Blockchain security company OpenZeppelin has launched its metaverse security service, with The Sandbox as its first customer.
The Sandbox and OpenZeppelin
For The Sandbox, OpenZeppelin will verify smart contracts, monitor vulnerabilities and detect potential threats to metaverse projects in real time. The Sandbox uses OpenZeppelin’s security tools, called Defenders, which provide an overview of Web3 transactions occurring in the Sandbox.
Delighted to announce that @OpenZeppelin are launching the world’s first comprehensive metaverse security service in partnership with The Sandbox.
Read more 🧵 pic.twitter.com/Ax1Ze3o06f
— The Sandbox (@TheSandboxGame) December 15, 2022
The tool also enables The Sandbox to automate smart contract management, including access controls, updates and pauses, as well as monitor and quickly respond to smart contract exploits and receive notifications via email, Slack, Telegram or Discord.
OpenZeppelin will leverage the know-how of its Forta subsidiary to provide The Sandbox with real-time detection and monitoring of anomalies inside the metaverse surroundings.
Forta launched late last year with a $23 million fundraising led by Andreessen Horowitz.
“Our new stop-to-forestall protection issuer for metaverse is a breakthrough for Web3 initiatives, which to date wished partial verification. Metaverse duties can now leverage non-prevent auditing information to head beyond code and help protection first-rate practices for chain tracking, get admission to control and one of a kind upgrades which might be critical to ensuring future growth. We are extremely joyful that The Sandbox has selected to be our first customer for this new issuer, and we be given as proper with their forward-questioning approach to protection is probably emulated thru many others within the coming months,” said Michael Lewellen, director of solutions structure at OpenZeppelin.
Andrew Beal, lead developer of the Forta ecosystem, described the startup as a giant decentralized security and alerting system for Web3.
Sebastien Borget, COO of The Sandbox said. “It is vital to make certain the safety of our users and we are thrilled to use OpenZeppelin’s safety provider as an crucial a part of our protection toolset and strategy.”
Metaverse projects can now leverage continuous auditing expertise to go beyond code and support security best practices for chain monitoring, access control and other enhancements that are critical to ensuring future growth.
We are delighted that The Sandbox has chosen to be our first customer for this new service, and we believe their forward-thinking approach to security will be emulated by many others in the coming months,” said Michael Lewellen, director of solutions architecture at OpenZeppelin.
Although both the metaverse and DeFi are based on smart contracts that require verification, OpenZeppelin says there is a difference between the two.
The multiple components of the metaverse, such as NFTs, native metaverse tokens and the user marketplace, as well as the underlying code of a metaverse platform, provide a larger attack surface than DeFi applications.
One of the most prominent is the breach of Axie Infinity’s Ronin network, which resulted in a loss of $625 million.
Security in the metaverse
Earlier this month, Israeli cybersecurity firm CyVers raised $8 million to provide security for Web3 applications.
In July, blockchain security firm Halborn raised $90 million in a Series A round led by Summit Partners.
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