The Future of Blockchain Security: Why Real-Time Fraud Prevention Is a Game-Changer

As the blockchain ecosystem continues to expand, so do the security threats associated with it. Traditional blockchain security measures, such as audits, bug bounties, monitoring, and alerting systems, have become increasingly insufficient, with over $3.3 billion worth of assets stolen in 2022.

Enter HYDN Prevent, the revolutionary real-time fraud prevention solution that is set to change the game in blockchain security.

The Limitations of Traditional Blockchain Security

There’s some incredible people working in blockchain security, but current security solutions are falling short. Smart contract audits and bug bounties are great, but they will never be enough on their own to prevent attacks. This has been evidenced by the increasing number of blockchain hacks each year. In 2022 there was $3.3 billion stolen in blockchain hacks, with 82% of this stolen from DeFi platforms.

More recently Dapps have implemented monitoring and alerting systems such as Cyvers and Forta, and whilst these provide an extra layer of potential security, the speed at which Dapps are able to react is more often than not too slow.

You often only have seconds to prevent an attack once it is in progress and this is where monitoring and alerts fail. While these systems can provide valuable information about potential threats, they fall short in one crucial aspect: they notify you after an attack has already occurred.

Another trend is wallet simulation extensions such as Blowfish and Fire, and again whilst these are a nice feature they don’t do enough to stop hacks. They can tell you if a website is unsafe or what your transaction is going to do, but if you’ve staked your tokens somewhere or provided liquidity, there’s nothing they can do once the transaction has executed. If the Dapp is hacked, your money is gone.

The reactionary nature of monitoring and alerting systems exposes Dapps and their users to significant financial and reputational risks. In the fast-paced world of blockchain, it’s clear that a more proactive approach is needed to protect digital assets and ensure the integrity of the ecosystem.

HYDN Prevent: Real-Time Fraud Prevention

Here at HYDN, alongside our Smart Contract Auditing and Web3 Penetration Tests, we’ve been building HYDN Prevent- a real-time fraud prevention product to stop attacks before they happen.

HYDN Prevent’s real-time fraud prevention technology is designed to address the limitations of traditional blockchain security measures. By identifying and stopping potential attacks before they happen, HYDN Prevent provides unparalleled protection for Dapps.

Here’s how HYDN’s real-time fraud prevention stands out:

Proactive Defense: Instead of waiting for an attack to happen and then reacting, HYDN’s real-time fraud prevention technology actively identifies and neutralizes threats as they emerge, stopping individual transactions before they execute.
Advanced Algorithms: HYDN’s cutting-edge algorithms analyze network activities and detect patterns indicative of malicious intent. By leveraging artificial intelligence and machine learning, HYDN’s technology continuously evolves to identify and counteract new attack vectors.
Seamless Integration: HYDN’s real-time fraud prevention solution is designed for easy integration into your Ethereum and Polygon Dapps. With minimal effort, developers can bolster their applications’ security and protect their users’ assets.
Comprehensive Protection: HYDN’s real-time fraud prevention technology safeguards your Dapps from a wide range of security threats, including phishing attacks, smart contract vulnerabilities, and more. By providing a holistic security solution, HYDN ensures the safety and stability of your blockchain projects.