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Top 3 Security Projects on the Optimism Network

EG 691 Top 3 Security Projects on the Optimism Network

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The Optimism Network has emerged as a game-changer in the Ethereum ecosystem, providing scalable solutions and enhancing the security of decentralized applications (dApps). In this article, we explore three standout security projects on the Optimism Network: Forta Network, GoPlus Security, and Shield Protocol. These projects leverage cutting-edge technologies and innovative approaches to address the security challenges faced by the Web3 space. Let’s delve into Optimism and the details of these projects and their contributions to the Optimism Network’s security infrastructure.

Optimism: Empowering Ethereum Scalability with Layer-2 Solutions

Optimism is a prominent Ethereum layer-2 solution that addresses the scalability challenges faced by Ethereum-based decentralized applications (dApps). Founded in 2019 by Benjamin Jones (Chief Scientist), Jinlan Wang (CEO), and Kevin Ho (Protocol Product Manager), Optimism is based in the United States and launched its native OP governance token in 2022.

At the core of Optimism is the Optimistic Virtual Machine (OVM), a backend technology stack inspired by the Ethereum Virtual Machine (EVM). This close alignment with Ethereum allows for seamless deployment of Ethereum-based smart contracts on the Optimism network, harnessing its superior transaction speeds and reduced gas fees.

Layer-2 solutions play a crucial role in overcoming the scalability limitations of Ethereum. Despite being the leading smart contract platform, Ethereum has experienced challenges such as high gas fees and limited throughput, with only 29.33 transactions per second (TPS). These limitations create bottlenecks for dApps and hinder developers from meeting user demands effectively.

One of the most notable instances exposing Ethereum’s scalability issues was the CryptoKitties phenomenon in 2017. The overwhelming success of this dApp resulted in network congestion across Ethereum, highlighting the urgent need for improvements to cater to the expanding community.

The concept of Layer 2 solutions emerged as a response to these scalability challenges. Optimism, alongside other pioneers like Arbitrum and Boba Network, led the way in developing layer-2 applications. By 2021, these solutions had become integral components of the Ethereum ecosystem, providing much-needed scalability enhancements.

Optimism’s focus on low-cost and user-friendly scalability aims to empower Ethereum-based dAppss, enabling developers to meet the demands of a growing user base. With layer-2 solutions like Optimism, Ethereum can alleviate congestion, reduce gas fees, and achieve higher transaction throughput, paving the way for broader adoption and innovation within the Ethereum ecosystem. In the following sections, we will explore the top 3 security projects on the Optimism Network. 

Forta Network: Real-Time Web3 Threat Detection and Monitoring

Forta Network is a leading decentralized security and operational monitoring network designed to enhance the security measures of Web3 projects. In 2021, around 130 Web3 projects fell victim to hacks, resulting in a staggering $2.3 billion in cryptocurrency losses. Forta aims to revolutionize security practices by offering real-time threat detection and operational monitoring for blockchain activity.

As the Web3 ecosystem strives to scale from billions to trillions, traditional security measures such as one-time audits and bounties are proving insufficient. Forta recognizes that a comprehensive suite of security solutions is essential. With its focus on real-time security and operational monitoring, Forta acts as a detection network for identifying threats and anomalies in various aspects of Web3 systems, including DeFi, NFTs, DAOs, and Bridges.

Forta operates through a decentralized network of independent node operators. These nodes diligently scan all transactions and block-by-block state changes, constantly searching for outlier transactions and potential threats. When an issue is detected, node operators promptly send alerts to subscribers, enabling them to take immediate action.

One of Forta’s significant strengths is its versatility. Developers have the freedom to build detection bots and machine learning models, leveraging the decentralized Forta network to uncover anomalous activity across all blockchain transactions. By monitoring and protecting all assets in the Web3 space, Forta aims to fulfill its mission of safeguarding transactions and fortifying the security of the entire ecosystem.

The Forta Network operates by utilizing thousands of detection bots created by a community of Web3 developers and security experts. Each bot functions as a miniature security camera, focusing on specific on-chain activities. The collective output of these monitoring and detection bots is referred to as “threat intelligence,” providing valuable data about Web3 threats and security events, including crucial details about the who, what, when, where, and how of these incidents.

The Forta Network caters to two primary user groups: consumers and developers. Consumers benefit from the threat intelligence generated by the network, making it an indispensable resource for Web3 wallets, DeFi protocols, centralized exchanges, and other entities invested in protecting their customers. Meanwhile, developers play a critical role in creating and maintaining detection bots, whether as contributors to Web3 security or as developers utilizing Forta to monitor their protocols within the DeFi space.

