 2 solutions, privacy protocols, and AI data pipelines.
• By investing in the training of our auditors and deepening our understanding of emerging technologies, we ensure that our clients are protected in an ever-evolving landscape.

The future of web3 is one of boundless possibilities, but it also demands unparalleled vigilance. Blaize.Security remains committed to safeguarding this future, ensuring that as web3 grows, it does so securely and sustainably. The challenges of tomorrow are opportunities for us to innovate, protect, and lead in the decentralized world.

The post Reflecting on 2024: Trends and Lessons in Blockchain Security appeared first on Security.

The topic of web3 security remains crucial and vital. DeFi Llama‘s up-to-date data shows that from the very beginning of the year 2023, the total losses of blockchain industry hacks exceeded $1 billion due to Private Key Compromise, Flashloan Attacks, Reetrancey, etc.

This guide delves deep into the intricacies of ensuring top-tier security for complex blockchain solutions, with an emphasis on the multifaceted approach required in today’s digital environment, with insights from the experts at Blaize. Let’s get started.

Comprehensive dApp Protection in the Web3 Era

As the decentralized landscape evolves, the complexity and intricacy of dApps have grown exponentially. These applications, which seamlessly integrate blockchain technology into user-facing solutions, represent a new frontier in digital innovation. However, with groundbreaking innovation comes a unique set of security challenges.

Blaize, positioned at the forefront of web3 security solutions, understands the multidimensional nature of these challenges. Our expertise stems from a blend of traditional cybersecurity principles and the constantly updating knowledge of blockchain dynamics. In the realm of dApps, vulnerabilities can manifest anywhere – from the smart contract layer to the interface that interacts with end-users.

But how do we ensure a holistic defense mechanism for such a vast spectrum of potential threats?

Firstly, we recognize that the decentralized paradigm has fundamentally shifted how applications communicate, process transactions, and store data. This paradigm is far removed from the centralized models we’ve grown accustomed to. As such, our protective strategies are tailored to cater to decentralized infrastructures, taking into account the intricacies of consensus algorithms, peer-to-peer networks, and on-chain/off-chain data transitions.

Moreover, given the permissionless and open nature of many blockchain ecosystems, dApps are often subject to a higher degree of scrutiny and malicious attempts. Recognizing this, Blaize has developed proprietary audit frameworks that not only identify vulnerabilities but also anticipate potential future attack vectors, bolstered by our research division’s ongoing efforts.

In essence, safeguarding dApps in the web3 era is not just about patching known vulnerabilities; it’s about proactively understanding the evolving landscape, staying ahead of potential threats, and ensuring that every line of code, every protocol, and every user interaction is cloaked in a robust layer of security. At Blaize, we commit ourselves to this endeavor, solidifying the foundation upon which the decentralized future will thrive.

Embracing a Multifaceted Web3 Security Approach

While smart contracts are central, they represent just a segment of a dApp’s infrastructure. Other elements like oracles, user interfaces, and backend services, play pivotal roles and can become potential vulnerabilities if overlooked.

This is where diverse expertise becomes essential. A smart contract expert might ensure transactional integrity, but might lack the know-how to fortify backend services against threats like DDoS attacks. Conversely, a network security specialist may be adept at repelling external attacks but might be less familiar with the intricacies of smart contract auditing.

Recognizing this, Blaize assembles a diverse team of experts, ranging from smart contract auditors to cybersecurity professionals, ensuring a holistic web3 security approach. Our continuous engagement with the blockchain community and dedication to research means our methods remain at the industry’s forefront, equipping our clients with top-tier security measures that stand the test of time.

In essence, as web3 continues its rapid evolution, so must its security mechanisms. Blaize multidisciplinary approach not only meets today’s challenges but anticipates and prepares for future ones.

In case your sphere of interest encompasses NFT, we kindly invite you to discover the latest Blaize article about best practices for secure NFT development.

Our Extensive Experience with Entire Platforms

The blockchain ecosystem is a sprawling expanse of interdependent modules and systems. From smart contracts to front-end interfaces, each component operates in tandem, but not without potential security pitfalls. Addressing isolated vulnerabilities, though crucial, doesn’t ensure complete platform security. A holistic view that accounts for the intricate interplay of various components is paramount.

At Blaize, our perspective is expansive, stemming from years of deep involvement with blockchain platforms of varying architectures and scales. Our seasoned professionals have undertaken complex audit assignments that span entire blockchain platforms – from initial transaction initiation in the frontend UI, through on-chain execution, to off-chain data handling and storage.

Furthermore, our experience isn’t restricted to just one or two blockchain technologies. We’ve dealt with platforms built on Ethereum (and other EVM chains like Avalanche or BNB Chain, Polkadot, Sui, Cosmos, and more, providing us with a nuanced understanding of the distinct challenges and potential pitfalls each technology presents.

To fortify security at every layer, we utilize an auditing process that scrutinizes:

• Blockchain Level: Ensuring that consensus algorithms and node communication protocols are resilient against possible attacks.
• Middleware and Services: Evaluating oracles, gateways, and other middleware for data integrity and accuracy.
• Application Level: Assessing smart contracts, backend workers, dApps, and user interfaces for vulnerabilities that could be exploited by malicious actors.

As we venture into the age of interoperable blockchains and cross-chain platforms, our broad-based expertise becomes even more invaluable. Our depth of knowledge ensures that no stone is left unturned, no vulnerability overlooked, and our clients’ platforms stand as robust, impenetrable fortresses in a constantly evolving digital frontier.

The Multifaceted Approach to dApp Protection

In today’s sophisticated web3 landscape, where decentralized applications (dApps) blend traditional application models with blockchain capabilities, ensuring security is no longer a linear task. DApps, while revolutionary in their decentralized trust models, present unique vulnerabilities that demand a multifaceted approach to protection.

Beyond Smart Contracts

The conventional association of dApps primarily with smart contracts is an oversimplification. Smart contracts, though the heart of many dApps, are just one of several critical components. While they dictate the core business logic and transaction flow on-chain, many other integral components operate both on-chain and off-chain, affecting the overall integrity of a dApp. Ignoring these components might leave gaping holes in security that malicious actors can exploit.

• Data Storage Solutions: Whether using traditional databases or decentralized storage, how and where a dApp’s data is stored can be a point of vulnerability.
• Communication Protocols: The methods and protocols a dApp uses to communicate between its parts or with external services could be susceptible to man-in-the-middle attacks or data tampering.

The Role of Backend Services and SDKs

The backend services and SDKs (Software Development Kits) provide foundational support to dApps. They enable a dApp to interact with blockchains, pull or push data, and provide users with a seamless experience.

• Backend Services: These are typically off-chain components that facilitate various functionalities, such as sending repeated transactions, user authentication, data retrieval, and transaction validations. Ensuring these are secure is paramount as they can be prime targets for hackers, given their often centralized nature within a decentralized environment.
• SDKs: As bridges between different software apps, SDKs dictate how a dApp interacts with external tools and services. A vulnerable SDK (for example with incorrect cryptographical elements) can compromise every application that relies on it, emphasizing the need for thorough security checks and regular updates.

Recognizing Modern Hacker Strategies

The modus operandi of cyber attackers is perpetually evolving. While the early days of dApp development saw hackers primarily focusing on low-hanging fruits in smart contracts, today’s hackers employ a more extensive toolkit. They have recognized that dApps offer a plethora of potential vulnerabilities beyond just the smart contract.

• Private Key Targeting: With control over a user’s private key, hackers can initiate unauthorized transactions. Ensuring encrypted storage and secure transaction signing mechanisms becomes essential.
• Platform Infrastructure Attacks: Infrastructure components, like signing services, chron workers,or communication relays, can be targeted to disrupt a dApp’s operation or even cause financial loss.

In conclusion, as the anatomy of dApps becomes more complex, so do the strategies to protect them. Blaize’s meticulous approach to security factors in this multifaceted nature of dApps, ensuring comprehensive protection against both known and emergent threats.

The Significance of Bridge Security Audit

As the decentralized world continues to grow, so does the need for interconnectedness between isolated blockchain ecosystems. In this intricate web of chains, “bridges” play a pivotal role, acting as gateways that transfer value and information from one blockchain to another. With such a mission-critical function, ensuring the security integrity of these bridges is paramount. This is where a thorough bridge security audit comes into play, as it evaluates the vulnerabilities and potential risks associated with these connectors, ensuring that the very threads binding our decentralized world remain unbreakable.

The Role of Bridges in Blockchain Interoperability

Blockchain interoperability is the ability of different blockchain protocols to share and recognize information. While each blockchain boasts its own unique strengths and functionalities, a siloed existence can hinder the overall growth of the decentralized ecosystem. This is where bridges come into the picture, ensuring a cohesive, interconnected decentralized world.

• Liquidity Movement: Bridges allow for assets to move seamlessly between chains, facilitating liquidity transfer. For instance, a token on Ethereum can be moved to another blockchain, like Avalanche and Polygon, using a bridge, thereby granting the token a presence and functionality on both chains.
• Data Transfer: Beyond just assets, bridges facilitate the transfer of information. This can range from simple transaction data to more complex smart contract interactions that need to communicate across blockchains. Such transfers are essential in multi-chain dApps and services, which rely on various blockchains for different functionalities.

However, with this critical responsibility of acting as conduits, bridges also become prime targets for malicious actors. A single vulnerability could compromise assets and data being transferred across chains. Hence, a rigorous bridge security audit isn’t just a best practice – it’s a necessity. It ensures that these connectors remain resilient against attacks, safeguarding the integrity of multi-chain operations and the vast value they transfer daily.

In 2022, over $2 billion in assets were stolen from blockchain bridges due to various exploits​​. These figures indicate a pressing need for robust security measures to prevent such vulnerabilities and ensure the integrity of multi-chain operations.

Case Study: The Rainbow Bridge Incident

The world of blockchain and decentralized finance (DeFi) is as promising as it is challenging. Its resilience is often tested by events that pinpoint vulnerabilities and, in the process, also pave the way for enhanced solutions. One such event that reverberated across the blockchain space was the Rainbow Bridge incident.

Background: Rainbow Bridge is no ordinary bridge in the blockchain world. This decentralized protocol seamlessly links Ethereum and NEAR blockchains, allowing assets and data to flow smoothly between these platforms. It serves as a critical infrastructure component, enhancing interoperability in the fragmented world of blockchains.

The Incident: On May 1, 2022, in an unexpected turn of events, a substantial vulnerability was exploited in the bridge, leading to assets being maliciously drained. This wasn’t just an average system glitch; it was a flaw in the smart contract logic, which an astute attacker capitalized on.

Immediate Ramifications: The crypto space was abuzz with discussions about the incident. DeFi platforms, in particular, were on high alert, re-evaluating their security protocols. The bridge’s vulnerability had vast implications; it affected not just its direct users but had ripple effects across the intertwined DeFi ecosystem.

Read Also: How Blaize during August-October 2022 carried out a smart contract security audit for Rainbow Bridge by Aurora.

Key Learnings and Insights:

• Importance of Vigilance: The incident served as a stark reminder that even the most advanced systems could have hidden flaws. Constant vigilance, proactive threat detection, and regular audits are non-negotiables.
• Community Response: The blockchain community’s response was swift and supportive. While there was understandable concern, many rallied to mitigate the fallout, share insights, and devise enhanced protection mechanisms.
• Rebuilding Trust: Post the setback, efforts were concentrated on rebuilding trust. Affected users were kept in the loop with transparent communication, and measures were discussed to make the ecosystem more resilient against such threats.
• Holistic Security Overhaul: It’s essential to realize that securing one component (like a bridge) isn’t enough. A holistic approach is crucial, where every interconnected element of the blockchain ecosystem is fortified against potential threats.
• Future-Proofing: Incidents like these underscore the need to anticipate future threats, not just respond to current ones. Blockchain solutions must be developed with an eye on future threat landscapes, ensuring adaptability and resilience.

