Elastos Foundation has reached a collaboration agreement with Beijing KnownSec, Inc. KnownSec will provide customized solutions based on multi-layered security and cloud-based data management to bolster network security for Elastos.
As more and more attacks launch against blockchain-based infrastructures, it is critical that blockchain project teams be more vigilant than ever. A public blockchain is only as strong as its consensus algorithm and only as reliable as its security mechanisms, and this is especially true in the early days of a chain’s development when its network is most vulnerable to attack.
At present, approximately 30% of SHA256 miners — that is, miners of BTC, BCH, and BSV — are merge-mining with Elastos. Additionally, through its merge-mining operations, Elastos is leveraging approximately 35% of Bitcoin’s hashrate. With more than 80 nodes participating in the DPOS supernode elections, Elastos’ public blockchain grows more secure by the day. Still, as more users migrate to Elastos, advanced security measures continue to be a point of focus. The security of its blockchain and greater ecosystem has always been a top priority for Elastos, which is why the partnership with KnownSec, a world-class network security company, is invaluable.
KnownSec will perform a comprehensive security audit of the Elastos blockchain, including aspects of data, networking, consensus, incentives, contracts, and applications. After the audit, KnownSec will propose a detailed and comprehensive action plan on blockchain data, sidechain architecture, consensus mechanisms, script code, smart contracts, business logic, the main chain, sidechain nodes, friendchain development progress, and more. KnownSec’s solution will also encompass operation and management practices. KnownSec’s comprehensive report and action plan will provide Elastos a holistic vision for secure and stable ecosystem development.
KnownSec is a leading network security program that has provided over 11 years of network security and defense services in the tech industry. KnownSec received recognition from the Ministry of Public Security of the People’s Republic of China, the Supreme People’s Court, the State Administration for Industry and Commerce of the People’s Republic of China, Bitmain, Huobi, Google, Microsoft, Tencent, Alibaba, and a number of other government departments and cutting-edge tech companies. The company provides a comprehensive array of services, including DDOS protection for blockchain projects; network intrusion, hacking, and penetration testing; mining power consumption monitoring; public chain audits; and smart contract audits.
The collaboration between Elastos and KnownSec will greatly enhance Elastos’ network security and strengthen the foundation of its public blockchain. By conducting an audit in the near-term, Elastos will be able to address and amend security issues well in advance of their potential exploitation. The partnership with KnownSec is another step forward in building a sustainable and secure ecosystem.