For consumers, Forta offers multiple avenues to access threat intelligence. Users can choose to access intel from individual bots or opt for Forta’s curated Threat Intel Feeds, which provide comprehensive access to threat intelligence from a selection of underlying bots. Curated feeds undergo rigorous evaluation based on performance, precision, active maintenance, and higher staking requirements. Presently, two curated Threat Intel Feeds are available:

Scam Detector: This feed serves as an invaluable source of intel concerning threats impacting end users, including phishing attacks and rug pulls. Web3 wallets, end-user security tools, centralized exchanges, and crypto compliance platforms are among the users benefiting from the Scam Detector’s insights.

Attack Detector: This real-time feed supplies alerts about smart contract exploits that impact DeFi protocols and bridges, providing essential information for proactive security measures.

Additionally, users can explore the diverse range of over 1,000 individual bots actively running on the Forta Network by utilizing the Forta Explorer.

Developers, on the other hand, are equipped with a suite of tools to develop and maintain new detection bots on the Forta Network. The Forta SDK offers flexibility for developers to build customized Detection Bots tailored to their specific monitoring requirements. For those seeking a more intuitive experience, the Bot Wizard allows for the creation and deployment of Detection Bots through a user-friendly interface, eliminating the need for coding skills. Alternatively, developers can engage with the Fort

GoPlus Security: Empowering Web3 with Open and User-Driven Security Services 

GoPlus Security serves as a vital “security infrastructure” for the Web3 ecosystem by providing open, permissionless, and user-driven security services. By leveraging a robust security data infrastructure and a comprehensive security service platform, GoPlus aims to create a safer Web3 ecosystem.

As a one-stop solution, GoPlus offers a complete range of security content, ensuring users have access to the latest and most relevant security information. With real-time data updates, users can stay informed about the ever-evolving security landscape in the Web3 space. Additionally, GoPlus provides primary data free of charge, allowing users to access essential security resources without financial barriers.

GoPlus offers a suite of detection tools that deliver fast, reliable, and convenient security services to users:

Token Security API: This API provides a rapid token security detection service, supporting 18 public chains. With over 3.26 million detected tokens and the discovery of 2.05 million risk tokens, the API offers accurate audit results and wide coverage. It encompasses more than 30 security detection items, providing comprehensive risk detection. Users can enjoy the benefits of fast, easy, and convenient service by simply calling the API, receiving feedback in less than 3 seconds.

Malicious Address API: GoPlus offers a free and comprehensive malicious address library, supporting 9 public chains. The API includes addresses related to honeypot tokens and other malicious addresses, ensuring protection for general users who are more likely to encounter such addresses. The library is regularly updated in real time, safeguarding users against emerging threats. With coverage of 9 major blockchains and over 9 million malicious addresses, GoPlus provides a comprehensive database for enhanced security.

NFT Security API: This API serves as an NFT authenticity detection platform, with coverage of more than 160 million NFTs. With over 4 million verified NFTs and 23 NFT information items, GoPlus enables effective judgment of NFT authenticity. By leveraging real-time detection of mainstream NFT trading platform data, the API ensures comprehensive FT information, including rich transaction data from the past 24 hours.

Approval Security API: GoPlus helps users detect risks associated with token approvals by supporting 8 public chains. With a collection of over 119,000 malicious contracts, the API offers comprehensive information about approved contracts, including nearly 10 contract information items. The database is constantly updated with new malicious contracts, adding approximately 2,000 per day. By covering major dApps and providing free usage, GoPlus ensures comprehensive token approval security.

dApp Security Info API: This API aggregates dApp security information, delivering quick risk alerts. With support for 8 public chains and a collection of over 5,000 major dApps, GoPlus ensures comprehensive coverage of major dApps. The API detects risks in dApp main contracts, including open source vulnerabilities and malicious behavior. It also provides detailed audit information, including the audit firm, audit time, and links to audit reports. Users can access this API free of charge to query dApp security information.

Signature Data Decode API: GoPlus offers an API to decode ABI data and identify abnormalities in time. Supporting 10 public chains and collecting data from over 1.5 million contracts, the API provides a massive source code database and integrates cross-chain data for faster detection of new risks. Even for non-open source contracts, GoPlus has the opportunity to decode methods as long as they are used by other open source contracts. Users can utilize this API free of charge to detect signature data anomalies.

By fostering an open security ecosystem, GoPlus brings together the collective power of various security resources, including users, developers, and other stakeholders.

Shield Protocol: Empowering Secure and Private Authentication on the Blockchain

Shield Protocol is a revolutionary layer-2 security platform that introduces the concept of First Two Factor Authentication (2FA) on a server-less peer-to-peer architecture built on top of the blockchain. This innovative platform ensures privacy and anonymity for users by recording every log onto a decentralized ledger, eliminating any data that could potentially identify individuals. By leveraging blockchain technology, Shield 2FA guarantees a tamper-proof system, providing a new level of security for users.