Conclusion: The Rainbow Bridge incident is a testament to the evolving nature of blockchain security challenges. As the world of DeFi grows in complexity, so do its security requirements. This case not only sheds light on potential vulnerabilities but also showcases the maturity and collaborative spirit of the blockchain community in navigating such challenges.

Auditing Individual Components for Robust Security

In the decentralized world of blockchain, it’s crucial to understand that the ecosystem’s integrity doesn’t just hinge on a monolithic entity. Instead, it’s the intricate tapestry of individual components, each playing its unique role, that must be audited and fortified. From SDKs that developers leverage for smoother interaction with the protocol or platform, to libraries that provide reusable code segments, each piece is a potential target. To ensure a truly holistic security approach, an in-depth audit of these disparate elements is not just advisable – it’s indispensable.

The Open-Source Nature of Blockchain

At the heart of the blockchain revolution is its open-source ethos. It democratizes access, allowing any developer, anywhere in the world, to review, use, or modify the code. This fosters rapid innovation, transparency, and a sense of collective ownership.

However, with great power comes great responsibility. The decentralized and open-source nature of blockchain projects, while being their strength, also poses unique vulnerabilities. Since the code is publicly accessible, it can be scrutinized by malicious actors looking for exploits. These vulnerabilities, if not addressed, can serve as a potential entry point for attacks. It’s a double-edged sword: the transparency that accelerates innovation can also amplify risks.

Strategies for Backend Service Audits

Backend services are often the unsung heroes of a dApp’s operation, quietly running in the background and ensuring seamless functionality. They handle tasks ranging from transaction management to data storage and retrieval. Given their pivotal role and the sensitive data they can handle, ensuring their security is of paramount importance.

• Threat Modeling: Begin by understanding the potential threats specific to your backend service. This involves identifying potential weak points and anticipating how an attacker might exploit them.
• Regular Penetration Testing: Periodic penetration tests by external experts can simulate real-world attack scenarios, helping identify vulnerabilities that might have been overlooked during development. To cover this need, Blaize has partnered with a true leader in the industry – NetSPI.
• Code Reviews: Regular and comprehensive code reviews by specialized teams can help identify problematic code patterns or potential logical errors.
• Limiting Access: Ensure that backend services are shielded from unwarranted external access. Using firewalls, Virtual Private Networks (VPNs), and other protective measures can limit exposure.
• Monitoring & Alerts: Implement real-time monitoring systems that send out alerts in case of suspicious activities. Quick detection often leads to rapid mitigation. A perfect example of similar features is shown by CyVers and their AI-powered tool for threat detection called VigiLens. More details about Blaize partnering with CyVers are here.

In conclusion, while front-end components like smart contracts often steal the limelight when it comes to security concerns, the backend is equally (if not more) critical. A thorough audit methodology for backend services, especially those that generate periodic transactions, ensures that the entire ecosystem remains resilient against both current and emerging threats.

Blockchain Security Specialists: The Frontline Defense

The blockchain ecosystem, while incredibly innovative, is also fraught with intricate vulnerabilities. These complexities necessitate a group of specialists, equipped not only with the theoretical knowledge of potential threats but also the hands-on experience to mitigate them effectively. Such professionals are the vanguards of the decentralized world, ensuring that groundbreaking blockchain projects aren’t derailed by security breaches.

The Need for Multi-Disciplinary Expertise

The decentralized ledger technology, underpinning blockchains, is a convergence of multiple disciplines – cryptography, economics, computer science, and more. As a result, securing it demands a multifaceted approach.

• Cryptography Specialists: Blockchain relies heavily on cryptographic principles for data integrity and user authentication. Experts in this domain ensure that the cryptographic algorithms employed are both current and robust.
• Network Security Professionals: Given that blockchains operate over networks, expertise in securing these networks against both internal and external threats is paramount.
• Smart Contract Researchers: With the proliferation of dApps, ensuring that smart contracts are devoid of vulnerabilities becomes essential.
• Backend & Infrastructure Experts: These professionals ensure the backbone of the blockchain system is robust, catering to services like transaction validations, data storage, and consensus mechanisms.

It’s not enough to have isolated experts in each domain. The collaborative synergy between them ensures that the security measures are comprehensive and holistic, leaving no stone unturned.

Closing Remarks

In this rapidly evolving blockchain landscape, a comprehensive security audit is not a luxury – it’s a necessity. The intricacies of blockchain technology, from smart contracts to backend infrastructure, present myriad potential vulnerabilities. But with the right expertise at the helm, these challenges can be effectively navigated.

For CEOs, CTOs, startup founders, and decision-makers in the blockchain space, the message is clear: Prioritize security. Not only does it ensure the safety of your platforms and users, but it also bolsters the trustworthiness and reputation of your projects in the broader community. In the high-stakes world of blockchain, a robust security posture isn’t just an asset – it’s an imperative.

The post Complete Guide to Security Audit of Complex Blockchain Solutions appeared first on Security.

OpenPad Highlights

OpenPad is a decentralized fundraising platform that revolutionizes Web3 fundraising through AI-powered innovations. Providing the means for supporters to safely acquire initial blockchain investments in IDOs, NFTs, and gaming within a secure and regulatory-compliant multi-chain ecosystem spanning Ethereum, BNB Chain, zkSync, SEI, Arbitrum, Base, and others.

OpenPad has a strong network of 200+ web3 VCs and projects (Chains, Protocol, dApp) and is activating 250+ KOLs with a user reach of 25M+, making them one of the most efficient and powerful platforms for empowering brand new web3 projects.

Reinforcing Security

In a digital ecosystem where blockchain and AI technologies drive innovation and development, security is paramount. Blaize.Security, in partnership with OpenPad, will provide its cutting-edge security solutions to ensure the safety of OpenPad’s users, clients, and partners.

Benefits of the Partnership

The Blaize.Security and OpenPad partnership brings numerous benefits to both companies and, more importantly, to users and projects within the Web3 fundraising space. Let’s take a closer look at the key advantages:

Enhanced Security

Blaize.Security’s expertise ensures the implementation of cutting-edge security measures, safeguarding the interests of OpenPad users and projects. Our auditing services help identify and mitigate vulnerabilities, reducing the risk of security breaches.

Flexible Support

Blaize.Security’s readiness to engage with projects at any stage enables OpenPad to accommodate a wide range of projects, from startups to established ventures. This flexibility ensures that both new and existing projects can benefit from tailored security solutions as well as any web3 development services.

Launchpad Evaluation

Blaize.Security’s evaluation of the projects running the OpenPad launchpad (as an additional step in their campaigns) can enhance the platform’s overall functionality and security, making it a more reliable platform for fundraising activities and ensuring its users’ assets safety.

Comprehensive Audits

Our auditing capabilities extend to projects of any complexity and specialization, offering a comprehensive approach to security. Investors and project teams can proceed with confidence, knowing their assets have undergone thorough security checks.

Strategic Pipeline

Blaize.Security is ready to proceed with recommendations to deal with OpenPad’s services to projects, created and developed by Blaize team.

The partnership is set to provide a secure, reliable, and efficient Web3 fundraising experience. Users, investors, and projects can all expect heightened security, comprehensive evaluations, and strategic guidance, ultimately advancing the Web3 landscape while adhering to the highest security and regulatory compliance standards.

What’s Next

Through this partnership, Blaize.Security and OpenPad are set to create a synergy that enhances the security of Web3 fundraising and fosters innovation and growth within the blockchain industry. By combining Blaize.Security’s expertise in cyber- and web3 security with OpenPad’s pioneering AI-powered fundraising platform users can expect a more secure, reliable, and efficient Web3 fundraising experience.

The post Blaize.Security Partners with OpenPad: Significant Collaboration for Security appeared first on Security.

At Blaize, we understand these concerns intimately. Our team has clocked in countless hours addressing the multifaceted challenges that NFT stakeholders face – and we prepared a lot of best practices for them. Whether it’s the creators worried about the integrity of their art, collectors nervous about the authenticity and safety of their holdings, or developers striving for a foolproof code, the underlying theme remains constant: the indispensable need for top-notch security.

But what does ‘NFT security’ truly entail? It’s not merely about having a protective layer or a secure wallet. It goes far beyond. Genuine NFT security is characterized by impeccably written code, robust protocols (especially crucial when the NFT goes beyond being a mere collectible and holds utility), and preemptive measures against the growing threats like phishing attempts targeted at unsuspecting NFT holders.

Our journey in fortifying the NFT landscape has been rich with insights, challenges, and successes. Countless audits in NFT space provided our security researchers experience we’ve shared with our Engineering Department: explore our case studies for a more granular look at our endeavors and the tangible impact we’ve made. They serve as a testament to our commitment and provide valuable lessons for enthusiasts, creators, and developers in the space.

Navigating the NFT universe without robust security measures is akin to sailing turbulent waters without a compass. And while this article delves deeper into the intricacies of NFT security, it’s vital to acknowledge upfront that safeguarding these digital treasures goes beyond mere best practices—it’s an art, a science, and a continuous commitment.

Why NFT Security Is Really Important

The digital universe of NFTs (Non-Fungible Tokens) is rewriting art, ownership, and innovation dynamics. As they surge in popularity, their security becomes not just a technical concern, but a linchpin holding the integrity of a revolutionary movement. Let’s dive deep into why safeguarding NFTs is paramount:

The Immense Value at Stake

• Monetary Significance: Many NFTs command prices that rival traditional art pieces, with some selling for millions of dollars. A lapse in security could result in devastating financial setbacks for creators, investors, and traders.
• Cultural Value: NFTs represent a watershed moment in how culture, creativity, and commerce intersect in the digital age. Their compromise threatens the rich tapestry of digital artistry and innovation they have fostered.

Reinventing Digital Ownership

• Proof of Authenticity: NFTs serve as a certificate of authenticity in the digital realm. A breach in their security can jeopardize this, creating a ripple effect of distrust.
• Digital Identities at Risk: Many NFTs – especially SBTs (Soul-Bound Tokens) – are now associated with digital identities, memberships, or access rights. If compromised, they could lead to identity theft or unauthorized access.

The Broader Impact on the Crypto Ecosystem

• Market Confidence: Recurring security threats can erode faith in the NFT marketplace. For the ecosystem to thrive, trust in its security is indispensable.
• Integration into DeFi: With a lot of NFTs now used as collaterals in lending protocols, or utilized as keys to deposits, security breach may lead to significant losses and pressure on the market.
• Potential Regulatory Scrutiny: Continuous security breaches might invite stricter regulations, potentially stifling the growth and innovation in the NFT sector.

Notable NFT Security Breaches

Over the years, there have been alarming breaches in NFT security, serving as stark reminders of the vulnerabilities in the space. Below is a table highlighting some of the most significant NFT hacks recently:

While the above incidents are sobering, they serve as catalysts, emphasizing the non-negotiable need for robust NFT security frameworks. As the realm of NFTs continues to evolve, security must remain front and center, ensuring a safe and thriving environment for all participants.

Common Vulnerabilities in NFT Development

The transformative landscape of NFTs has presented both unprecedented opportunities and unique challenges. As the scope of NFTs broadens from art pieces to integral components of financial and identity systems, ensuring their security becomes multifaceted. Here’s a deep dive into the prevalent vulnerabilities in NFT development.

