In a significant breakthrough for blockchain and digital asset security, FailSafe has concluded a groundbreaking proof of concept (POC) for an unparalleled digital asset security system across the Polygon ecosystem.
The FailSafe Security Platform, headquartered in Singapore, is uniquely designed to proactively protect digital assets from critical attacks, a known-yet-unresolved problem within the blockchain architecture where once a fraudster moves your asset, it becomes unretrievable forever. From phishing schemes to private key thefts and smart contract breaches, FailSafe brings a new standard to digital asset protection for both consumers and businesses that manage digital assets: the defence system monitors all pending transactions globally, rapidly intervening with a counter-transaction in the event that a malicious attempt to move funds is detected. Assets are swiftly transferred to a secure self-custody smart contract, offering unmatched security and peace of mind.
What sets FailSafe apart in the Web3 cybersecurity market is its unique capability to actively intervene during an active theft or smart contract drain. As digital threats evolve, there’s a pressing need for a defence strategy that extends beyond mere transaction monitoring. FailSafe stands tall with its multi-layered defence in depth approach, marrying advanced threat intelligence with real-time countermeasures, something that has not been thought to be possible in the past.
Prior to the full product’s official launch globally, this POC served to validate the technical feasibility of the proprietary FailSafe technology, which has since been completed with very promising results. The POC has demonstrated a success rate of 98.7%, setting a new benchmark for the industry. Dr. Ari Medvinsky, CTO of FailSafe, crafted the architecture, design, and proposal of this game-changing system, as detailed in the Scientific Paper and whitepaper. Patents are also in the process of being filed.
Marouen Zelleg, Head of Business Development at Polygon Labs, remarked, “This POC demonstrates a commitment to building a safer and more secure blockchain ecosystem, more so now than ever before as we try to onboard the next billion people into Web3.”
FailSafe successfully demonstrated its ability to protect digital assets across a wide range of critical scenarios, including targeted attacks on wallets through methods like phishing, interactions with malicious and compromised smart contracts, private key theft, and stolen devices. FailSafe will continue to work together to assimilate the wallet security tool across the Polygon ecosystem of products and providers through the Solutions Provider Network.
To maintain transparency and define industry-leading standards for blockchain cybersecurity, FailSafe will publish Service Level Objectives (SLOs) and Service Level Indicators (SLIs) for other security researchers to monitor and analyse. After a successful POC conclusion, FailSafe is now scaling and aims to also offer asset security solutions to businesses and projects that safeguard assets on Ethereum and BNB Chain.
In a bid to deal with the massive influx of crypto scams and fraud, Failsafe is currently made available for free to retail users. Users can now fortify their digital assets with the best-in-class security solution at www.getfailsafe.com.