Venn Network, blockchain’s first security network, launched earlier today, starting a massive paradigm shift in web3, and beyond.
Venn Network is a Web3 decentralized security infrastructure that safeguards protocols and rollups at the execution level, with a framework that promotes transaction validation across different stakeholders in the Venn ecosystem. Foundational launch partners include staking protocol EigenLayer; Ether.fi; some of the top web3 cybersecurity firms; and node operators from the web3 community.
Ironblocks, a leading web3 cybersecurity firm is developing the network infrastructure that drives Venn, and supported by major web3 projects and protocols. It represents a collaborative endeavor offering a decentralized security framework that strengthens the collective defense mechanisms across the Web3 landscape.
“Venn is the realization of years of development and planning,” said Ironblocks CEO Or Dadosh. “Gone are the single points of failure that have led to previous cybersecurity solutions failing, with a continuously operating network of security operators that provide robust, independent, and resilient security and validation.”
Read More:Â Global Fintech Interview with Andrey Korchak, CTO at Monite
Truly decentralized security is now a reality
Already this year, more than $700 million dollars has been stolen from web3 projects by cyberthieves. This number is up significantly from last year, when far less was stolen but thefts still occurred.
“This is a unique advancement for the industry, enabling more members outside of traditional PoS operators to become credible actors to run new types of PoS systems”, said Nader Dabit, Director at Eigen Labs, “By having top cybersecurity firms run secure networks through restaking, we make the overall network more secure and reliable.”
Venn Network solves for this by providing post-deployment prevention and alerting with unlimited security policies developed and executed by a decentralized network of cybersecurity operators including Spearbit, Sigma Prime, Ironblocks, Hats.finance, Certora, ChainSecurity, OtterSec, BlockSec, ChainPatrol, Fuzzland, Arcadia, AltLayer, Kiln, InfStones, Validation Cloud, Luganodes, DAIC, Allnodes, Nodes.Guru, Coinsummer, and DSRV.
“We are thrilled to support Venn Network in launching the first decentralized security network for Web3,” said Dr. Zhenwu Shi, CEO at InfStones. “This initiative sets new standards in safeguarding digital assets and ensuring the integrity of decentralized applications.”
The Venn Network has an easy opt-in, no paywall, and payment to the network is similar to paying gas on Ethereum – a fee-per-transaction model – and millions of transactions are soon expected to be directed through the Venn Network on an annual basis.
“Protecting our users and their assets is our top priority,” said Mike Silagadze, co-founder and CEO at Ether.Fi. “We firmly believe in the promise of decentralized security and believe Venn will be among the most positive developments in web3, and that its impact will be felt for years to come.”
Security operators on the Venn Network run a node where transactions are sent for validation, with protocol teams using the network modular middleware to validate transactions and secure their assets and community. Should a malicious transaction be discovered, alerts are sent to the corresponding security team and the transaction is frozen while the remaining protocol users are able to carry on as usual.
Read More : Leveraging the Power of Payments to Forge Better Employee Relations
[To share your insights with us, please write to psen@itechseries.com ]