The Multifaceted Value of NFTs

Before discussing the vulnerabilities, it’s essential to understand the varied value propositions of NFTs:

• Beyond Mere Collectibles: NFTs aren’t just high-value digital art. They’ve evolved into versatile assets with a multitude of uses.
• Lending and Collateral: Platforms now allow NFTs as collateral to get loans in ETH or other cryptocurrencies. A compromised NFT might grant attackers a fraudulent loan.
• Keys to DeFi Protocols: Certain NFTs, like those associated with VelodromDeFi or positions in UniV3, serve as keys or guarantees for deposits, making them prime targets.
• Digital Identity: NFTs are being used as digital identity tools. A compromised NFT can lead to stolen identities or unauthorized gaming or other account access.
• Gaming Assets: Virtual in-game assets, like land parcels in metaverse games or characters in games like Aavegotchi, can be traded for substantial sums.
• Tokenized Real Assets: From real estate to luxury items, NFTs on tokenization platforms often represent tangible assets, increasing their attractiveness to malicious actors.

Smart Contract Vulnerabilities

Smart contracts, the foundational building blocks of NFTs, are prone to various risks: From coding errors and bugs to exploits in the underlying blockchain protocols, NFT smart contracts can become targets for malicious actors seeking to manipulate or steal valuable digital assets. To ensure the long-term viability and trustworthiness of the NFT ecosystem, it is crucial for developers and stakeholders to continually assess and address these vulnerabilities, implementing robust security measures to safeguard both creators and collectors in the rapidly evolving world of digital ownership. Read more about Blaize services in the field of secureness providing.

Transactional Risks

The process of minting, transferring, or trading NFTs is susceptible to:

• Front Running: Attackers can view pending transactions and jump the queue by paying higher gas fees, executing their transaction first. And that influences your purchases on marketplaces, participation in NFT sales and drops, and even can cause so-called “gas wars” with enormous ETH spending like it was with the Sevens collection.
• Protocol Breaches: Make sure you know the protocol where you want to sell or stake your NFT. Your NFT may be created with all best practices and caution, but in case of any vulnerability in a target DeFi protocol or marketplace, you will take a significant risk. Make sure that both collection and target protocol have been audited.

Client-Side Vulnerabilities

Attacks often target the end-users, exploiting potential lapses in their security.

• Phishing and Social Engineering: Fake platforms or links lure users into providing sensitive information.
• Man-in-the-Middle Attacks: Attackers intercept and potentially alter the communication between two parties without detection.
• Fake Listings: Counterfeit NFTs or duplicate listings can deceive users into purchasing worthless tokens.

Dependence on External Resources

NFTs often rely on external resources, making them vulnerable to:

• Centralized Storage Issues: If an NFT’s metadata, the information that gives it its unique characteristics, is stored centrally, it becomes a single point of failure. This emphasizes the need for decentralized storage solutions like IPFS.
• Immutable but Not Permanent: While blockchains are immutable if the data the NFT points to (like an artwork on a server) is changed or deleted, the NFT might lose its value. That’s why it is not recommended to add methods for modifying URI after the deployment.

Best Practices for NFT Security

The innovative world of NFTs, while presenting vast opportunities, is riddled with vulnerabilities that could jeopardize both creators and users. A solid defense strategy requires stringent nft security best practices. Let’s delve deep into these best practices for robust NFT security.

Read also: Best Blockchain Security Companies – A Comparative Analysis.

For Protocol Owners and NFT Creators

1. Prioritize Audits

• Value: Audits are the backbone of nft cybersecurity, ensuring no loopholes in code that could be exploited.
• Details: Both the NFT itself and additional sale/mint contracts should be audited.
• Consequences: Skipping audits can lead to undetected vulnerabilities, resulting in potential financial losses and eroding trust.

Blaize provides comprehensive auditing services for smart contracts as well as for blockchains. Get to know more details here.

2. Adopt Decentralized Storage for Metadata

• Value: Decentralized storage ensures that an NFT’s unique traits aren’t susceptible to centralized points of failure.
• Details: Platforms like IPFS, Moralis, and Filecoin offer decentralized storage solutions.
• Consequences: Centralized storage can be a point of vulnerability, allowing alterations or deletions of metadata.

3. Adhere to Smart Contract Best Practices

• Value: This ensures efficiency, security, and reliability of the NFT.
• Details: Gas optimization, restricting access control, and more form the checklist.
• Consequences: Ignoring these best practices can lead to expensive transactions, unauthorized access, or contract failures.

4. Embrace Simplicity

• Value: A straightforward, clutter-free NFT reduces the chances of vulnerabilities.
• Details: Avoiding extraneous code makes it easier to spot potential risks.
• Consequences: Overloaded NFTs can have hidden vulnerabilities, making audits more complex and potential security breaches more likely.

5. Utilize Established Standards

• Value: Trusted standards have been vetted by the community for security and functionality.
• Details: Leveraging standards like OpenZeppelin’s ERC721 / ERC1155 (or alternatives such as ERC721A) and ERC2981 for royalties guarantees a reliable foundation.
• Consequences: Deviating from established standards can introduce unforeseen vulnerabilities.

6. Thoroughly Test Integrations

• Value: Ensuring NFT’s utility in a protocol without glitches safeguards its value proposition.
• Details: Comprehensive testing guarantees that the NFT will function as intended within its ecosystem.
• Consequences: Failure to test can lead to malfunctioning NFTs, reducing user trust and potentially causing financial loss.

For Users

Wallet Security: An Essential Paradigm

Why Wallet Compartmentation?

• Intentionality: Encourages users to think critically before signing transactions.
• Risk Distribution: Spreading NFTs across multiple wallets ensures that a single breach doesn’t lead to a total loss.
• Asset Safeguarding: Protecting assets from potential threats is paramount.

The 3-Wallet Strategy:

• Hot Wallet: Suitable for minting, flipping low-value NFTs, and high-risk activities. Examples: MetaMask. Consequences: Compromise of a hot wallet can lead to quick losses, given its frequent online presence.
• Lukewarm (Hard Wallet 1): Used for mid-tier value transactions. It strikes a balance between accessibility and security. Trusted brands: Ledger, Trezor. Consequences: It acts as a buffer, reducing the risk from hot wallet compromises, but still needs to be handled with care.
• Cold (Hard Wallet 2): A vault for your most prized NFTs, this wallet should seldom connect to the. Consequences: Though the safest, it’s crucial to safeguard the physical device and its backup phrase.

Additional Wallet Recommendations:

• Chill Wallets: ZenGo offers an intermediate level of security, ideal for less frequent but still valuable transactions.

Check on and collect the latest relevant infographic we prepared for Blaize Twitter followers under the link.

Incorporating these best practices ensures the longevity and security of the rapidly evolving NFT landscape. As the space grows, staying updated with the latest security measures will be pivotal for both creators and users. Furthermore, nft safe storage is an essential part of effective measures for your nft security.

How Blaize Works with NFT Security

Blaize has pioneered security solutions in the NFT space, offering unparalleled expertise. Our developers adhere strictly to best practices, leveraging our diverse experience spanning NFT use in DeFi, digital identity, carbon credits, and tokenization. Blaize’s robust audits have consistently ensured the security and reliability of numerous projects. We pride ourselves on navigating the intricate corridors of NFT security with precision.

Interested in knowing what a perfect nft platform audit looks like? Check out our latest case of smart contract audit for a protocol for nft sales.

At Blaize, our developers are not just coders; they are industry experts who understand the full spectrum of NFT applications.

• DeFi: Decentralized finance is a rapidly growing sector where NFTs can represent unique financial instruments. Our developers have hands-on experience securing such assets and ensuring they resist common DeFi vulnerabilities.
• Digital Identity: NFTs can serve as a unique digital identity in various ecosystems. Our team knows the sensitivity of this data and ensures its protection against potential breaches.
• Carbon Credits & Tokenization: As part of our commitment to green tech (link to our green tech solutions), we recognize the role of NFTs in representing carbon credits and other tokenized environmental assets. Our solutions ensure that these assets are authentic, verifiable, and secured.
• Best Practices: Our developers continuously update their skills and knowledge. They follow industry best practices, participate in hackathons, and regularly attend NFT and security seminars. This commitment ensures that our solutions are always ahead of potential threats.

Blaize’s holistic approach to NFT security ensures that your business can leverage digital assets’ full potential without compromising safety. Our diverse experience across sectors like DeFi, digital identity, green tech, and technical expertise make us a trusted partner in your NFT journey.

Conclusion

In the dynamic digital landscape, NFTs have reshaped our understanding of art, ownership, and innovation. As these digital assets grow exponentially in popularity and application, the security surrounding them transcends into an issue of paramount significance. The monetary, cultural, and intrinsic value these tokens hold makes them both revolutionary and vulnerable. From the disturbing tales of multi-million dollar security breaches to the promising potential of NFTs in varied sectors like DeFi, digital identity, and green tech, one thing becomes undeniably clear: NFT security is not a mere luxury but an absolute necessity.

The evolving vulnerabilities, ranging from smart contract flaws to client-side risks, underscore the intricate challenges developers and users must navigate. Yet, amidst these challenges lie best practices that serve as the beacon of hope. Auditing, decentralized storage, standardized protocols, and wallet compartmentalization are just a few safeguards ensuring NFTs retain their credibility and value. These practices ward off threats and fortify the foundation on which the NFT universe stands.

Blaize’s relentless commitment to pioneering robust security solutions in this domain epitomizes the blend of art and science that NFT security embodies. By merging technical prowess with a deep understanding of the NFT ecosystem, they offer a holistic approach that addresses security from multiple facets. This integrated methodology ensures that the rich tapestry of creativity and commerce that NFTs have woven remains vibrant, resilient, and, above all, secure.

In a world where NFTs are more than just digital collectibles, their protection is our shared responsibility, a collective endeavor to ensure the flourishing of a revolutionary movement.

FAQ

Can NFTs be counterfeit?

• Absolutely, NFTs can be counterfeited in a sense. Just as digital art can be copied and pasted online, the metadata and assets associated with an NFT can be duplicated. However, what counterfeiters can’t duplicate is the unique digital signature and the specific blockchain record of the original NFT, which provides proof of authenticity and ownership.

Why is NFT security important?

• NFT security is pivotal as it ensures the integrity, value, and uniqueness of the digital assets. In a market where digital ownership is becoming increasingly valuable, securing NFTs guarantees trust in the system. Without robust security measures, the very foundation of digital ownership and the potential financial value of NFTs could be jeopardized.

What are the common vulnerabilities in NFT development?

• Common vulnerabilities in NFT development include: smart contract bugs, which can result in lost or stolen assets; improper access controls, allowing unauthorized modifications; and issues with metadata permanence, risking the longevity of the linked content. Ensuring a secure NFT platform also means guarding against more traditional cyber threats like phishing and malware attacks.

How can NFT developers mitigate these vulnerabilities?

• To mitigate these vulnerabilities, NFT developers should employ rigorous smart contract auditing by reputable firms, implement robust access control mechanisms, and consider decentralized or persistent storage solutions for metadata. Continuous education about the latest threats, and staying updated on blockchain security practices, can also help in safeguarding NFT platforms from potential pitfalls.

The post Best Practices for Secure NFT Development appeared first on Security.

Does the problem of security really exist in the Web3 world? Let the numbers speak: as of the end of Q1 2023, there were 22 reported cybersecurity hacks totaling over $265 million in losses. The biggest single hack stole $197 million.

These threats encompass different layers – from the protocol layer, where malicious actors attempt to exploit smart contracts, to the application layer, where users must be vigilant against phishing attacks, identity theft, and more. Even the infrastructure layer faces numerous attack vectors that threaten the very foundations of blockchains and the mechanisms underpinning node functionality. Therefore, it is essential to focus on the protocol layer, where security starts with a thorough audit.

Blaize specialists have deep expertise in AI and ML solutions development and implementation. Learn more about how to enhance your business with the most trendy technologies.

