TEL
AVIV, Israel, July 2, 2024
/PRNewswire/ -- Venn Network, blockchain's first security network,
launched earlier today, starting a massive paradigm shift in web3,
and beyond.
Venn Network is a Web3 decentralized security
infrastructure that safeguards protocols and rollups at the
execution level, with a framework that promotes transaction
validation across different stakeholders in the Venn ecosystem.
Foundational launch partners include staking protocol EigenLayer;
Ether.fi; some of the top web3 cybersecurity firms; and node
operators from the web3 community.
Ironblocks, a leading web3 cybersecurity firm is developing the
network infrastructure that drives Venn, and supported by major
web3 projects and protocols. It represents a collaborative endeavor
offering a decentralized security framework that
strengthens the collective defense mechanisms across the Web3
landscape.
"Venn is the realization of years of development and planning,"
said Ironblocks CEO Or Dadosh. "Gone are the single points of
failure that have led to previous cybersecurity solutions failing,
with a continuously operating network of security operators that
provide robust, independent, and resilient security and
validation."
Truly decentralized security is now a
reality
Already this year, more than $700 million
dollars has been stolen from web3 projects by cyberthieves.
This number is up significantly from last year, when far less was
stolen but thefts still occurred.
"This is a unique advancement for the industry, enabling more
members outside of traditional PoS operators to become credible
actors to run new types of PoS systems", said Nader Dabit, Director at Eigen Labs, "By having
top cybersecurity firms run secure networks through restaking, we
make the overall network more secure and reliable."
Venn Network solves for this by providing post-deployment
prevention and alerting with unlimited security policies developed
and executed by a decentralized network of
cybersecurity operators including Spearbit, Sigma Prime,
Ironblocks, Hats.finance, Certora, ChainSecurity, OtterSec,
BlockSec, ChainPatrol, Fuzzland, Arcadia, AltLayer, Kiln,
InfStones, Validation Cloud, Luganodes, DAIC, Allnodes, Nodes.Guru,
Coinsummer, and DSRV.
"We are thrilled to support Venn Network in launching the first
decentralized security network for Web3," said Dr.
Zhenwu Shi, CEO at InfStones. "This
initiative sets new standards in safeguarding digital assets and
ensuring the integrity of decentralized
applications."
The Venn Network has an easy opt-in, no paywall, and payment to
the network is similar to paying gas on Ethereum - a
fee-per-transaction model - and millions of transactions are soon
expected to be directed through the Venn Network on an annual
basis.
"Protecting our users and their assets is our top priority,"
said Mike Silagadze, co-founder and
CEO at Ether.Fi. "We firmly believe in the promise of
decentralized security and believe Venn will be among
the most positive developments in web3, and that its impact will be
felt for years to come."
Security operators on the Venn Network run a node where
transactions are sent for validation, with protocol teams using the
network modular middleware to validate transactions and secure
their assets and community. Should a malicious transaction be
discovered, alerts are sent to the corresponding security team and
the transaction is frozen while the remaining protocol users are
able to carry on as usual.
For node operators seeking to learn more about how to join Venn
Network, please read the whitepaper.
For projects seeking to take advantage of the Venn Network,
please visit http://venn.build
Be part of the Web3 security paradigm shift: join the Venn
Network!
About Venn Network
Venn is a decentralized security infrastructure
with parallelized transaction validation that safeguards the
ecosystem against malicious transactions. Venn provides
post-deployment prevention and alerting with unlimited security
policies executed by a network of Eigenlayer operators. This
eliminates any single point of failure.
Media contact
Ryan Gorman
Head of communications, Venn Network
ryan@venn.build
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content:https://www.prnewswire.com/news-releases/venn-network-launches-web3s-only-decentralized-security-network-302188044.html
SOURCE Venn Network