Web3 Security: How Red Team Solves The Challenge Of DeFi and Crypto Threats?

As per QuillAudits Hackerboard, Q1 2023 witnessed 70 major attacks with a total loss of about $14.40 million. The most common are contract vulnerability exploits, which account for 44% of all incidents, excluding phishing and rug-pull scams.

“Can the situation of web3 security get any better?” has been the voice of many in the DeFi ecosystem.

Traditional security systems are addressing the pain points of Web3 threats, but often they need to catch up in tandem with the evolving landscape of digital breaches. So what’s the solution for this?

QuillAudits comes up with the newest initiative along those lines. Quill Red Team (QRT) services are here to transcend blockchain security testing into a whole new realm. 

Curious to know about QRT and what it has to offer? Before we talk about it, let us first learn more about Web3 security.

Web3 Security: Securing the Future of the Internet

Web3, short for Web 3.0, is the next generation of internet services that heavily utilizes decentralized technologies such as blockchain and distributed ledger technologies. In this context, Web3 security refers to the security principles, practices, and measures applied to protect Web3 platforms, services, and applications.

Web3 security is a broad and evolving area, but some key facets might include:

  1. Smart Contract Audits: Smart contracts, often used in decentralized applications (dApps), are pieces of code that execute agreements on the blockchain. These must be thoroughly audited for security vulnerabilities because, once deployed, they’re difficult or impossible to change.
  2. Decentralized Identity and Privacy: Web3 aims to give users more control over their own data. Implementing security for decentralized identity systems is critical to ensuring that users’ data stays private and under their control.
  3. Secure Cryptocurrency Transactions: Web3 relies heavily on cryptocurrencies. As such, securing transactions to prevent theft or fraud is a major aspect of Web3 security.
  4. Securing Decentralized Networks: Decentralized networks, like those used for distributed storage in a Web3 context, have unique security considerations.
  5. Quantum Resistance: With advancements in quantum computing, there’s increasing concern about its potential to break cryptographic systems, so new quantum-resistant methods are being explored for Web3 security.

Given the relatively new and rapidly evolving nature of Web3 technology, its security challenges require ongoing research, new tools, and innovative approaches to ensure a safe and secure Web3 environment.

Who is Quill Red Team? 

Quill Red Team

The Quill Red team comprises a group of expert ethical hackers who are a combination of external and in-house auditors and fresh developers seasoned by masters in the field.

In short, QRT is armed with specialized and adept experts who work with an approach to unearthing the underlying threats that others might miss. 

This diverse team blends distinct perspectives and skills to spot any security gaps. Unlike traditional methods, they are not bound to work within the framed standards, thus taking the system defense to a higher degree. 

One-of-a-kind approach

What makes QRT stand out among others is the proactive approach they adopt in hunting down vulnerabilities. QRT offers a flexible solution to fit any needs and budget requirements. 

The requirements might vary from business to business. For example, a newbie developer would require audits that fit their budget, or established projects require continuous monitoring of protocol security. QRT has got all of it covered!

The team closely collaborates with clients and offers suggestions for enhancing safety. This attribute makes QRT a go-to option for blockchain and dApp security needs. 

Eminence Of QRT in pledging protocol’s security

The traditional bug bounty programmes will have no direct contact between the client and the hacker. However, QRT provides direct lines of communication that allow customers and the Red team to work together successfully

Also, QRT works contrary to bug bounty programmes, where participants come from all over, so the wait times will be longer. But QRT lets out the vulnerability analysis report in a faster turnaround time.

About QuillAudits  

With a record of securing over 850 projects, QuillAudits has emerged as a leading Web3 security firm. Industry heavyweights like Polygon, Gameloft, and Flipkart have confidence in them to carry out their mission of providing cutting-edge security solutions.

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Mensholong Lepcha

Financial journalist specializing in cryptocurrencies, bitcoin scams, crypto scams, crypto investing and crypto exchanges.