What Covers Audit for the Protocol

Security audit is a must-have stage for ensuring the safety of blockchain protocols. It involves a meticulous and methodical examination of the blockchain code to ascertain its security and integrity. Through this process, s team of professional auditors identify and address potential vulnerabilities, thereby reinforcing the protocol’s resilience against external threats. And of course auditors use all modern tools they can possess to increase the confidence in protocol safety.

For example, the first set of tools to use are automated code analyzers. Though in conventional terms, they primarily use standardized techniques to probe for vulnerabilities. A well-known tool in this domain is Slither, a static analysis framework for smart contracts, which is well-equipped to detect traditional vulnerabilities that can jeopardize the system.

However, as technology evolves, the boundaries of what’s possible are continuously being pushed. The use of AI and ML techniques in auditing is gaining traction thanks to their ability to process and analyze vast amounts of data with a level of efficiency and accuracy that is challenging for humans to match.

Smart contracts’ code, akin to any form of language, follows a set of grammatical rules, and hence can be treated as a unique type of conversational ‘language’ (but between the developer and the virtual machine). Natural Language Processing (NLP), a subset of AI/ML techniques, can thus be utilized to analyze this ‘language’. For instance, NLP can be applied to confirm if the mathematical equations governing a liquidity pool have been correctly reflected in the code. Or that the code has “logical” logic flow. Moreover, the integration of sophisticated techniques such as neural networks and reinforcement learning into the auditing process can provide valuable insights and refine the efficiency of vulnerability detection.

However, it’s crucial to note that while these AI-driven approaches show promise, their implementation must be supervised by experienced blockchain security specialists. These professionals play a vital role in steering the model in the right direction, ensuring that it functions optimally within the complex dynamics of blockchain technology.

At this stage, the effectiveness of AI models like ChatGPT in the auditing process is still in the nascent stage when compared to a human auditor. AI-augmented auditing processes are not yet at a point where they can replace the manual, cross-verification methods traditionally employed by auditors.

Nevertheless, the continuous evolution of AI promises potential advancements in the blockchain auditing process. Auditors are keen on harnessing this transformative technology and are steadily integrating AI/ML-based tools into their arsenal. While we are yet to realize the full potential of AI in auditing, the signs are encouraging, suggesting a future where AI-powered audits could become the norm.

When the Protocol Needs More Protection

A comprehensive audit serves as a security foundation before deploying a blockchain protocol. It is during this stage where potential vulnerabilities are detected and rectified, preparing the protocol for launch. However, once the protocol is deployed, it faces an open environment — the ‘wild west’ of web3 — where it must fend off a myriad of potential malicious actors intending to exploit any weaknesses in the protocol.

A robust security audit coupled with a well-structured protocol architecture significantly minimizes the probability of a successful breach. Yet, the dynamic and unpredictable nature of the web3 environment warrants an additional layer of protection to keep up with evolving threats.

Active protection mechanisms serve as this additional security layer. They operate in real-time, providing ongoing safeguards against emerging threats. Active protection entails monitoring transactions, detecting anomalies, analyzing unprocessed transactions in the mempool, setting up alerts for suspicious activities, pausing the protocol under threat, and assessing the load on the protocol. These mechanisms enhance the resilience of the protocol by continually analyzing and responding to threats.

This is where AI is perfect — managing the massive blockchain-generated data. With thousands of transactions occurring simultaneously, it becomes an insurmountable task to track and analyze each transaction for potential threats manually. AI technologies, particularly machine learning algorithms, can automate this process, swiftly analyzing transactions in real time and detecting anomalies with high accuracy.

This AI-powered approach increases the efficiency and speed of threat detection and allows for quicker responses, minimizing the potential damage that a breach could cause. With AI at the helm, protocols can better manage the vast amount of data they deal with and reinforce their defenses against the uncertainties of the web3 landscape.

Therefore, while the initial security audit is a critical step in preparing the protocol for deployment, ongoing active protection strategies, especially those leveraging AI technologies, are equally crucial in maintaining the protocol’s security post-deployment. It’s a combination of these processes that assures a robust and resilient blockchain protocol, ready to tackle the challenges of the ‘wild west’ of web3.

How to Use Active Protection

The vast amount of data generated by blockchain transactions presents both a challenge and an opportunity. While the sheer volume of data can be overwhelming to manage manually, this transparency allows us to conduct in-depth analysis and draw meaningful conclusions. It’s here that AI and ML technologies are revolutionizing the field of blockchain security. Let’s explore how.

Incoming Transaction Pattern Analysis

Typically, hacks involve a series of transactions, including testing transactions with small amounts, and failed transactions probing for standard vulnerabilities. AI can be programmed to analyze these transaction patterns, detect irregularities, and flag potential threats.

Transaction Source Analysis

Sophisticated hackers often carry out numerous simulations before launching a full-scale attack. Therefore, the analysis of suspicious addresses interacting with the protocol or executing pending transactions in the mempool becomes critical. Here are some aspects that can be analyzed:

• Contract Deployment: Whether the suspicious addresses have deployed any contracts.
• Interaction with Mixers: The involvement of suspicious addresses with mixers can often hint at illicit activities.
• Tangled Transfers: Multiple transfers to various addresses can indicate an attempt to confuse tracking mechanisms.
• Multiple Protocol Interactions: Interactions with several protocols might suggest a more extensive, planned attack.
• Chains of Swaps and Conversions: A series of swaps and conversions can signify attempts to mask the original source of funds.

These parameters and more can be analyzed using AI, which can quickly and efficiently process this information to detect anomalies.

Early Detection

The early detection of threats can be crucial in minimizing potential damages. AI-powered systems can monitor various factors such as:

• Block Load: Unusual increase in the load of blocks could indicate a potential attack.
• Suspicious Activities around NFTs: Any irregular patterns related to Non-Fungible Tokens (NFTs) can be flagged – for example, series of sell price changes, listings/delistings from auctions, or fake drops mimicking famous collections.
• Dust Attacks: Rapid small transfers (or ‘dust’ attacks) can be detected and handled.
• Gas Prices: Sudden changes in gas prices can be a signal of market manipulation attempts.
• MEV Transactions: Backward analysis of Miner Extractable Value (MEV) transactions can reveal potential exploitations.

ML models can be trained to generate alerts based on specific sets of parameters. While the real models are complex, even a simple ML model such as a decision tree can offer valuable insights when combined with input parameters processed through regression models.

CyVerse, one of our partners, is a great example of a service already leveraging AI-powered models in the field. The product called VigiLens integrates AI technologies to provide real-time threat intelligence, vulnerability management, and incident response capabilities, highlighting the immense potential of AI in blockchain security.

In conclusion, the transparency of blockchain, when combined with AI and ML technologies, offers unprecedented opportunities for enhancing security. From transaction analysis to early detection of potential threats, AI is proving to be an indispensable tool in the world of blockchain security.

Going Further with Active Protection

Artificial Intelligence is proving to be a potent tool for enhancing blockchain security. It goes beyond basic transaction analysis and early detection of potential threats, finding applications in areas such as rugpull protection, user protection, validator behavior review, and bridge protection. Let’s delve into these areas one by one.

Rugpull Protection

‘Rugpull’ is a term used in cryptocurrency to describe a malicious act where developers abandon a project and run away with investors’ funds. AI can be utilized to prevent such incidents through the analysis of transaction patterns within the protocol and the detection of unusual fund movements. Fraud detection machine learning models can be trained to identify patterns indicative of a potential rugpull, thereby alerting users and administrators in advance.

User Protection

In addition to protecting the protocol itself, AI can also be used to ensure the safety of users. One primary concern for users is phishing, where they might be tricked into revealing sensitive information. Anti-phishing measures can be implemented based on AI-powered analysis of transaction sources to detect and block such attempts.

An example of an initiative in this area is Wallet Guard. Their platform offers a layer of protection for users’ wallets against scams and frauds, illustrating the potential of AI in user protection.

Validator Misbehavior Review

In blockchain networks, validators play a crucial role in maintaining the integrity of the system. However, there may be instances where validators behave maliciously or carelessly, jeopardizing the network’s security. The Ronin network hack serves as a reminder of such incidents, where funds from a validator were stolen, and the breach went unnoticed for an extended period. AI can assist in reviewing validators’ actions, detect potential misbehavior, and raise alerts promptly.

Bridge Protection

Bridges, which facilitate transactions between blockchains, often accumulate substantial funds, making them attractive targets for hackers. 

A recent example is the Multichain hack. AI can play a vital role in protecting bridges through the analysis of signed messages and interaction patterns with the bridge, and early detection of requests for big amounts withdrawals.

As we continue to embrace the possibilities of AI, it’s clear that it can be a powerful ally in ensuring the integrity and security of blockchain networks. From transaction pattern analysis to real-time monitoring and early threat detection, AI technologies are significantly enhancing the resilience of blockchain systems against an ever-evolving threat landscape.

By harnessing AI’s potential, we can look forward to a future where blockchain security is more robust, responsive, and adaptable, providing a secure foundation for blockchain technology’s continued growth and evolution.

Thus, as the blockchain universe continues to expand and evolve, so too will the AI-powered technologies designed to protect it, offering promise for a secure future in the world of web3.

Blaize Security Knows How To Cover Your Security Needs

In summary, the first half of 2023 has been a remarkable journey for BlaizeSecurity in the realm of web3 security. Our AI and Blockchain-powered solutions have led to impressive achievements:

• Comprehensive audits: BlaizeSecurity successfully completed 51 audits, including safeguarding our long-term partner Everstake with two audits.
• Alchemy’s security list: We’re honored to be featured on Alchemy’s security list, a testament to our commitment to robust blockchain security.
• DeFi Security Alliance: Membership in the DeFi Security Alliance strengthens our dedication to enhancing DeFi security.
• Diverse ecosystems: BlaizeSecurity team expanded the expertise into ecosystems like Algorand, BTC (Stacks, Ordinals, BRC20), Cosmos, Polkadot, and Sui, driving innovation.
• Industry participation: We actively participated in key industry events to enhance our knowledge and presence: Movecon online event, boosting our Move expertise, Incrypted conference, DeFi Security Summit.
• Community Empowerment: Our #Web3SecurityTips initiative on Twitter shares valuable security insights with our community.
• Strategic partnerships: Collaborations with QuillAudits and CyVers reinforce our position in securing digital assets.

We remain dedicated to your web3 project’s security. Stay tuned for more updates as we continue shaping the future of blockchain security. Your trust in BlaizeSecurity fuels our mission.

The Power of AI in Active Protection

Existing bots, such as “whale alerts” or scanners from Peckshield and other our colleges in security space have already demonstrated their effectiveness in alerting users to potential threats. However, integrating AI into the mix can significantly enhance the speed and accuracy of these alerts. 

Take, for instance, CyVers bot, an AI-powered solution that detects attacks as early as possible, providing an extra layer of security for the entire blockchain ecosystem. 

Blaize has recently partnered with CyVers – an AI-powered, recognized leader in proactive protocol protection, to deliver an end-to-end security solution unparalleled in the industry. Learn more about the details of the partnership here.

The fusion of AI and blockchain technology paves the way for a new era of active protection in the Web3 space. As hackers continually evolve their techniques, it is essential for security providers like Blaize to remain ahead by embracing modern tech. AI-driven audits, active protection measures, and early threat detection are powerful tools in maintaining the integrity and security of Web3 protocols, and they are vital to safeguarding the future of decentralized finance. 

Security experts worldwide continuously highlight the importance of the implementation of AI & ML techniques to enhance the level of security. Blaize Head of Security Pavlo Horbonos mentioned in his security-oriented blog:

If you can enhance web3 security with AI – just do it. We must be 10 steps ahead malicious actors – who also heard about AI.”

