By Jenny Zheng
On September 28, 2023, a panel of specialists convened on the Singapore Administration College (SMU) to delve into the realms of on-chain information and Web3 safety. Prof. Feida Zhu, a famend determine in info programs and co-director of the SMU Blockchain Lab, took the reins because the moderator. The panel featured luminaries together with Aby Huang, the CEO of SlowMist, a distinguished blockchain safety agency; Neal, CEO of BugRap, a decentralized bug bounty platform; Anndy Lian, an advisor at Bybit, a world cryptocurrency
The panelists explored a spread of matters, beginning with the function of on-chain information analytics in bolstering blockchain community safety. They shared their views on the potential of on-chain information analytics to boost safety measures, detect fraudulent actions, establish vulnerabilities, and successfully talk findings.
Enhancing Blockchain Community Safety
Aby Huang emphasised the real-time advantages of on-chain information analytics in enhancing safety. He mentioned its means to observe blockchain networks, assess dangers, and detect anomalies, comparable to irregular transactions or suspicious contract calls. Moreover, he highlighted how on-chain information analytics can consider the safety of good contracts, tokens, dApps, and protocols by contemplating components like code high quality, audit outcomes, governance mechanisms, and neighborhood belief.
Neal echoed Aby’s sentiments, underlining how on-chain information analytics promotes transparency and accountability. He defined its function in verifying the correctness and integrity of good contracts and transactions by means of cryptographic proofs and consensus mechanisms. Neal additionally famous that financial fashions and recreation concept might be leveraged to incentivize optimistic conduct whereas discouraging malicious actions.
Anndy Lian emphasised the significance of suggestions and enchancment in enhancing safety measures. He illustrated how on-chain information analytics measures the efficiency and effectivity of blockchain networks utilizing key metrics like throughput, latency, scalability, and value. Moreover, he mentioned its potential to pinpoint ache factors and bottlenecks in these networks by using benchmarking and comparative evaluation.
Xiaolin Wen concluded that on-chain information analytics contributes intelligence and innovation to blockchain safety. He highlighted its means to uncover new patterns and insights by means of superior methods like machine studying, pure language processing, and graph evaluation. Moreover, he mentioned how interdisciplinary approaches, comparable to cryptography, software program engineering, and human-computer interplay, allow the event of novel options and functions for blockchain safety.
Early Detection of Fraud and Safety Breaches
The panelists additionally shared examples of how on-chain information analytics can facilitate the early detection of fraud and the prevention of safety breaches within the blockchain house. Aby Huang described how SlowMist actively displays and investigates hacking incidents within the blockchain ecosystem, together with latest circumstances just like the Mixin incident involving $200 million price of crypto belongings. Anndy Lian emphasised the function of schooling in selling safety consciousness amongst crypto customers, emphasizing the significance of platforms like SlowMist providing free reside monitoring to stop monetary losses.
Prof. Feida Zhu supplied insights into the way forward for Web3 safety. He predicted that advances in on-chain analytics would result in proactive safety measures, adapting to altering situations and fostering collaboration amongst stakeholders. Web3 safety, he asserted, would shift from a reactive, static, and remoted mannequin to at least one that’s proactive, adaptive, and collaborative.
The panelists concurred that on-chain information analytics holds unparalleled promise for uncovering transaction intent inside the blockchain’s wealthy information tapestry. Strategies comparable to graph evaluation, community evaluation, neighborhood detection, and hyperlink prediction can illuminate the dynamics of transaction networks. Moreover, methodologies like recreation concept, behavioral economics, social psychology, and resolution concept can present insights into the methods, preferences, and feelings of transaction contributors.
This occasion was organized by Moledao along with an MOU signing between SMU and SlowMist, exemplifying the collaborative spirit of the blockchain neighborhood in advancing Web3 safety.
The writer is a blockchain specialist