SINGAPORE, Feb. 8, 2021 /PRNewswire/ -- With global interest in decentralized finance peaking, DVP is creating a crowd-testing platform to resolve security challenges and make the DeFi ecosystem safer and more secure with a view to help people leverage the massive opportunities of the sector.
DVP – Decentralized Vulnerability Platform – is the world's first decentralized autonomous organization (DAO)-powered vulnerability testing platform created to solve security issues of DeFi ecosystems. It is an international community of information security professionals (White Hats) that seeks to act as a bridge between the white hats and blockchain projects to provide an efficient and transparent blockchain security information platform, which will help improve the overall security awareness and build a better blockchain ecology. The DVP community of white hats can help blockchain projects identify the security vulnerabilities and deliver them to DVP. As reward, the white hat will be paid the corresponding bounty. Through this model, DVP seeks to achieve a mutually beneficial relationship for both the blockchain projects and the white hats.
How DVP works
DVP is an ecosystem where the community conducts multidimensional audits of smart contracts and protocols to notify blockchain projects about bugs, if any. With the surge in the value locked in DeFi projects, the venture will act to curb the alarmingly high number of security breaches. The bounty program launched by DVP invites white hats to conduct massive testing of blockchain products. Their review will give manufacturers an idea about where the project is heading. In return, they can claim token rewards while the manufacturers save costs, facilitating a win-win situation for both parties.
DVP makes use of blockchain technology and token-incentive schemes to establish an anonymous security crowd-testing platform. It connects blockchain vendors with white hat communities, efficiently reducing the hidden vulnerabilities and safeguarding the interests of the digital information industry.
2020 has been a phenomenal year for cryptocurrencies, not surprisingly, considering the global economic downturn forced by a pandemic. Market sentiment leaned towards unconventional assets, and the significance of decentralized assets reached a larger mass, not to mention the price rise of most digital assets.
The most important development in the crypto industry has definitely been the wide traction garnered by DeFi. Breaking geographical and financial barriers, DeFi opened up a new trove of possibilities for investors and crypto enthusiasts alike. Despite this, the fact remains that as DeFi grows, so does the number of hacks and security breaches in the ecosystem. Being an industry that is reliant on finance, blockchain, and the web, DeFi carries some potential security threats that could put hundreds of millions of digital assets in jeopardy.
The most efficient solution to eliminate the hidden dangers in the DeFi space is to find the vulnerabilities and fix them in advance. However, most start-up companies that offer security solutions today lack infrastructure and skilled professionals. Established companies may have years of capital and the latest infrastructure, but over-the-roof pricing and the complex processes involved are nightmarish. This is where DVP comes in. "By decentralizing the security testing process using the expertise of white hats, DVP has cracked the challenge of providing excellent services without the need to invest resources, which is difficult for any single company," said Daniel, CEO of DVP.
Forging strategic alliances
DVP offers a wide range of security services tailored to the DeFi industry. From vulnerability search, information aggregation to situation awareness, DVP has got it all covered. Reputed blockchain vendors like Gate.io, Cobo, F2pool, Vechain, Coinw, Kcash, Contentos, and Neo are some of the platforms to make use of the services offered by the DVP community. In the future, DVP will extend comprehensive support to the BSC (Binance Smart Chain) DeFi ecosystem. An exclusive bounty program will be developed and the white hat community will be encouraged to mine for vulnerabilities in DeFi projects on BSC.
Joining hands with the world's top security communities like PeckShield and BCSES, DVP has today grown into a large technical community with more than 15000 White Hats. "By combining the benefits of modern infrastructure with the skilled community of white hats from around the world, DVP will safeguard the interests of the blockchain industry from potential threats. The concept of finding vulnerabilities as a key to solving security issues in the DeFi industry has brought together such a brilliant community of white hats from around the world," said Kateryna, Marketing Director of DVP.
The number of registered white hats increased by around 3,360 in 2020 and the average number of bug submissions per month exceeded 225. Last month alone, the number of big submissions per month hit 229.
Mature business model
DVP has a futuristic business model that aligns with the vision put forth by the DeFi industry. The technical abilities of the diverse community and the bounty incentives offered by thousands of partner vendors have been used for the growth of the platform.
The reward system on DVP goes beyond daily vulnerability mining. Users can make use of the attractive incentive schemes and special bounty activities launched by DVP from time to time. DVP offers rewards as high as 30 ETH. To date, 2003 ETH has been issued, which is around 2.8 million USD.
DVP will continue to support the DeFi industry in its unprecedented track of growth. By strategically finding and eliminating the increasingly complex and intensive attacks that hinder the mass adoption of DeFi, DVP will play a key role in the further evolution of the industry.
The security crowd testing project launched by DVP has been a huge success so far. More white hats are welcome to join the community and lend a hand to DeFi ventures in resolving their shortcomings.
For more information, please visit www.dvpnet.io