MonitorChain Presentation

Your first-line defense against programmatic heists. Monitorchain helps Investors, Token Exchanges and Token creators monitor for security breaches and smart contract hacks throughout the ethereum network.

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#cryptocurrency #ethereum #blockchain #security #ICOs #monitorchain

Originally published on: https://monitorchain.com/monitorchain-how-it-works/

Transcript

2. DAO 2016 - $50m Parity Bancor Batch Overflow Exploit Titanium Blockchai n POWH 2017 - $32m 2018 - $23.5m 2018 - $14m Estimated 2018 - $4.7m 2018 - $2.3m © 2018 Zenchain Inc.
3. • There are hundreds of Token Exchanges operational World-Wide • These exchanges are regularly targeted , hacked and exploited • Hackers use these exchanges as Dumping Grounds for stolen tokens Token Exchanges • There are over 550 tokens on Ethereum blockchain • These tokens can be vulnerable to smart contract hacks • Creators cannot suspend trading in case of an exploit or breach Token Creators (ICOs) • Traders unknowingly buy stolen / counterfeit tokens • These tokens, formerly assets later become useless • There is little to no recourse or asset recovery Traders and Investors © 2018 Zenchain Inc.
4. Ethereum is the largest blockchain to support Robust smart contracts for token creation. • Trading symbol: ETH • Up to 1.3m daily transactions • $45B ETH market capitalization (USD) • $18B token market capitalization (USD) • Tradable for hundreds of crypto and fiat currencies © 2018 Zenchain Inc.
5. • Run malicious scripts to exploit vulnerabilities • Steal token supplies from holders, particularly exchange wallets and developer reserve funds • Counterfeit tokens via smart contract exploit to create new fake tokens • Trade stolen tokens for Bitcoin, Ethereum, Monero and other crypto currencies • Virtually anonymous, operate across border • Can steal & launder hundreds of millions of dollars worth of cryptocurrency per heist © 2018 Zenchain Inc.
6. • Heists occur quickly, largely based on malicious scripts • Criminals rapidly launder stolen tokens on Crypto Exchanges • Poor communication, confusion, and false information delay response • Token Holders, Token Creators and Token Exchanges fall victim to fraud • Programmatic heists were faster than human-based exploit mitigation © 2018 Zenchain Inc.
8. Live monitoring of token contract health for up to the block detection of potential exploits, hacking or theft patterns. MONITOR Immediate notification when a token may have been compromised delivered directly via the Ethereum Network ALERT Take preventative action by smart contract oracle and get notifications before stolen/counterfeit tokens are used. PROTECT © 2018 Zenchain Inc.
9. Oracle-ready proprietary alert feed on the Ethereum blockchain Compatible with 550+ Ethereum tokens Automated transaction surveillance Live monitoring of token contract health for up to the block detection of potential exploits, hacking or theft patterns. © 2018 Zenchain Inc.
10. Five tiers of alerts based on threat severity Securely broadcasted over Ethereum in contract readable form Notifications instantly upon start of a suspected heist Immediate notification when a token may have been compromised delivered directly via the Ethereum Network © 2018 Zenchain Inc.
11. Take preventative action by smart contract oracle and get notifications before stolen / counterfeit tokens are used. Automated actions based on threat rank Freeze trading before liquidation occurs Block the ability to trade stolen tokens © 2018 Zenchain Inc.
12. • Nothing to alert. Good • Trading of more than 3% of total supply • Minting of more than 1% of total supply Notice • Sudden increase in transaction volume • Suspicious transaction patterns Warning • Transaction signatures indicate possible double spend • Transfers in violation of coded terms in smart contract • Substantial minting event Severe • Massive change of total supply in violation of minting rules • Transfers more than 1005 of total supply • Full balance of locked account holding > 10% supply transfered Emergency © 2018 Zenchain Inc.
13. • Reply “No Alert” Good • Email product supervisors • Log entry to file Notice • SMS product manager • Email product supervisors • Limit transaction volume Warning • SMS product manager • Email product supervisor • Temporarily pause trading Severe • Automatically suspend trading • 2FA required to resume trading Emergency © 2018 Zenchain Inc.
14. Seth Hornby Chief Executive Officer seth@zenchain.com Nikola Davidovic Lead Platform Developer nikola@zenchain.com Kyle Reagan Chief Operating Officer kyle@zenchain.com © 2018 Zenchain Inc.
15. Smart contracts are blockchain deployed programs that enforce transfers of logic and value precisely as their code intends in a self-executing fashion without the involvement of any intermediary. Decentralized Applications (DApps) are web applications that communicate with smart contracts providing a visual interface for users to interact with the blockchain. Cryptocurrency Tokens are a form of smart contract which create their own cryptocurrency as units of value that resides within the blockchain of an existing platform coin, most commonly Ethereum. Oracles are secure, trusted data feeds that verify and send external real world information to smart contracts to allow this information to trigger action by the smart contract code logic. © 2018 Zenchain Inc.
16. MonitorChain's instant security alerts protect exchanges, token creators, traders, and investors alike from the financial repercussions of hacks and fraud. Visit our website at https://MonitorChain.com to learn more about how MonitorChain can help your business.