How Haven1 Eliminated Security Risks Across the EVM-compatible Layer1 Blockchain Network with FailSafe Guardian

With FailSafe Guardian, Haven1 was able to create and enforce transaction policies to ensure transactions comply with predefined rules, thereby mitigating the risk of unauthorised or malicious activity across the world’s first security-focused Layer1 blockchain network.

Building the REKT-Resistant Blockchain

Haven1 set out to build an EVM-compatible blockchain that ensures network integrity and security without sacrificing core features like speed, privacy, or decentralisation. The company needed a reliable solution that, once integrated into the network architecture, would enable administrative oversight on critical smart contract functions via customisable guidelines for executing transactions.

As a matter of priority, Haven1 considered how to optimise the cost basis of building and implementing this bespoke network component across the entire blockchain. It was also important for Haven1 to develop an intuitive interface for this security system while ensuring that the underlying technology was backed by a proven mechanism.

FailSafe Guardian: A Robust Solution

Modelled on FailSafe’s defence-in-depth approach to blockchain security, FailSafe Guardian presented Haven1 with a one-stop solution to their unique needs. Holistic security is ensured via a request-response protocol between the proxy and the FailSafe Guardian which screens the execution of transactions within strict, but customisable parameters.

The primary function of this mechanism is to ensure that transactions strictly adhere to predefined rules, eliminating the possibility of unanticipated transactions triggered via malicious smart contracts or compromised access controls. As access control exploits account for over 50% of major losses suffered by blockchain enterprises, this solution positioned Haven1 as a prime destination for users and developers seeking a safe on-chain environment to build, transact and interact.

Presented as an easy-to-use dashboard, FailSafe Guardian packs a robust set of features, including:

• Whitelist and Blacklist Management: Administrators can maintain a list of trusted and untrusted addresses, allowing them to control which entities have access to the network.

• Geolocation and IP Restrictions: Transactions from specific regions or devices can be blocked, providing an additional layer of security against potential threats.

• Lock Mode: User assets can be marked as ‘locked’ to prevent transfers, ensuring that valuable resources remain secure within their rightful owners’ hands.

• Time-Based Restrictions: Transactions can be restricted within specific timeframes, allowing administrators to set rules for when certain actions are permissible or prohibited.
  
• Payment Controls: Daily/monthly spending limits, withdrawal thresholds, and per-asset policies can be configured, enabling fine-grained control over the flow of assets on the network.

FailSafe Guardian provided Haven1 a comprehensive set of functionalities at a fraction of the cost of implementing each feature separately. This cost-efficiency was particularly crucial to the company’s goal of building a scalable network security infrastructure that would match the blockchain’s rapid growth without losing efficacy.

Implementing Transaction Policies with FailSafe Guardian

By implementing this powerful security component across their EVM network, Haven1 significantly reduced their exposure to cyberattacks that involve executing privileged transactions through the malicious abuse of compromised or hijacked access controls.

Providing Holistic Blockchain Security for Enterprises

FailSafe is a cybersecurity partner uniquely equipped to assist enterprises in complying with consumer protection and technological risk management requirements. We are the only blockchain security provider offering holistic security and real-time threat response against exploits, hacks, and suspicious activities as they’re happening.

Currently protecting over $300M in digital assets, FailSafe closely collaborates with the Singapore government and the Singapore dollar (SGD) stablecoin to stop exploits in real-time, preventing total loss of funds and de-pegging events. Our modular tools supercharge the security of blockchain enterprises with cutting-edge capabilities like smart contract defence, fraud detection and internal risk scoring, programmable multi-sig wallet security, SDK integrations, advanced threat intelligence, and recovery of at-risk crypto assets.

Learn more about our products or contact us to upgrade your blockchain security today.