Israeli crypto firm Ironblocks has launched Venn, a new security layer designed to enhance the safety of blockchain transactions. Venn aims to prevent multimillion-dollar attacks and hacks by vetting transactions before they are executed.
Venn operates as a decentralized network, consisting of multiple node operators working together to ensure the legitimacy of transactions. By adding an extra layer of security, Venn offers customers, such as lending protocols, the assurance that their transactions are monitored for any suspicious activity.
Unlike traditional blockchain operations that add transactions to the ledger, Venn acts as a gatekeeper. It evaluates proposed transactions to identify and prevent fraudulent activities from being executed on the blockchain.
One of the key advantages of Venn is its ability to review and revoke transactions before they are finalized. This feature provides a level of protection against malicious activities, offering a proactive approach to safeguarding assets in the crypto space.
While Venn is not yet live, it is scheduled to go to testnet soon. The network’s security will be maintained through restaking, ensuring the integrity and reliability of the system.
Ironblocks, the company behind Venn, will oversee the network’s operations with the support of a security council. The network will offer additional security checks that customers can opt to include for enhanced protection.
As Venn progresses, there may be opportunities for the issuance of a token or a points program to incentivize network participation. These mechanisms can further empower users and operators within the Venn ecosystem.
By introducing Venn, Ironblocks aims to address the ongoing challenges of security and fraud in the crypto industry. With its innovative approach to transaction verification, Venn promises to set a new standard for secure blockchain operations.