One of the key features of Shield is its 4-tier Security algorithm, which is implemented during the backup and restore processes. This algorithm ensures that user secrets are encrypted into ciphertext using cryptographic keys, following the standards set by the 4-tier encryption model. Similarly, the decryption process adheres to the 4-tier Security Model, allowing for the restoration of secrets from the public blockchain. Shield leverages Web3 technology on ciphertext, executing the entire process in a decentralized manner.

Key Features of Shield Protocol:

Fault Tolerant: As a peer-to-peer decentralized network, Shield 2FA eliminates the single point of failure. The distributed nature of the platform ensures robustness and fault tolerance.

No Internet Censorship: Shield prevents internet censorship violations, as there is no central controlling authority governing the network. This decentralized nature makes it practically impossible for anyone to manipulate data sets in their favor. Attempts by government authorities to block any dAppss on the network would prove ineffective due to its decentralized nature.

Enhanced Trust in the System: With no single entity owning the apps, users can place their trust and confidence in the Shield 2FA system against data theft and manipulation. The decentralized approach ensures transparency and mitigates the risks associated with centralized control.

Built on Multi-Blockchains: Shield 2FA is developed on top of multiple blockchains, including BNB Chain, Polygon Chain, Optimism Chain, and WanChain. This multi-chain approach enhances flexibility and interoperability.

Strong Encryption: Shield implements AES-256 bit encryption with PBKDF2 SHA-256 to secure data before backup. This robust encryption scheme ensures the confidentiality and integrity of user data.

Backup on Blockchain: Shield avoids centralized storage infrastructure for backups, eliminating the vulnerabilities associated with centralized storage systems. By leveraging the blockchain, the platform ensures a secure and resilient backup mechanism.

Staking Rewards: Users have the opportunity to stake and earn Shield tokens through the staking feature available on the website and within the app. This incentivizes participation and engagement within the Shield ecosystem.

No Data Collected: Shield prioritizes user privacy by refraining from collecting personal data such as email addresses, mobile numbers, or names. Unlike other 2FA apps, Shield respects user privacy by leaving personal information under the control of the users themselves.

Shield Protocol stands out from traditional 2FA solutions like Google Authenticator and Authy. Unlike Google Authenticator, Shield offers a backup feature, allowing users to restore their data if they lose their phone or delete the app. Shield does not rely on centralized storage infrastructure, which is prone to data breaches. Instead, it stores backups securely on the blockchain. Shield is compatible with leading platforms such as Binance, Coinbase, Facebook, Twitter, Amazon, Gmail, and more, making it suitable for securing online logins across various websites.

With its advanced features and compatibility, Shield Protocol aims to revolutionize the field of 2FA, offering users a secure, private, and feature-rich authentication solution on the blockchain.

Conclusion

The Optimism Network continues to foster the growth and security of the Web3 ecosystem by supporting groundbreaking security projects. Forta Network’s real-time threat detection and monitoring capabilities, GoPlus Security’s open and user-driven security services, and Shield Protocol’s secure and private authentication on the blockchain are all instrumental in safeguarding user assets and enhancing the overall security landscape. As the Optimism Network expands and evolves, we can expect to see more innovative projects that further reinforce the security foundations of Web3.

FAQs

What is the significance of Layer 2 solutions like Optimism in the Ethereum ecosystem?

Layer 2 solutions address Ethereum's scalability challenges by offering improved transaction speeds and reduced gas fees, allowing dApps to scale and meet user demands effectively.

How does Forta Network enhance security in the Web3 space?

Forta Network provides real-time threat detection and monitoring services, leveraging a decentralized network of detection bots to identify threats and anomalies across various Web3 systems.

What distinguishes GoPlus Security in the realm of Web3 security?

GoPlus Security stands out by offering open, permissionless, and user-driven security services, providing users with fast and reliable security tools to protect their assets.

How does Shield Protocol revolutionize 2FA on the blockchain?

Shield Protocol introduces 2FA on a server-less peer-to-peer architecture, ensuring privacy and anonymity by recording logs on a decentralized ledger.

What advantages does Shield Protocol offer over traditional 2FA solutions?

Shield Protocol offers a backup feature, leverages strong encryption, avoids data collection, and stores backups securely on the blockchain, providing enhanced security and privacy compared to traditional 2FA apps.

Our content is derived from a thorough research, yet we acknowledge the potential for deserving businesses to be overlooked. If you’re a business owner or a reader who believes a valuable business is missing from our list, write to us at lists@cryptopolitan.com.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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