- Crypto / Web3
Faster than hackers
Blockchain security is the most important limiting factor to this industry's growth. Because we can't undo transactions, once something is lost it's gone forever. That kind of risk just isn't acceptable in an industry that claims to be replacing traditional finance, and because of it, over 1.9B has been lost this year. We're building Skylock, a project that adds another layer of security to crypto to protect Defi applications. Think of it like a firewall - we monitor the chain for incoming transactions, find the malicious ones, then react to protect protocols. To detect transactions we go to public and private mempools to make sure nothing gets past. To find the malicious ones, we've trained contract-specific anomaly detection models that can classify hacks with a true positive rate of 80%. To defend the protocols, we take the hacker's transaction and convert it into a white-hat hack, sending the at-risk funds to a safe address instead of the hacker's account.
Overall, we aim to be another layer of security for crypto applications. Current security measures never focus on the hack itself, only patching potential vulnerabilities in the case of auditing or notifying parties to speed up responses in the case of monitoring. By adding this new layer, we decrease the chances of a hack passing through and help to better secure the entire industry.
Dickson Wu - Lead developer Robert MacWha - Project manager & developer