Blockchain technology has revolutionized many industries, offering transparency, decentralization, and security. However, with these advancements come significant security challenges. Vulnerabilities in smart contracts, platform breaches, and crypto fraud are common issues that can undermine trust in blockchain systems.

Blocksec is addressing these security concerns by providing comprehensive security solutions. Blocksec ensures that blockchain platforms remain secure and trustworthy, making the blockchain space safer for everyone.

What is Blocksec?

Source: Blocksec website

Blocksec is a full-stack blockchain security company dedicated to ensuring the safety and integrity of blockchain platforms. By offering a range of security services and tools, Blocksec helps developers and organizations protect their blockchain applications from vulnerabilities and attacks.

Vision and Mission of Blocksec

The vision of Blocksec, co-founded by Yajin Zhou, is to create a secure and trustworthy blockchain ecosystem where users can confidently engage in transactions and smart contract operations. Their mission is to provide top-notch security solutions that address the unique challenges of blockchain technology, ensuring that platforms remain resilient against threats.

Features of Blocksec

• Comprehensive Security Audits: Blocksec conducts thorough audits of smart contracts and blockchain platforms to identify and mitigate potential vulnerabilities.
• Real-Time Monitoring: Their monitoring tools provide continuous oversight of blockchain activities, detecting and responding to suspicious activities promptly.
• Advanced Crypto Tracking: Blocksec’s tracking and investigation services help trace and analyze crypto transactions, aiding in fraud prevention and recovery.

Blocksec Core Services

Smart Contract Auditing

Smart contracts are the backbone of many blockchain applications, automating transactions and processes without the need for intermediaries. However, they can be vulnerable to bugs and exploits. Blocksec’s smart contract auditing service meticulously examines the code to identify and rectify vulnerabilities before they can be exploited.

Platform Monitoring

Continuous monitoring is crucial for maintaining the security of blockchain platforms. Blocksec offers real-time monitoring services that keep a vigilant eye on blockchain activities.

Crypto Tracking and Investigation

In the crypto space, tracking and investigating transactions is essential for preventing fraud and recovering lost assets.

Blocksec Service and Products

Pre-launch Services: Security Code Auditing

Before launching a blockchain project, ensuring the security of the code is crucial. Blocksec offers comprehensive security code auditing services to help developers identify and fix vulnerabilities before they become a problem.

This service includes:

• Initial Code Review: A thorough examination of the codebase to detect potential security issues.
• Automated and Manual Testing: Utilizing both automated tools and manual inspection to uncover hidden vulnerabilities.
• Security Recommendations: Providing detailed feedback and suggestions for improving the security of the code.
• Re-audit: Conducting follow-up audits to ensure that all identified issues have been resolved.

Post-launch Services

Once a blockchain project is live, continuous security measures are essential to maintain its integrity. Blocksec’s post-launch services include:

• Phalcon Suite: A comprehensive set of tools designed to enhance blockchain security and functionality. This includes Phalcon Explorer for blockchain analysis, and Phalcon Fork for creating and testing blockchain forks.
• MetaSleuth: A powerful tool for tracking and investigating crypto transactions. MetaSleuth helps in detecting fraud, tracing illicit activities, and supporting asset recovery efforts.
• MetaSuites: An integrated suite of tools that enhances the development and user experience on blockchain platforms. MetaSuites provides developers with the resources they need to build secure and efficient applications, while also offering users a seamless and secure interaction with blockchain services.

Blocksec Phalcon Suite

Phalcon is a robust tool designed to secure blockchain protocols and liquidity provider (LP) assets. It helps users, protocol operators, and traders detect suspicious transactions, receive instant alerts, and take automatic actions. Phalcon’s effectiveness is proven, having thwarted over 20 real-world hacks and rescued more than $14,000,000 worth of assets.

Key Features and Benefits of Phalcon

• Suspicious Transaction Detection: It identifies and alerts users about suspicious activities.
• Instant Alerts: Provides real-time notifications to enable quick responses.
• Automatic Actions: Allows users to set up automatic responses to detected threats, such as pausing protocols or withdrawing funds.
• Proven Security: Successfully prevented numerous hacks, safeguarding significant assets.

Use Cases of Phalcon

• DeFi Protocol Operators: It helps DeFi protocol operators monitor and respond to attacks on smart contracts by automatically pausing protocols to prevent further losses.
• Liquidity Providers (LPs): LPs receive notifications from Phalcon when their investment protocol is compromised and automatically withdraw funds.
• L2 Chains: L2 chain operators can collaborate with Blocksec to integrate Phalcon into their L2 chain. This can help to enhance security for top protocols and create a secure ecosystem.
• Centralized Exchanges (CEX): Phalcon can help CEXs to automatically delist tokens affected by hacks to prevent losses from valueless tokens being sold.

Phalcon Architecture

Phalcon monitors mempool and on-chain transactions using an in-house attack detection engine to assess transaction risk levels. These risk levels are combined with user-configured monitors. If a monitor’s rules are met, it triggers further operations, such as sending notifications or performing automatic actions like pausing protocols or withdrawing funds. Phalcon’s gas-bidding strategy ensures swift transaction execution on the blockchain.

Users can leverage Phalcon for attack intelligence and automatic actions, either using Phalcon directly or integrating it with their computing infrastructure.

