Venn Network Plans to Outsmart DeFi Hackers with Decentralized Security

In the fast-evolving Web3 world, Decentralized finance (DeFi) is booming, but so are its vulnerabilities. Hackers are increasingly targeting DeFi with advanced methods, making strong security essential. Ironblocks, an Israeli cybersecurity firm led by Or Dadosh, has stepped up with a new solution to solve the decentralization hack that is on the rise. 

The firm will be launching a Web3 security layer called Venn. Dadosh said Venn is more than just another protocol. He described it as a platform to build a new economy around DeFi security.

The Concept Behind Venn Network

At the heart of Venn is a simple, revolutionary concept. The protocol envisions a market where DeFi apps and security operators work together to protect the flow of crypto transactions. Through Venn, crypto apps can link up with cybersecurity experts who can carefully examine every pending transaction before it is executed, from trades to transfers. 

The Venn network’s operation is similar to a traditional Web2 firewall. The protocol is designed as a security checkpoint for DeFi transactions before execution. Only approved, legitimate transactions make it to the blockchain for completion. Additionally, DeFi applications will motivate cybersecurity firms to remain vigilant by rewarding their audits with crypto incentives.

DeFi Major Players to Join Venn’s Testnet

Ironblocks has launched a public testnet for Venn, quickly drawing the attention of major players. Companies like Ether.Fi and Ethena, along with several cybersecurity firms, are already involved. 

The network will operate decentralized, with these participants serving as node operators to support the system. Venn’s phased rollout aims to create a new economy centered around crypto security. This is poised to benefit DeFi apps, cybersecurity firms, and users by fostering a safer and more transparent environment for decentralized finance.

Venn Network Set to Pioneer DeFi Security

Ironblocks’ Venn network could redefine security standards in the DeFi space, merging decentralized finance with decentralized protection. If successful, it might inspire other industries to examine how decentralized tech can bolster security. This shift could be transformative for Web3 and beyond.