As the Web3 industry rapidly expands into sectors like finance, supply chain, and healthcare, the growth of on-chain assets has soared to an unprecedented $2.5 trillion. However, with this rapid expansion comes an increased exposure to security vulnerabilities within on-chain smart contracts. These vulnerabilities have become a significant concern, with frequent incidents resulting in substantial financial losses and undermining trust and growth prospects within the industry.
According to incomplete statistics from SlowMist Hacked, there were 223 security events in the first half of 2024 alone, culminating in losses of up to $1.43 billion. This figure represents a staggering 55.43% increase compared to the same period in 2023, highlighting the urgent need for improved security measures in the blockchain space.
The root cause of on-chain security issues is multifaceted, often lying not just in the vulnerabilities of the smart contracts themselves but also in human factors. Developers face the insurmountable challenge of inspecting all historical code for bugs, while hackers continuously exploit existing vulnerabilities. Traditional security firms typically cater to major clients for auditing services, leaving ordinary users, developers, and small to medium-sized projects without adequate protection.
To address this pressing challenge, scientists and developers from the AI+Web3 lab Add Labs have launched the InfluxAI project. Add Labs, based in the UK, Africa, and the USA, was founded by David Adeola and consists of a team of seven members, including seasoned smart contract researchers from Polygon Labs and leading AI companies, alongside AI training and development experts. The renowned venture capital firm Harmon Venture, based in Hong Kong, has invested in Add Labs, recognizing the transformative potential of InfluxAI.
InfluxAI is pioneering a novel approach to blockchain security by introducing an AI-driven on-chain security model. This model leverages machine learning on historically attacked code to identify vulnerabilities, providing a proactive layer of protection. In addition to machine learning, InfluxAI employs oracles and big data analytics for real-time monitoring, enabling the prompt detection and mitigation of potential security threats.
One of the critical advantages of AI-driven on-chain protection is its superior accuracy and response speed compared to traditional security measures. This innovative approach offers proactive security assurances to over 200 million on-chain users, developers, and project teams, significantly enhancing the overall security landscape of the blockchain ecosystem.
InfluxAI offers a suite of products designed to cater comprehensively to the needs of users, developers, and projects:
- Asset Guard for users: This tool allows users to verify the security status of smart contracts through AI-driven analysis. It evaluates transaction history, contract functionality, liquidity, ownership, and developer credentials, providing users with a clear understanding of the security risks associated with a particular contract.
- Smart Detector for developers: This product includes SDK and linting tools designed to identify and fix contract errors during the development phase. By enhancing efficiency by up to 30% in smart contract deployment, Smart Detector helps developers create more secure contracts with greater ease and speed.
- Loophole Solution for projects: This automated audit tool enhances audit efficiency and affordability for small to medium-sized projects. By ensuring transparency through blockchain-recorded audit results, Loophole Solution makes high-quality security audits accessible to a broader range of projects, fostering a more secure blockchain environment.
The launch of InfluxAI marks a significant step forward in the quest to secure the blockchain ecosystem. By leveraging the power of artificial intelligence, InfluxAI aims to provide comprehensive security solutions that address the unique challenges faced by users, developers, and projects in the Web3 space.
The need for robust security measures in the blockchain industry cannot be overstated. As the industry continues to grow and evolve, the importance of securing on-chain assets and smart contracts will only increase. InfluxAI's innovative approach, backed by the expertise of scientists from leading AI companies and Polygon Labs, offers a promising solution to the pressing security challenges facing the blockchain ecosystem.
For more information about InfluxAI and its groundbreaking approach to blockchain security, visit https://www.influxai.io/
Media Contact:
David Adeola
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