- Threats such as the 51% attack are rendered obsolete given the sophistication of various control means such as Zero-knowledge mechanisms.
- Certik has secured over $310 billion in digital currency and identified over 60,000 vulnerabilities in blockchain code.
- Fireblocks reputation and diligence have earned over $1.2 billion in funding from sevral partners such as BNY Mellon, Coature, Ribbit and others.
In 2023 blockchain security has been the headline of most web3-focused media companies. The SEC has a crackdown on multiple crypto exchanges. They have ensured that any significant flaw within the decentralized network is flagged and fined. The crypto crash did considerable damage to the web3 industry, and many wonders if the inherent security attributes of decentralization are only mere rumours.
Fortunately, some organizations have dedicated their resources to dealing with Web3 security issues. They ensure that each affiliate blockchain network adheres to set crypto laws and has robust control measures within their system. Below is a look at how several blockchain security companies live up to their name and brand.
Understanding the viewpoint of blockchain security companies
Regarding security, blockchain technology has inbuilt features that make ordinary Web2 attacks obsolete. Developers proved this fact within the first few years of the discovery of Bitcoin. Blockchain security was virtually non-existent then, and most crypto exchanges only added a few Web2 cyber security features that ensured confidentiality and account safety.
Unfortunately, Moore’s law cuts across the entire tech world. As secure blockchain networks grew, so did the determination and sophistication of hackers. Soon what was termed unhackable suffered its first immense loss with Mt Gox, resulting in at least 800000 BTC stolen directly from their “secure” decentralized network.
This marked the beginning of a downward trajectory for web3 security. The hacker’s ability to bypass its inherent decentralized control and manoeuvre its smart contracts showed that blockchain security was not “unhackable”. Soon many hackers and scammers worldwide poured in, further straining the struggling web3 industry.
Also, Read Cryptocurrency Security Standard, the next step for blockchain security.
Many might think this breach only affected crypto coins; however, shortly after, it involved NFT, fintech industries and other blockchain-based applications. Blocckhain-based security threats such as routing attacks, Sybil attacks and the 51% attack proved quite cumbersome during the early years of blockchain.
Fortunately, this also sparked the birth of blockchain security companies whose primary focus revolved around developing secure decentralized networks. With each hack, blockchain developers were able to analyze and improve their security measures steadily.
Growth of blockchain security
Threats such as the 51% attack are rendered obsolete given the sophistication of various control means such as Zero-knowledge mechanisms. Despite blockchain security companies’ efforts, the technology’s new nature still poses several problems. Blockchain developers are still trying to figure out the range of its applicability while still finding ways to improve.
2022 was a dreaded year among blockchain security companies as hackers showed the entire world that they, too, had upgraded their skills. Hackers learnt how to compromise DeFI protocols while scammers eventually could build empires such as the FTX, only to escape at the height of their fame.
This bitter moment reminded all within the web3 industry that attaining a secure decentralized network is no simple feat. Its new nature is a double-edged sword that serves as a reminder of its potential while giving room for multiple errors and vulnerabilities.
Blockchain security companies have fought tooth and nail to improve their systems despite this. Fortunately, some have shown significant improvement over others, placing them at the top of the web3 security franchise.
Blockchain Security Companies are conquering the industry.
Blockchain security companies dedicate their time and resources to providing web3 security to those requiring it. Some might consider them blockchain auditors who can diagnose a secure decentralized network to determine whether or not it’s on par with the latest web3 security tools. Here are the top five companies leading this revolution and the secret behind their success.
Also, Read MasterCard launches CryptoSecure, a new addition to blockchain security.
Certik is among the top blockchain security companies within the web3 industry today. Founded in 2018 by professors from Yale University and Columbia University, many hail Certik as a pioneer of blockchain security. It is also known as a blockchain auditor because it can analyze and deduce several blockchain-based vulnerabilities within record time.At its founding, the web3 industry was still relatively new. Its recognition steadily expanded as more blockchain developers discovered the wide applicability range it had. Unfortunately, not many accounted for potential;l web3 security. Thus this lack of concern led to the birth of Certiks having only a small team. The organization has secured over $310 billion in digital currency and identified over 60,000 vulnerabilities in blockchain code.
This blockchain security company has gained much fame due to its sophisticated security and audit systems. Certk has partnered with a few organizations and hosted sevral events that have companies. Crypto traders, and blockchain developers, the importance of additional web3 security.