Blaize Head of Security Pavlo Horbonos

Blaize, with our extensive experience in security and AI and our strategic partnership with security leaders like Cyvers, stands as a stronghold against such threats. We’re continually embracing and integrating innovative tech to ensure our clients are always ahead of the curve. With esteemed partners like Cyvers, Blaize is at the forefront of shaping this secure future. Together, we make AI and Blockchain a fortress of active protection.

The post AI & Blockchain: Active Protection for Your Web3 Project appeared first on Security.

Our Strengths

Blaize’s strength lies in our people – a team of dedicated blockchain professionals that operates to ensure optimal security in the decentralized sphere. We cover pre-deployed production code with security audits and consultations and offer unrivaled security support during deployment. We ensure the code will not have flaws and vulnerabilities, so the protocol will be ready to go into the “dark forest” after the deployment.

Partnership with CyVers

Through the new strategic partnership with CyVers, we extend our security expertise to cover the post-deployment part of the protocol’s lifecycle. CyVers specializes in early threat detection and active protocol protection, effectively covering any project’s post-deployment phase with AI-powered anomaly-detction tools. Combining our complementary strengths results in a formidable force, safeguarding your blockchain project throughout its entire lifecycle.

To tell a long story short, partnering with CyVers will benefit our clients twice. 

Tools and Technology

One of the powerful tools we are excited to utilize through this collaboration is CyVers’ VigiLens. This AI-powered tool allows us to effectively investigate security incidents and understand the root causes of hacks in the web3 environment. By employing VigiLens, we can anticipate vulnerabilities, bolster our preventative measures, and ultimately boost our customers’ experience. This state-of-the-art tool has received high praise from our auditors and Head of Security for its effectiveness and high-grade security benefits.

Benefits of the Partnership

This partnership promises several benefits that will enhance the security and reliability of web3 deployments:

• With Blaize’s pre-deployment auditing and CyVers post-deployment protection, we offer end-to-end security coverage for any blockchain project.
• Leveraging VigiLens, we can proactively identify and counter potential security threats before they can harm your project.
• We can conduct in-depth investigations into security incidents, gaining insights that can help improve future security measures.
• By ensuring the secure and smooth running of your blockchain projects, we enhance the overall customer experience.
• With the cooperation of Blaize and CyVers, our customers will benefit from the shared knowledge and expertise of two industry-leading companies.

So what?

We are sure that the necessary level of security in the web3 domain can only be achieved through shared knowledge and cooperation. Our partnership with CyVers embodies this belief. We are making web3 a safer place, one blockchain at a time.

This partnership marks a significant step in our journey, and we eagerly look forward to sharing our progress with you. Stay tuned to our news and updates as we push the web3 blockchain security industry forward.

Learn more about CyVers on their website, follow them on Twitter & LinkedIn, and make sure you also follow @CyversAlerts to be up to date on all the recent hacks & exploits.

The post Empowering Blockchain Security: Blaize x CyVers Partnership appeared first on Security.

With this growth, the risk of cyberattacks and security breaches escalates, underscoring the necessity for sturdy security measures like regular audits. For trust, security, and legal adherence, businesses need to engage reputable smart contract auditing companies. This article delineates the premier blockchain security firms, encompassing smart contract audit companies, offering extensive security services to safeguard your business in the crypto realm.

Blaize has broad and deep expertise in security audits of different complexity. Feel free to discover our last smart contract security audit case.

Top Smart Contract Audit Companies

Blaize Security, a leading web3 security provider and smart contract auditing company, is revered for its extensive expertise in smart contract and dApp security audits. Utilizing advanced technologies, we’ve created a secure environment for blockchains and decentralized applications.

Our key to success fosters a culture of knowledge sharing among top blockchain security firms. Our collaborative approach underscores the mutual goal of enhancing security protocols, making the blockchain space resilient against malicious exploits. Moreover, alongside other esteemed smart contract audit companies, Blaize strives to elevate industry security standards, safeguarding the vast value that courses through blockchain networks daily. Let’s take a closer look at other domain leaders:

1. Blaize.Security

Blaize.Security, a web3 security provider, sets itself apart with its focus on deep RnD expertise and customized solutions for blockchain development and security audits for almost any modern technology.

Top Features:

• Provides comprehensive security audits, including blockchain audits and smart contract audits.
• Offers full-cycle development services from idea to product launch.

Experience & Cases:

• Assisted more than 130+ clients in the development of their blockchain projects and secured 210+ protocols and platforms with audits.
• Worked with infrastructure, DeFi and NFT projects from leading web3 ecosystems like Avalanche, Aurora, Sui, Near, Polkadot and others, ensuring their blockchain security.

Official website – link here.

2. Hacken

Hacken is a crypto audit company, specializing in various cybersecurity audits, including blockchain audits and crypto exchange audits.

Top Features:

• Offers Bug Bounty services where ethical hackers help discover potential threats in your system.
• Provides Anti-Phishing services to protect companies from phishing attacks.

Experience & Cases:

• Conducted an audit for VeChain, discovering potential threats and suggesting countermeasures.
• Partnered with notable crypto companies like CoinGecko and Gate.io.

Official website – link here.

3. HashLock

HashLock is an esteemed smart contract auditing company from Australia, known for its meticulous approach to blockchain security and smart contract auditing​.

Top Features:

• Provides a comprehensive auditing process including initial consultation, project scoping, preliminary report on found vulnerabilities, and a final audit report.
• Offers active security services like on-chain monitoring, bug bounty management, and upgradeable security post-audit.

Experience & Cases:

• Notable auditing project with the Verida Network, where HashLock’s thorough audit identified various levels of vulnerabilities and provided necessary recommendations for mitigation.

Official website – link here.

4. CertiK

CertiK is one of the members of the smart contract audit industry. It provides an end-to-end security solution for blockchain projects, which includes the review and verification of smart contracts.

Top Features:

• DeepSEA: A high-level language that ensures greater security for smart contracts.
• CertiKShield: An insurance-like system to protect assets.

Experience & Cases:

• Conducted more than 200 audits for notable clients, including Binance and Tera.
• Secured over $70 billion of assets in smart contracts.

Official website – link here.

5. Cyfrin

Founded in 2023, Cyfrin is already bringing world-class smart contract security audits, tools, and education to hundreds of thousands of users and some of the biggest blockchain protocols.

Top Features:

• Industry-leading smart contract audits
• Fully-featured competitive audits platform
• Provides blockchain security development and research tools

Experience & Cases:

• Audited over $10 billion in Total Value Locked (TVL)
• Cyfrin enhances the security of major protocols, including Swell Network, Dolomite, Farcaster, DeXe, and Solidly.

Official website – link here.

6. MoveBit

MoveBit specializes in Move ecosystem security, dedicated to providing smart contract security audit services. With a team rich in cybersecurity experience and a strong academic background, they offer formal verification and expert review to eliminate security risks in Move smart contracts, alongside ensuring the security of the entire blockchain architecture through professional audits and tests.

Top Features:

• Formal verification and expert review in Move smart contract security audits.
• Comprehensive auditing process including evaluation, audit, issue fixing, and ongoing monitoring.

Experience & Cases:

• Awarded as one of the first top 50 awardees of Aptos Ecosystem Grant Program.
• Conducted in-depth security analysis on Sui Staking and LSD.

Official website – link here.

7. Slowmist

Slowmist is an auditor blockchain company with vast experience in the security field. They offer extensive blockchain security services, making them one of the top blockchain security companies.

Top Features:

• Offers full-scale audits including exchange security audits, blockchain ecosystem audits, and wallet security audits.
• Provides threat intelligence reports to clients.

Experience & Cases:

• Collaborated with top exchanges like Huobi and OKEx.
• Discovered more than 2,000 security vulnerabilities in various blockchain ecosystems.

Official website – link here.

8. PeckShield

PeckShield, a web3 security company, offers a variety of security services, including code audits and threat intelligence.

Top Features:

• Provides a unique vulnerability database for clients.
• Offers a full-cycle security service encompassing pre-defense, during-defense, and after-defense.

Experience & Cases:

• Provided security services for leading blockchain companies, including EOS and TRON.
• Successfully discovered and mitigated various blockchain security vulnerabilities.

Official website – link here.

9. Trail of Bits

Trail of Bits is a smart contract auditing company, offering comprehensive audit services to blockchain projects.

Top Features:

• Offers security assessments and assurance plans for long-term engagements.
• Provides continuous assurance services to ensure ongoing security.

Experience & Cases:

• Assisted Parity in securing their Ethereum client following a multi-million-dollar security breach.
• Conducted over 50 blockchain security reviews for various companies.

Official website – link here.

10. Quantstamp

Quantstamp is renowned for its automated security checks of Ethereum smart contracts. This has made it one of the leading smart contract audit companies in the blockchain industry.

Top Features:

• Provides an automated tool for checking smart contract vulnerabilities.
• Performs manual audits by experts for complex systems.

Experience & Cases:

• Successfully audited more than 100 smart contracts.
• Worked with popular blockchain projects like OmiseGo and Binance.

Official website – link here. 

What to Expect from Blockchain Security Companies?

Engaging with a blockchain security company involves a systematic process. Here’s a step-by-step guide on what to expect from these crypto auditing companies:

1. Initial Consultation: The first step typically involves an initial consultation or discovery call. During this phase, the company will assess your specific needs, understand your project’s scope, and define the audit’s objectives. They will ask about your blockchain application, smart contracts involved, and any specific areas of concern you might have.

2. Project Proposal and Contract: Based on the consultation, the security company will provide a detailed proposal that outlines the audit’s scope, timeline, cost, and terms and conditions. Once an agreement is reached, a contract is signed, and the project can officially commence.

3. Security Assessment: This is the core of the audit process. It involves a detailed review of your blockchain application and smart contracts. Auditors will examine the code to identify vulnerabilities and potential exploits. This stage involves both automated tools for initial scanning and manual reviews for an in-depth understanding.

4. Draft Audit Report: Once the security assessment is complete, the company will prepare a draft audit report. This document includes an overview of the audit, description of the findings (highlighting any vulnerabilities or issues found), and recommendations for remediation. Depending on the company, they may classify findings based on their severity to help you prioritize fixes.

5. Discussion of Findings: After delivering the draft report, most blockchain security companies will arrange a meeting to discuss the findings. They will go over each identified issue and propose solutions. This stage offers clients the opportunity to ask questions and understand the report’s content fully.

6. Remediation and Re-testing: After you’ve had the chance to fix the identified vulnerabilities, the security company can perform a re-test to ensure that all issues have been addressed appropriately. This process is vital for ensuring the security of your application.

7. Final Audit Report: Upon successful re-testing, a final audit report is issued. This report contains a detailed breakdown of all vulnerabilities identified, steps taken to resolve them, and confirmation that they have been adequately addressed.

8. Post-Audit Support: Good blockchain security companies offer post-audit support. This involves answering any further questions you might have and providing additional guidance if needed. Some companies may also offer ongoing security support or a subscription service to help ensure your blockchain application remains secure as it evolves.

Take, for instance, Blaize.tech, a leading blockchain security company. They follow a rigorous audit process where every step is meticulously carried out, ensuring the security of your project. Their detailed and comprehensive audit reports provide a thorough understanding of the security status of your application, while their post-audit support guarantees you’re not left in the lurch after the audit is complete.

How to Choose the Best Blockchain Security Company?

Choosing the right blockchain security company can be a daunting task. With numerous crypto security companies offering a variety of services, how do you make the right decision? Here’s a more detailed guide outlining the main points to consider when choosing a blockchain audit company:

1. Experience: The company’s experience is critical. Look for a firm with a strong blockchain and smart contract auditing track record. An experienced company would have dealt with different kinds of vulnerabilities and, therefore, would be better positioned to identify and fix potential issues in your project. Ask about the number of projects they have audited and the types of vulnerabilities they have encountered and resolved.