How to Use Phalcon

To use Phalcon, follow these steps:

1. Access Phalcon: Launch and log into the BlockSec App Suite

2. Subscribe: Subscribe to the Phalcon product.

3. Add Protocol: Add the smart contracts you want to monitor.

4. Add Monitor: Configure monitor rules based on Phalcon’s attack detection engine and user-defined rules.

5. Add Actions (Optional): Set up automatic actions to be triggered when the monitor detects a threat.

Phalcon Toolsets

Phalcon Explorer

Phalcon Explorer is a powerful tool within the Phalcon Suite designed for in-depth blockchain analysis. It allows users to explore blockchain data, providing insights into transactions, smart contracts, and overall blockchain activity.

Functionality and Use Cases

• Blockchain Analysis: Users can delve into blockchain data, examining transactions, blocks, and smart contracts to gain a comprehensive understanding of blockchain activities by using Phalcon Explorer.
• Transaction Tracking: Phalcon Explorer can be used to track specific transactions to monitor their progress and verify their status.
• Smart Contract Inspection: Phalcon Explorer can be used to analyze smart contracts to understand their functionality and detect any potential issues.
• Data Visualization: Phalcon Explorer provides visual representations of blockchain data, making it easier to interpret and analyze.

Phalcon Fork

Phalcon Fork is a tool that enables developers to create and test blockchain forks. This allows for experimentation and development in a controlled environment, ensuring that new features and updates can be thoroughly tested before being deployed on the main blockchain.

Use Cases of Phalcon Fork

• Development and Testing: Developers can use Phalcon Fork to create test environments, allowing them to experiment with new features and updates without affecting the main blockchain.
• Protocol Upgrades: Developers can use Phalcon Fork to test protocol upgrades in a forked environment to ensure they function correctly before implementation.
• Security Testing: Phalcon Fork can be used to simulate attacks and other scenarios to test the security and resilience of blockchain protocols.

How to Use Phalcon Fork

1. Access Phalcon Fork: Navigate to the Phalcon Fork section within the BlockSec App Suite.

2. Create a Fork: Set up a fork of the blockchain you wish to test from arbitrary mainnet height.

3. Configure the Environment: Customize the forked environment to suit your testing needs by integrating it with the development framework.

4. Run Tests: Conduct various tests, including feature experiments and security assessments in public testing mode.

5. Analyze Results: Review the outcomes of your tests to identify any issues or improvements needed.

Benefits of Phalcon Fork

• Safe Testing Environment: It allows developers to test new features and updates without risking the main blockchain.
• Enhanced Security: It provides a platform for thorough security testing, helping to identify and mitigate vulnerabilities.
• Improved Development: It facilitates the development process by providing a controlled environment for experimentation and testing.

Blocksec MetaSleuth

MetaSleuth is a comprehensive crypto tracking and investigation platform. It helps monitor market movements, track the flow of funds in criminal activities, and conduct due diligence (DYOR) to avoid scams. MetaSleuth is essential for maintaining transparency and security in the blockchain ecosystem.

Features of MetaSleuth

• Intelligent Analysis: MetaSleuth’s intelligent analysis engine automatically highlights the most valuable interactions for a given address, making it easier to identify significant activities.
• Cross-Chain Analysis: It supports cross-chain analysis, such as tracking a token transfer from Binance Smart Chain (BSC) to Ethereum through a bridge. All cross-chain addresses are displayed on a single map for comprehensive tracking.
• Sharing of the Analysis: Users can share their analysis results with others, fostering a collaborative community where further analysis can be conducted on shared data.
• Enhanced Labels: It utilizes BlockSec’s address labeling system to provide enhanced labels for centralized exchanges (CEXs), scammer and hacker addresses, and other verified addresses.
• Customization: Users can customize address labels and add notes to addresses and transactions, tailoring the platform to their specific needs.

Key Functionalities of MetaSleuth

• Transaction Tracing: It follows the flow of funds across different blockchain networks to uncover illicit activities.
• Anomaly Detection: It identifies unusual patterns and behaviors that may indicate fraud or other malicious activities.
• Forensic Analysis: It conducts in-depth investigations to support legal and regulatory actions.
• Real-Time Alerts: It receives instant notifications of suspicious activities, enabling quick responses.

Use Cases of MetaSleuth

• Fraud Prevention: Financial institutions and exchanges can use MetaSleuth to detect and prevent fraudulent transactions, protecting their customers and assets.
• Regulatory Compliance: It helps organizations comply with regulatory requirements by providing detailed transaction histories and forensic analysis.
• Asset Recovery: Individuals and organizations can leverage MetaSleuth to trace and recover stolen or lost crypto assets.
• Security Audits: It helps users conduct thorough security audits of blockchain platforms to ensure their integrity and trustworthiness.

MetaSuites

MetaSuites is an integrated suite of tools designed to enhance the development and user experience on blockchain platforms. It connects over 30 useful tools to blockchain explorers and decentralized applications (dApps), providing developers and users with innovative features that streamline their interactions with blockchain technology.

How to Install MetaSuites

1. Chrome and Edge Users: Visit the Chrome Web Store to install MetaSuites. Pin it to Chrome for a better experience.

2. Other Browsers: Go to the MetaSuites landing page to get installation instructions for Firefox, Safari, and Brave.

Conclusion

Blocksec has become a key player in blockchain security, offering tools and services like smart contract auditing, platform monitoring, and crypto tracking. Its solutions, such as Phalcon and MetaSleuth, have successfully prevented numerous hacks and protected millions in assets. By providing both pre-launch and post-launch security, Blocksec ensures blockchain projects remain secure throughout their lifecycle. To learn more about Blocksec visit their website and whitepaper