Furthermore, it has actively aided Binace through its Binane Labs Incubation Program by sharing its experiences, knowledge and skills with early-stage web3 companies. This blockchain editor has also worked with Sandbox, TON, Polygon, and 3702 other clients. They offer five critical services mainly:
- Web3 Security Auditing – their audit procedure and tools feature both Smart contract and L1 Chain Audit, ensuring that secure decentralized networks live up to their names and expectations. They also conduct formal and runtime verification to identify potential vulnerabilities within the blockchain network.
- Penetration testing – Blockchain security companies would be incomplete without offering penetration services to test an organization’s secure decentralized network. To defeat your enemy, you must understand them, and Certik lives up to this saying. They have a set team that performs penetration tests on their infrastructure and network.
- Network Monitoring – most organizations within the web3 industry should focus more on facilitating and managing their blockchain network to notice any unusual activity. Fortunaley Cerik offers 24/7 incident response and uses Skynet to monitor and protect against any active threat.
These features have supported Certik, earning its place amongst the top blockchain security companies in 2023.
Fireblocks Blockchain security
Fireblocks is another pioneer of blockchain security alongside Certik. During the period between 2014 to 2017, it became painfully clear that the industry needed blockchain auditors to keep safe and test whether or not a secure decentralized network could defend against specific attacks.Michael, Idan and Pavel at the time noticed that the web3 industry lacked a security-dedicated organization for blockchain technology. After years within Web2 cyber security, the three founded Fureblockcs in 2017. According to their website, Fireblocks is an easy-to-use digital asset security platform that aids financial institutions and exchanges protect their assets from hackers or scammers.
Also, Read Blockchain Security: Lessons Learnt in 2022, expectations for 2023.
As one of the top blockchain security companies, Fireblocks uses sophisticated tools to audit and protect clients. They use breakthrough MPC and patent-pending chip isolation technology to secure private keys and API credentials. It has provided more than $6000 in capital markets clients access to crypto trading and leading funding.
As a blockchain auditor, the organization scans secure decentralized networks to identify potential vulnerabilities. Its reputation and diligence have earned over $1.2 billion in funding from partners such as BNY Mellon, Coature, Ribbit and others. Furthermore, to improve efficiency, the organization of clusters all exchanges, OTC, counterparties, hot wallets and Custodian into one secure decentralized platform.
Chainalysis is a significant player among blockchain security companies. Since the first crypto hack, it has been the most prominent blockchain auditor and security implementation organization. Michael Granger, Jan Moler and Jonathan Levin founded this web3 security firm in 2014.It became the official investor of the first-ever crypto hack and ushered in the age of blockchain security around the web3 industry. Since then, the organization has located at least 650,000 missing bitcoin stolen from the hack and has uncovered $1.2 billion worth of stolen crypto coins. Initially, Levin developed Chainalysis to identify how individuals use crypto coins, tracking their progress and the worth of the web3 industry.
Soon Levin discovered that the patterns and capabilities that Chainalysis had could potentially track any stolen crypto coins—this concept potentially birthed the first blockchain security company. In 2018, its revenue reached an estimated 2018, inspiring other founders to create their blockchain -a dedicated security company.
Also, Read NFT Security vulnerabilities plaguing the NFT Marketplace.
Some might say that Chainalsyss inspired Certik and Fireblocks to take the mantel e of blockchain auditors and security organizations. Chainalysis currently offers services to financial institutions, government parastatals, crypto exchanges and other cyber security firms in over 60 countries. Its tools range from being able to identify fraudulent activities to scanning and identifying vulnerabilities.
Furthermore, since the web3 industry is infested with illegal activity, they have aided regulators in identifying and precise perpetrators of various crypto hacks. In 2019, the company helped the U.S. Justice Department shut down the world’s largest child abuse website. It also narrowed down several crypto hacks to the infamous hacking group Lazarus Group. Chainalsyisi stands at the pinnacle among blockchain security companies while improving its analysis tools.
The above three have ensured the establishment of secure decentralized networks. As blockchain auditors, most well-known organizations sought after their opinions, aid or skills to create safe environments for the web3 industry to thrive in.
Web3 security still needs to be addressed within the entire ecosystem. Fortunately, various exchanges have improved their safety after the many 2022 crypto scandals and hacks. It became clear to Ebryon that blockchain security is necessary to replace Web2.