2. Case Studies: Case studies provide tangible proof of a company’s capabilities. They show how a company approaches an audit, the problems they’ve identified, and how they’ve helped their clients resolve these issues. A company that can provide case studies of their work demonstrates transparency and confidence in their services.

3. Reputation: Reputation goes hand in hand with experience. A reputable company is likely to deliver high-quality services. Look at online reviews, ask for client references, and check how the company is perceived in the industry. A company with a solid reputation is more likely to provide top-notch services.

4. Customer Care: The way a company treats its clients is an essential factor to consider. A good blockchain audit company will prioritize its clients, providing timely and professional responses. They should be willing to explain their process, answer your questions, and keep you updated on the audit progress. And top security service providers will stay with the customer until the last issue is resolved, leaving no open questions or unverified updates. Consider how responsive they are and how well they communicate.

5. Price: Cost is always a factor. While you should not compromise security to save costs, it’s also important to ensure you’re getting value for your money. The cheapest option isn’t always the best, as they may not provide thorough audit services. On the other hand, the most expensive company may offer services that go beyond your actual needs. Try to find a balance between cost and quality of services.

6. Post-Audit Support: Audit is not a one-off process. After the audit, you might need further support to address the issues found or for future audits as your application evolves. It’s important to consider a company’s approach to post-audit support.

7. Detailed Reporting: A comprehensive audit report is one of the most valuable outcomes of an audit. The report should be detailed, easy to understand, and offer actionable recommendations. Look at the company’s sample reports if possible.

8. Industry Certifications: Certifications can be an added assurance of a company’s expertise. Check if the company holds any industry-relevant certifications or if they are affiliated with any recognized industry bodies.

Remember, the goal is to find a company that matches your specific needs. Therefore, clearly communicate your requirements and expectations, and don’t hesitate to ask questions. With careful research and consideration, you can find the right blockchain audit company for your project.

Why is Blaize.Security a Game-changing Decision for You?

Selecting Blaize Security as your smart contract audit company can significantly impact your project’s success. Here’s why Blaize highlights among smart contract audit companies and is a perfect choice for you:

1. Comprehensive Services: Blaize, a proficient smart contract auditing company, offers a spectrum of blockchain development and security audit services, covering smart contract development to full-scale security audits.

2. Proven Expertise: With a strong team of blockchain developers, security analysts, and consultants, Blaize boasts a rich blend of industry expertise. The team’s hands-on experience in dealing with a multitude of blockchain platforms ensures they are equipped to handle any challenges your project may present.

3. Tailored Approach: Blaize adopts a custom-tailored approach to each project. They understand that every project has its unique needs and challenges, and they structure their audits to meet these specific requirements. This personalized approach ensures your project receives the attention it deserves.

4. Extensive Experience: Blaize’s portfolio speaks volumes about their experience. They have worked with many blockchain projects across different sectors, gaining invaluable experience and insights along the way. This depth of experience translates into high-quality service for you.

5. Transparent Process: Blaize places great emphasis on transparency. They keep you informed at every stage of the audit process, ensuring you know what’s going on at all times. You’re never left in the dark when you work with Blaize.

6. Comprehensive Reports: Blaize’s audit reports are in-depth, clear, and actionable. They don’t just highlight issues; they provide clear guidance on how to address them. This ensures you have the information you need to improve your project’s security.

7. Post-Audit Support: Unlike some companies that disappear after delivering the audit report, Blaize offers post-audit support. They are there to answer your questions and provide further guidance as you work on addressing the identified vulnerabilities.

8. Competitive Pricing: Blaize offers competitive pricing without compromising on the quality of service. They understand that every project has its budget constraints, and they strive to deliver top-quality service within your budget.

9. Trustworthy and Reputable: As a well-respected player in the blockchain community, Blaize has built a strong reputation for delivering reliable and effective blockchain security solutions. Their commitment to integrity and professionalism has earned them the trust of numerous clients worldwide.

With these distinctive benefits, collaborating with Blaize Security for your smart contract audit needs can be a transformative choice. We bring deep expertise and a dedication to ensuring your project’s success, making us one of the best smart contract auditors for both startups and established enterprises navigating the intricacies of blockchain security.

Final Thoughts

The significance of a secure and robust blockchain ecosystem is paramount. As the sector expands, the demand for comprehensive blockchain security services, including those from smart contract auditing companies, intensifies. It’s vital to meticulously vet and analyze potential security partners, like smart contract audit companies, before making a decision. Your choice of a smart contract auditing company can significantly impact the success of your project. As one of the best smart contract auditors, Blaize stands as a trusted and reliable partner in blockchain security, always ready to help ensure your venture is secure and reliable.

Essential Links

Blaize.Security website

Hacken website

HashLock website

Certik website

Cyfrin website

MoveBit  website

Slowmist website

PeckShield website

Trail of Bits website

Quantstamp website

The post Top Smart Contracts Auditor appeared first on Security.

NEAR Protocol today is 750 active projects, 125 DAOs, and 550 thousand community members. NEAR platform nowadays isn’t the most popular network to create a smart contract with Rust but it definitely has several reasons to reckon it: low transaction cost, strong community, and, surely, a high level of security. How to reach the maximum secureness for your smart contract on Rust might be the most important answer while speaking about NEAR. Let’s take a closer look at its advantages.

We have already discussed the topic of how to choose the right blockchain for dApp development – the expert article is available.

Understanding Smart Contracts on NEAR Protocol

NEAR contract base is one of the most suitable for development. All core functionality is covered with macros, making working with memory relatively easy. Although scalability is not its strongest suit, it is an option if required. From a security perspective, there are no major vulnerabilities, except for the default ones present in any blockchain. Additionally, NEAR is capable of using the sharding mechanism, which facilitates the safe distribution of data storage requirements.

Sharding

The principle of sharding underpins the structure and development of the NEAR Protocol. Sharding is a method that breaks down a network’s design into multiple distinct nodes to lessen the computational burden on the system. Each node in the platform is responsible for handling a certain quantity of the platform’s transactions. Due to the segmentation of network nodes, data can be rapidly accessed and scaled in a decentralized network, replacing the conventional approach of requiring each node to execute the network’s code. This enables efficient data retrieval and scalability.

Low Transaction Fees

Compared to other blockchains, NEAR Protocol boasts low transaction fees, making it more accessible for developers and users alike.

User&Developer friendly Environment

The NEAR Protocol provides a developer-friendly environment, complete with comprehensive documentation and a supportive community, to facilitate a seamless development process.

Robust Tooling

Developers can take advantage of a wide range of tools and libraries provided by the NEAR Protocol, allowing for efficient and effective smart contract development.

Interoperability

The NEAR Protocol is designed to be compatible with other blockchains, which enables developers to create dApps that can interact seamlessly with various networks.

Security

Security is a top priority for the NEAR Protocol, making it an excellent choice for developers looking to create secure smart contracts.

Why Rust for Smart Contract Development

Rust is a powerful and versatile programming language, well-suited for smart contract development. Its safety and performance features make it a popular choice among developers working on blockchain projects. One of the key advantages of Rust is its ability to be used as a low-level language, allowing developers to work directly with memory.

Many other blockchains can allow themselves to avoid spending time on writing polished interfaces and instead provide developers with an unfinished API because it’s faster for them. We can see this trend in other chains like Solana, Terra, Aptos, and many others. However, NEAR is one of the minority that has invested time and effort into creating a good API for development. The core team’s dedication to providing a well-crafted interface is one of the reasons why working on NEAR is a pleasurable experience most of the time.

In addition to NEAR’s commitment to providing a high-quality API, Rust programming language offers several advantages for smart contract development, such as:

• Strong safety guarantees, which help prevent common programming errors and vulnerabilities.
• Excellent performance, enabling fast and efficient execution of smart contracts.
• A supportive community and a rich ecosystem of libraries and tools.

These features make Rust an excellent choice for developers looking to create secure and reliable smart contracts on the NEAR Protocol.

Creating a Secure Smart Contract on NEAR Protocol with Rust

Using Rust programming language for smart contracts on the NEAR Protocol involves a series of steps. You’ll need to prepare your development environment and tools to get started. Here’s a step-by-step instruction on how to create and deploy a smart contract using Rust on NEAR:

By following these detailed steps, you can successfully create, test, and deploy a smart contract on NEAR Protocol.

Remember to adhere to best practices for ensuring security in smart contract development and leverage Rust and NEAR Protocol tools to test and audit your smart contract. Blaize team uses the most efficient instruments to provide our clients with the highest level of secureness.

How to Achieve The Security of Smart Contracts on the NEAR Protocol

Achieving maximum security for smart contracts on the NEAR Protocol requires addressing several specific issues. By being aware of these concerns and taking appropriate measures, you can ensure a higher level of security for your smart contracts. So to create a secure smart contract on NEAR protocol, one needs to follow these recommendations:

Managing Gas in Cross Contract Invocations

For any cross-contract invocation, you need to manually put gas into the call. This can lead to situations where gas is incorrectly counted, causing the invocation to fail. It is important to be aware of this issue, as local tests with simulations may pass with a specific gas amount, but fail on a real node. Make sure to accurately estimate gas requirements and allocate sufficient gas for cross-contract invocations.

Handling Storage Prefixes

NEAR requires you to pick a unique prefix for each container within a smart contract. This is necessary for the blockchain to detect which bits of data (all data in chains is stored in bit arrays) belong to which container inside the smart contract. There was even a public incident where an NFT was stolen because an existing prefix was used for another container. To avoid such issues, always use unique storage prefixes.

Addressing Cross Contract State Fallback

This issue is somewhat inherent to the nature of cross-contract invocations. In case of an error in a chain of cross-contract invocations, the fallback will occur only for the call where the error occurred, while previous changes in the call chain will remain. It is important to be aware of this issue and always check if a call leads to an error, making sure to revert actions as needed.

By addressing these specific concerns and following best practices for smart contract development, you can create secure and reliable smart contracts on the NEAR Protocol. Additionally, make use of Rust and NEAR Protocol tools to test and audit your smart contract to ensure its security and robustness.

Blaize Experience

Blaize is a Ukrainian blockchain development and security company with a track record of success in the NEAR ecosystem. Our accomplishments include:

• Two wins in the Near Hack 2021, with the lending protocol for NEAR and DAO protocol for source reputation validation.
• Omomo protocol: A complex TradeFi platform for spot trading. Platform with three functional modules: lending pools, limit orders over Ref.Finance and margin trade built upon previous modules. Within the framework of cooperation with OMOMO, Blaize team has won two hackathons representing our attainments in developing and deploying leverage trading systems and limit orders.
• A series of audits for NEAR, including auditing of several modules from the Rainbow Bridge.

More Blaize development cases are available here. Take a closer look at it to get deeper into Blaize expertise and experience.

Conclusion

Creating secure smart contracts on the NEAR Protocol with Rust is a crucial skill for developers in the blockchain space. This article has provided an overview of the process, from understanding smart contracts on the NEAR Protocol to implementing best practices for security. With the right tools and knowledge, you can create secure, reliable smart contracts that meet the needs of your dApp and its users.At Blaize, we have extensive experience in secure smart contract development with NEAR Protocol, and we’re always ready to help you dive deeper into this topic.

The post How to Create Secure Smart Contract on NEAR Protocol with Rust appeared first on Security.

The requirements for cybersecurity are changing as the industry evolves, and it gets harder to protect your protocol with legacy solutions. For this reason, continuous updates and security improvements are a must for any blockchain-related project. And Blaize knows this better than anyone else.

