In 2021, we met a startup that had some IP and were trying to launch NFTs for a game they were building. They needed a specific utility feature built – randomized “packs” of trading card NFTs – and another vendor had quoted them an egregious sum of money that they couldn’t afford. We built a simple application and stuck a nominal fee on transactions but didn’t expect a lot of traffic. To our surprise, we saw massive transaction volume run through the platform in under two weeks. The project was shut down as it was not meant to scale and there was no real plan behind it. However, it did serve as our initial foray into Web3 and opened our eyes to the world of NFTs.
Discovery of Widespread Security Problems
With this experience, we thought it would be a good idea to look more seriously into Web3, NFTs, and crypto. After some assessment, we noticed a huge number of flaws across Web3 in critical areas such as cyber security, information assurance, compliance, cloud engineering and architecture, data-driven AI/ML, and others. It seemed like every week news would break of another cyber-attack, rug pull, or scam. As time went on projects lost hundreds of millions of dollars due to cyber-attacks, with the largest cyber-attack resulting in project Axie Infinity losing close to $625M.
Having identified that security was a major problem in Web3, we weren’t comfortable building on top of insecure, poorly managed services that a lot of projects are using. We noticed that none of the NFT marketplaces, launchpads, or games were built with a security-first approach. So, we started building our own solutions, adhering to zero trust security principles, and then compiled our solutions into a proof of concept. This involved building it with end-to-end encryption, least privileged access, NFT packs, blends, live streaming, integration of social media, and many more in-demand features. It will be the first omnichain NFT marketplace and launchpad of its kind to be built from scratch with a security-first approach, adhering to zero trust security principles.
The company we helped launch in 2021 ended up being very successful and started introducing us to their friends in the space. Demonstrations of our PoC had a magnetizing effect and lots of early supporters started working to help us shape the product into something that solves real problems.
Our Mission in the Web3 Space
For Web3 to cross the chasm to widespread adoption, it must be safe, user-friendly, and fun. Security Research Group is dedicated to making Web3 secure and accessible to everyone. In the coming months, we’ll be releasing our next-generation NFT marketplace and launchpad, mentioned above, and we can’t wait to show you all what we’ve built. The platform will empower people to create, collect, invest, and interact like never before.
If you’re part of another Web3 company and have questions about your security, feel free to reach out for a consultation. We’d love to help you! The more secure the space is, the better.
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