In-depth Conversation with Encryption Security Experts: The Current State and Future of Blockchain Security

BlockSec CEO Zhou Yajin and Mint Ventures research partner Alex engaged in an in-depth discussion on the topic of Blockchain security.

The Scope of Services and Target Clients of BlockSec

BlockSec is a Web3 security company established in 2021, mainly providing three major service sectors:

1. On-chain protocol security: providing auditing and monitoring services for smart contracts.

2. Asset Security: Protecting users' assets in wallets or protocols.

3. Compliance and Regulation: Assist traditional financial institutions in entering the encryption industry while helping regulatory bodies with oversight.

Main clients include: on-chain DeFi project parties, high-net-worth encryption asset holders, regulatory agencies, and law enforcement departments, etc.

Three Suggestions for Encryption Security

1. Private Key Protection: Store the mnemonic phrase in a safe and use dedicated devices to manage the private key.

2. On-chain transaction security awareness: Be wary of phishing attacks and be cautious of suspicious airdrops.

3. Understand the basic knowledge of encryption assets: especially the authorization mechanism, to avoid mistakenly signing authorized transactions.

Experiencing Social Engineering Attacks

Zhou Yajing shared a case of social engineering attack she encountered: a fake investment institution contacted her via email,诱导下载含恶意程序的视频会议软件. This highlights the threat of social engineering attacks on executives.

Security Principles When Interacting with Blockchain Protocols

1. Conduct background investigation on the project party
2. Check if the project has been audited by a top security company.
3. Adopt a progressive investment approach
4. Use professional security monitoring tools
5. Be wary of phishing risks and verify the official website
6. Regularly clean up unnecessary authorizations

The Current State and Potential of the Blockchain Security Industry

• The current industry scale is about 3 billion dollars per year, which is still a gap compared to the traditional cybersecurity of 100 billion dollars.
• The industry's development is closely related to the overall Blockchain market.
• The entry of traditional financial institutions brings new opportunities
• The trend of compliance will drive the long-term development of the industry.

The Moat of Top Security Companies

1. Brand and Trust: Establishing a good brand image and user trust
2. Security Innovation Technology: Develop security products covering the entire lifecycle
3. Compliance and Regulatory Capability: Understand policy requirements and develop corresponding products
4. Geopolitical factors: Certain regions may prefer non-US suppliers.

Overall, although the Blockchain security industry is still small in scale, it has great potential for future development with the entry of traditional financial institutions and the trend of compliance.