The Blaize team has been boosting the security of various blockchain projects for over 5 years. By now, we have conducted audits for over 180 projects and detected over 350 high-risk vulnerabilities, saving the companies over $100 million from hacking. Our clients include Aurora, 1inch, PEAKDEFI, and many other world-known companies.

So worry no more and keep on reading to find out how to avoid DeFi hacks and keep your blockchain project secure.

How Bad Is It?

Pretty bad. 

Hacking has always been a huge problem for the industry, even in its early days. Since the moment smart contracts emerged and DeFi started evolving faster, we have witnessed more and more hacker attacks.

So it was rather predictable that 2021 would become a big year for cryptocurrency theft with roughly $3.2 billion stolen over the course of last year – a 516% increase compared to 2020. DeFi hacking was the culprit for 72% of the 2021 total ($2.3 billion stolen from DeFi protocols).

If you think that was bad, 2022 has a nasty surprise prepared. As of October this year, hackers have already drained over $3 billion across 125 hacks, so 2022 might even surpass the previous year in terms of the value stolen.

While back in 2018-2019, hackers mostly attacked centralized exchanges, since 2020, DeFi protocols have become the main target.

Who knows what 2023 has in store for the crypto industry. But we surely wanna have hope for the best.

Top 5 Causes & Incentives of DeFi Hacks

Surely, the fact that DeFi hacks have been on the rise over recent years can be connected to certain factors that motivate hackers and reasons for the attack. 

Let’s review the top five most common factors in these two categories.

1. DeFi protocol popularity. DeFi protocols are being increasingly adopted by a number of crypto industry players, and  generally speaking, this means there is more money to steal.
2. Open-source code. Most DeFi platforms have open-source code for the analysis and reuse purposes, which causes many DeFi projects to be vulnerable to rug pulls and other hacks. Hackers gain access to the project source code and can search for bugs and other elements that they can compromise.
3. Increased ecosystem complexity. Smart contracts are complex on their own, but with additional features and integrations that allow them to interact with other blockchain-based projects, security becomes even more unattainable.
4. Inconsistent security audits. Most DeFi projects neglect conducting security audits to reveal vulnerabilities and other security issues before they are exploited, which puts them at risk and leads to security breaches.
5. Human error. Even in the 21st century when it seems like you can automate everything, human error plays an essential role in contributing to the largest DeFi hacks and exploits.

Top 7 DeFi Exploits & Hacks in 2022

Now let’s get specific. 2022 has seen many attacks but some of the biggest DeFi hacks have been more elaborate and notorious than others. 

1. Harmony Hack (June 2022)

In this attack, a hacker has managed to loot $100 million from Harmony’s Horizon Bridge, which serves as a channel for transferring crypto assets (tokens, stablecoins, NFTs) between Ethereum, Binance Smart Chain, and Harmony blockchains.

Harmony officials immediately began ‘working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds’ and later revealed the address of the culprit in a tweet.

The company did not share the details of how the funds had been stolen in the first place. However, back in April, three months prior to the attack, one of the investors had concerns regarding the security of the Horizon Bridge due to a ‘multisig’ wallet with just two signatures required for transactions.

Some experts believed that a private key compromise that had allowed the culprit to receive passwords to the crypto wallet resulted in the Horizon Bridge hack.

Single point of failure is always a bad practice. The protocol just should not have a single admin with a single key. Even a multisig cannot solve the problem fully if it controls a single entry point. We can step aside for a bit from decentralization (obviously the need for an admin already means lack of decentralization), and point on a core of general cybersecurity best practices: a protocol should be sustainable, so it should not rely on a single point. Especially if this point lies on the admin’s private key” – Pavlo Horbonos, Head of Security Department

2. Nomad Hack (August 2022)

The Nomad token bridge has also been the victim of a large DeFi hack where various users have taken advantage of an error and ended up stealing roughly $190 million in value from the protocol.

The company failed to give instructions immediately but claimed to be ‘aware of impersonators posing as Nomad and providing fraudulent addresses to collect funds’ in an update tweet.

The exploit of the bridge was made possible due to a recent smart contract upgrade when Nomad initialized the value of trusted roots to 0x00, which led to all messages being viewed as proven automatically. 

Users quickly discovered the vulnerability. They did not even have to know the specific mechanics to exploit it since all they had to do was just take a successful exploit transaction and submit it with their own account address.

We can argue a lot about the upgradeability of smart contracts or even about the existence of the owner role and how it’s against decentralization. But the main thought here is that even if you are in full control of the contract, you should provide the control over yourselves. That means – add every possible check to avoid human error, especially when it comes to the owner of the protocol” – Pavlo Horbonos, Head of Security Department

3. Solana Hack (August 2022)

Solana has become the hacker’s target as well, and users have reported their funds stolen from internet-connected ‘hot’ wallets. The officials’ reaction followed swiftly with Solana stating that they were ‘investigating drained wallets’ in a tweet.

The unknown hacker drained funds from roughly 8,000 wallets on Solana, stealing around $8 million in value. What’s interesting is that the hack was not specific to just one type of wallet – Phantom, Slope, and TrustWallet were all reported compromised.

The cause of the attack was speculated a lot. Solana developers finally came to the conclusion that compromised private keys ‘created, imported, or used in Slope mobile wallet applications’ were to blame.

The hack has since reignited the debate of ‘hot wallets vs cold wallets’ and has proven that the latter are much more secure to use if users want to avoid future exploits of security vulnerabilities.

It is hard to believe that users are still using “hot wallets” in 2022. Of course they find them convenient, but if the first rule of crypto user’s security is “Not your keys – not your money”, the second rule is “Keep your keys far from prying eyes”. This is the exact case when cryptosecurity meets cybersecurity – the data stored online can be stolen online” – Pavlo Horbonos, Head of Security Department

4. Acala Hack (August 2022)

Acala has lived to be another victim whose DeFi protocol has gotten hacked when a bug in a recently deployed liquidity pool has been exploited by DeFi hackers. The company paid a high price for the attack – 1.28 billion aUSD tokens were minted by error.

The Acala representatives quickly issued a statement, saying that ‘the misconfiguration has been rectified’ in an attempt to calm users down.

The liquidity pool in question was the iBTC/aUSD liquidity pool, which is basically a digital pile of cryptocurrency contained by a smart contract that assists with creating liquidity for faster transactions on DEXs and DeFi protocols.

The attack decreased the value of the stablecoin to $0.01, and Acala had to freeze the hacker-minted tokens, switching the network to maintenance mode.

This is a good example of both fragility of the algorithmic stablecoins and the power of pseudo-decentralized entities. You can break the stablecoin with a push, and you can stop the whole chain in minutes. Both are bad practices from the security point of view – you cannot gain users’ trust while holding the full control of the chain. But you can always repeat LUNA’s lesson – at least, Acala reacted quickly this time” – Pavlo Horbonos, Head of Security Department

5. Wintermute Hack (September 2022)

The Wintermute crypto market maker has suffered a hack for $160 million with lending and OTC operations remaining unaffected. 

The company reassured users in a tweet, stating that ‘the hack was contained within our proprietary DeFi trading business’, which is supposedly a separate technology.

The hack probably originated with the Profanity service that is responsible for generating ‘vanity addresses’ for digital cryptocurrency accounts to simplify the operational process. 

Wintermute found out about the vulnerability in Profanity’s code and took steps to blacklist their accounts. However, due to z ‘human error’, one of the accounts was not blacklisted, which ended up being the one responsible for the $160 million heist. 

You should always follow one simple rule: do not use vulnerable software. Especially if the vulnerability is well-known. It is like using the code-lock with the default password” – Pavlo Horbonos, Head of Security Department

6. BNB Chain Hack (October 2022)

The BNB Chain hack has definitely been one of the most worrisome DeFi hacks in 2022 with millions of users feeling rather uneasy since Binance is the world’s largest and most well-known crypto exchange. 

Binance acted fast to make an update on Twitter, saying that they were ‘temporarily pausing BSC’ due to the hack.

The hack cost the company $570 million and happened due to an unexpected problem on the network that allowed the attacker to create 2 million BNB tokens out of nothing.

The root cause of the hack was identified as a bug in the bridge’s smart contract that resulted in the hackers being able to forge transactions and transfer money to their own crypto wallet.

This is another reminder that bridges store enormous amounts of liquidity, and it should be guarded well. As the year has shown, bridges are the #1 goal for hackers due to the amount of liquidity and the place at the edge of on-chain and off-chain. And that edge is the most vulnerable part. We can all learn a lesson from Rainbow bridge, where each of these components is decentralized – even the offchain one” – Pavlo Horbonos, Head of Security Department

7. Deribit Hack (November 2022)

Deribit has been one of the latest names in the list of DeFi hacks for 2022. The crypto exchange suffered a loss of $28 million due to a compromised hot wallet. 

The company temporarily froze withdrawals and deposits due to security checks but rushed to reassure clients that their ‘funds are safe’ and that it managed to cover losses with internal reserves.

A security breach was revealed as the main cause of the attack. Hackers were able to gain access to the wallet server and withdraw funds from the hot wallet.

Luckily, the company kept only 1% of assets in hot wallets at the time, and everything else was held in a secure cold storage.

Top 7 Cryptocurrency Thefts of 2022

How to Avoid DeFi Exploits & Hacks?

There are plenty of ways DeFi protocols can be compromised: vulnerabilities, inefficient smart contract logic, problems with access control, incorrect liquidity pool estimates, compromised private keys, oracles manipulation and cascading liquidations, rug pulls, flash loan attacks, and so on.

That is why it is essential to have effective practices in place to protect your DeFi protocol. Let’s get into that.

1. You should run a full set of unit tests to reveal any functionality issues in different parts of the contract and make sure they are solved from the start. This will help you avoid dealing with obvious problems later on. Moreover, the modern development approach requires an additional layer of integration tests with mainnet-fork techniques. These kinds of tests will give you the possibility to work in real-like environment.
2. Getting in touch with a few auditors and hiring them to conduct smart contract security audits for you might be a good idea as well. This way, you can detect unexpected smart contract vulnerabilities prior to deployment and prevent DeFi hacking as is.
3. Making sure that your code is unique can also play an essential role. Sure, copy-pasting code from other protocols will enable you to speed up development but the consequences might be dire. If some pieces of code are incompatible, exploiting the vulnerabilities that they create will be a piece of cake.
4. Another thing you should always keep in mind is access control. To minimize the risks that loose private key access leads to or to keep your DeFi protocol secure even if there is key loss, you can use a separate multisig contract or include a multisig logic to your protocol. Besides, you should avoid a single point of failure – even if the owner (or the admin) role cannot be avoided, make sure you have an accurate role system so that a single key compromise will not ruin the protocol.
5. Hiring a highly qualified team of DeFi developers who possess accurate knowledge of DeFi project vulnerabilities and specifications is a must to ensure secure code.
6. If you require assistance with bugs and errors, turn to your protocol community.  Launching a bug bounty campaign will allow you to improve the user experience within the protocol and successfully defend it from potential hacks. Early testnet, closed beta, alpha program – these are all examples of early access to the protocol that will allow the community (and security auditors) to help with early diagnostics and bug detection.
7. Up-to-date structured documentation is key. You should always make sure that the documents for your code base are relevant and accessible. This will help the protocol owner understand better their own logic in smart contracts – you can detect loopholes and deadlock even during the process of describing functions.

Why Do You Need Blaize?

Taking into account how hard it can be to protect your DeFi projects from vulnerabilities, it is a great idea to have a reliable team of blockchain developers and auditors at hand. And this is exactly where Blaize comes to the rescue! 

The Blaize team provides high-quality blockchain development services that allow you to sleep soundly at night, knowing that your project is built according to all industry standards and its security is very high.

So what can we help you build?

1. Blockchain ecosystems and protocols
2. Decentralized applications
3. DEXs
4. Smart contracts
5. Developer tools
6. Enterprise solutions, including blockchain integration
7. NFT marketplaces, games, and collections

Our expertise is at your service. If you are doubting whether we would be the right fit, you can check out what we have developed for LeagueDao, Breaker, and other customers.

If you already have everything you need, we can ensure that your project is secure by completing:

1. Smart contract security audits. 
2. Formal verification of technical solution and protocol’s logic.
3. Audits of various system components.
4. Full dApp security review.

We have already conducted audits for over 180 projects and detected over 350 high-risk vulnerabilities, saving the companies over $100 million from hacking. You can read more about our full auditing services.

Here at Blaize, we are always ready to develop a highly secure solution tailored specifically to your needs and wants, help you become a reliable security provider, or simply consult you on the industry best practices to prevent you from making rookie mistakes. Contact our team to learn more or discuss your project in detail.

Final Thoughts

You know what they say – buy nice or buy twice. In case you are a part of the crypto industry, that statement rings especially true.

We cannot prevent DeFi hacks from happening or talk hackers out of it but we can do everything in our power to make sure that your project remains secure even during these hard times. So don’t think twice – hire Blaize to build a truly secure blockchain product.

Frequently Asked Questions

How to stop DeFi hacks?

You can do the following:

1. Complete full unit tests.
2. Conduct smart contract security audits.
3. Make sure your code is unique.
4. Take care of protocol’s access control.
5. Hire experienced developers.
6. Launch a bug bounty for your protocol community.
7. Keep your documentation in order.

Can a DeFi security audit make my platform safer?

Sure. Security audits help you to detect vulnerabilities in the system and minimize the risk of DeFi hacking.

For this reason, we highly recommend you hire at least two reputable companies to conduct security audits of your protocol and smart contracts.

How do I know if my DeFi protocol is resistant to attacks?

Unfortunately, you can never be 100% sure that your protocol is resistant to all possible attacks. Yet, you can do regular code analysis, perform tests, and check your DeFi protocol’s compliance with security requirements. This way you’ll be able to update your code if necessary and avoid any possible exploits.

How can I ensure that my customers’ crypto funds would not be stolen?

You should hire professional contractors to conduct security audits of your protocol and smart contracts, which will help with preventing heists and keeping your data protected.

Get in touch with Blaize to get an expert opinion regarding your project’s security.

The post DeFi Hacks in 2022: Causes, Cases & Cautionary Tales appeared first on Security.

One of the most significant achievements is the creation of smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Smart contracts provide an unprecedented level of security and transparency, making them an ideal solution for a variety of applications.

To give you an idea of how widespread blockchain is these days, here’s a fun fact: 81 of the top 100 public companies use blockchain technology. And these include such organizations as Microsoft, Amazon, Visa, Shopify, PayPal and even MacDonald’s.

Why do all these companies choose blockchain, you might think? The thing is, building smart contracts and integrating them into your business can bring plenty of new opportunities for all the engaged parties. Smart contracts can automate all the required processes, eliminate any risks or human factors, boost security, enable safe funds flow, a reliable data backup, and much more. 

Any business can benefit from secure smart contracts, regardless of the industry. And if your company doesn’t use this technology yet, you might want to consider it.

Read Also: The Best Blockchain Development Companies

Based on our experience of developing and auditing 400+ smart contracts, we decided to create smart contracts best practices specifically for non-coders. These are business owners, analysts, and project managers who want to understand if smart contracts are something their company needs and, if so, how to develop them.

P.S.: We believe that if you are reading this article, you have already heard of smart contracts, how they work and how they can benefit your business. However, if you’d like to brush up on your knowledge, you might want to start with this introductory article on smart contracts. Well, let’s learn how to create a smart contract.

Why Is It Important to Build Secure Smart Contracts?

Before learning how to develop a smart contract, it is worth understanding why it is important to do it right. Like any other piece of software, smart contracts require precision and meticulousness during coding. When deploying smart contracts, developers should be aware of all potential risks and vulnerabilities and consider industry best practices.

Following simple rules and getting a few security audits done by a reputable company before final smart contract deployment might save you a lot of headache down the line. Moreover, it might save your company’s data, funds and reputation in case of a hacker attack.

Here are just a few potential risks your business might encounter if you create smart contracts in the wrong way:

• Code vulnerabilities. Even the simplest coding mistakes can turn into serious vulnerabilities if not checked and fixed in time.
• Lack of smart contract logic. If the smart contract has no underlying logic or it is created with no profound understanding of business processes and financial instruments, it might become an easy target for hackers.
• Inefficient access control. If you build a smart contract and implement the access control inefficiently or not at all, malefactors could gain privileged access to a smart contract and exploit value to their advantage.
• Lost funds. This is probably the most critical risk for any protocol owner since it leads to the worst consequences: the loss of user trust, funds and reputation.

That’s why, if you finally choose to build smart contracts for your business, make sure to hire experienced developers who will take care of smart contracts’ security and reliability.

Read Also: Top-Notch DeFi Startups You Need to Know

How to develop a smart contract

Building a smart contract is a complex process that consists of several major steps:

1. Choosing a platform.
2. Selecting developer tools.
3. Developing smart contracts.
4. Testing and conducting audits.
5. Deploying and implementing contracts.

In this article, we’ll briefly describe all of them, paying particular attention to the development platforms and industry best practices for the main process of writing code and deploying smart contracts. If you want to know how to deploy a smart contract, keep reading.

If you feel like going through the whole process of building and deploying a smart contract alone is a bit too much for you, no worries. You can hire Blaize, an outsourced team of blockchain developers, to build and integrate smart contracts into your business. 

The Blaize company has deployed over 400 smart contracts over the course of 5 years and currently has 65+ blockchain developers on our team. So if you are looking for experienced engineers with a deep understanding of the industry, drop us a line and get a free consultation for your business. You can also read our guide on how to develop a DeFi project.

Smart contract development platforms

When integrating a smart contract into an existing business or working on a project from scratch, one of the first things to do is choose a suitable platform. Several popular options among developers include EVM chains (Ethereum, Binance, Polygon, Avalanche), NEAR, Polkadot and other substrate chains, Solana, EOSIO, etc.

Each platform for building smart contracts has language-specific recommendations, so you should choose developers accordingly. However, all platforms share similar rules and best practices for contract development. Learn how to launch a project on Polkadot in our complete guide.

EVM chains (Ethereum, Binance, Polygon, Avalanche, Aurora)

You might think that most companies choose to deploy a smart contract on Ethereum since it is one of the most popular blockchains. You are right in a way – Ethereum blockchain is indeed the most trusted and well-established platform these days, but we still shouldn’t forget about EVM chains that are in no way inferior to it.

Read Also: How to fork bitcoin

EVMs, or Ethereum Virtual Machines, are reliable virtual machines running the majority of dApps and smart contract implementations. The most well-known examples of EVMs include Binance Smart Chain, Avalanche, Aurora and Polygon.

Ethereum smart contracts are written with Solidity, a special programming language that was created for this blockchain and EVMs.

Recommended programming language: Solidity

NEAR protocol aims to eliminate the bottlenecks of adopting web 3.0 by providing fast transactions with minimal processing cost. Its smart contracts are reusable in nature, and the platform provides clear documentation, concise mechanics and great developer experience. 

The best part is that smart contracts and dApps on NEAR are written with the help of Rust. This means that you can build your own smart contract without getting any new skills or hiring a new developer for the team.

Read Also: Interested in diving deeper? Learn how to build your own smart contract on NEAR with our comprehensive guide and understand the intricacies and benefits it offers.

Recommended programming language: Rust

Solana

The model of Solana-based smart contracts differs from the common EVM-enabled networks and substrate chains. While conventional smart contracts combine code and logic, the ones on Solana contain solely program logic and remain read-only.

This doesn’t mean that you will be able to get by without coding, though. Smart contracts on Solana, which are also called programs, can be written with C, C++ or Rust.

Recommended programming language: Rust

Aptos

Aptos is a young Layer 1 blockchain that aims to become the safest and the most scalable one. Even though there is still very little known about the chain and its community, let alone smart contract development, it is claimed to have a huge potential and a bright future ahead. 

Read Also: Interested in delving deeper into the world of Aptos? Explore our comprehensive guide on Aptos and Sui and discover the intricacies of this promising blockchain.

Recommended programming language: Move

In a nutshell, there are many platforms suitable for smart contract development, and your main task is to choose the one that fits your project best. But don’t worry: even though they have different language recommendations, all platforms have fairly similar rules and best practices for writing contracts.

7 Best Practices For Secure Smart Contract Development

To make a smart contract that would retain the highest level of security and function properly, you should consider industry best practices. We’ve created a full list of recommendations on how to build a smart contract and make it secure, that will be clear even to non-coders, so read on.

• Use blockchain-specific and language-specific development practices.
• Be careful with extra functionality. While standard techniques should be used at all times (e.g., near-sdk on NEAR, OpenZeppelin techniques on Solidity, etc.), other functions should be built on top of the proven solutions.
• Use additional security tools and static analyzers.
• Always conduct testing and utilize additional testing tools as well.
• Hire at least two reputable companies for security audits.
• Always prepare deployment scripts regardless of the smart contract size.
• Make sure to consider and avoid the most common mistakes in business logic. 

To avoid the majority of errors and vulnerabilities in smart contracts, the Blaize team has created a separate repository for each development branch. These repositories already have all the necessary testing tools, industry best practices and reliable deployment scripts.

Read: How to develop Python and Java SDKs

Final thoughts

There are many industries for smart contract application: from finance to healthcare, supply chains, agriculture and much more. But most importantly, smart contract integration benefits the business regardless of its area, clients or target audience (see also blockchain in healthcare).

If you’d like to build your own smart contract, get ready to spend some time on choosing a platform and all the necessary tools, hiring developers, making sure they adhere to industry best practices and blockchain-specific requirements. Or you could take a shortcut and hire the Blaize team to create reliable, highly secure smart contracts for you.

With Blaize, you can get an outsourced team of smart contract developers with over 5 years of experience in the industry and 400+ deployed smart contracts. Get a free consultation to find out more and get a custom solution that would fit your business best! 

We are sure that this article is not gonna be the last one in the field of smart contracts. This is an extremely wide topic, and we’ll be happy to share our expertise. So if you wonder how to create a smart contract on Ethereum or any other blockchain, stay tuned!

Frequently asked questions

How to build a smart contract on Ethereum?

Developing smart contracts on Ethereum is a common practice that many global companies have gone through. If you’d like to get reliable smart contracts developed fast and according to all your requirements, turn to Blaize – our developers have over 5 years of experience in this field.

How much does it cost to deploy a smart contract? What influences the price?

The final cost of any project depends on the scope of work to be done by the Blaize engineers. If you can provide us with the requirements for your final product or at least the idea of it, we’ll be able to calculate the price for you.
Other factors that influence the price include the technology and unique features of the product. For instance, hiring Rust developers would cost more than the ones who work with Solidity.

How much time does it take to create smart contracts?

The team can be set up within 2 weeks for the development process to start. Our specialists will analyze the project and the whole scope of work to prepare a comprehensive estimate to minimize the contract development time. 

What smart contract development services do you offer?

The Blaize developers are experts in writing and deploying smart contracts on multiple blockchains, including Ethereum, Substrate, Binance Chain, Tezos, Tron, EOS, Corda, Hyperledger, Solana, Avalanche, Dash/PIVX.

Besides, we provide stablecoin development, security audits, token emission and distribution, along with other blockchain development services.

The post How to Create and Deploy a Secure Smart Contract? appeared first on Security.