The innovative DeFi security solution launched by DVP abridging the gap between the white hat community and blockchain vendors has been a massive success.
As more investors turn to decentralized currencies in a view to diversify their portfolio as well as to leverage from its massive growth in recent times, many are grappling with the other side of the dream investment. The crowd-testing platform launched by DVP (decentralized vulnerability platform) turned heads in the industry owing to its innovative approach keeping up with the spirit of the industry. The platform introduced the concept of “vulnerability discovery is mining”, white hats who made contribution would get a certain reward. On 10 Feb 2020, the price of DVP hit the all time mark at ＄0.18（+78%）, with a healthy trading volume of over $23 million. This recent price hike points to the widespread acceptance of the venture by the market. DeFi ventures frustrated with the increasing number of errors and scams that have the potential to rip their project from the root are finding a haven in DVP. The ecosystem which brings together the white hat community to conduct multidimensional audits of smart contracts and protocols for bugs and scams has proven to be a smart and efficient DeFi security solution in a short space of time.
DeFi has a strong need for security
bZx, (the eighth-largest decentralized finance project according to DeFi Pulse) underwent two attacks in Feb 2020 throwing light on the underlying loopholes in DeFi security. The first one amounted to $3,50,000 worth of Ether soon followed by another netting $633,000. In the last week of June, Balancer Protocol lost $449,740 owing to another flash loan attack. Coingeek reports that in 2020 alone, the DeFi industry lost $154 million to 17 major DeFi exploits and hacks.
The widespread attention garnered by DeFi is unprecedented as digital assets, financial smart contracts, protocols, and decentralized applications, continue to make a rapid impact on the crypto market. Decentralized finance is successfully conquering the trust of global investors especially in the event of stock buying restrictions on many traditional trading platforms.
While DeFi aims to facilitate a financial ecosystem that is accessible to all by eliminating the trust element from transactions, the incidents of bugs, scams, and sudden failures in the industry are raising a brow. They have surprisingly managed to keep in line with the ever-rising number of Defi protocols spawned into the market. To make things worse, a few illegitimate projects have also put the integrity of the industry into question. The reliability of the ecosystem and the safety of digital assets are in question.
DeFi opens up a great deal of opportunities for the global finance sector. Dealing with the security issues faced by the industry is the need of the hour which can only be efficiently accomplished by bringing together skills and expertise. And that’s exactly what DVP does. DVP introduces an effective community-led security solution to tackle the security issues in the DeFi space — a crowd-testing platform that launches bounty programs and invite white hats to conduct massive testing of blockchain products for vulnerabilities.
DeFi protocol vulnerabilities put the project as well as the community in threat. It requires a strong technical background to do so. However, most companies today can’t afford it. And security companies in the market have some efficiency and price issues.
DVP solves the problem in the bud. DVP has a strong technical community, and through vulnerability mining, attracts white hats to help vendor carry out security reviews and testing. The white hat is encouraged to mine for vulnerabilities through an exciting bounty plan. This is the central idea that drives DVP.
DVP has an impressive track record that vouches for the mature business model we put forth. Some of the reputed blockchain vendors to use the DVP solution include Gate.io, Cobo, F2pool, Vechain, Coinw, Kcash, Contentos, and Neo.
A skilled team of professionals
DVP executes an anonymous security crowd-testing platform by effectively combining the potential of blockchain technology and token-incentive schemes. The white-hat community scattered around the world are brought to one place through the DVP bounty plan. They are offered attractive incentives to find the hidden vulnerabilities in the codes thus maintaining the competence of the platform. DVP takes pride in hosting a large technical community with more than 15000 White Hats by teaming with the world’s top security communities like PeckShield and BCSES.
Adequate infrastructure and resources
One of the prime factors that have contributed to the success of DVP is adequate resource and infrastructure support. This enables DVP to bring together a larger community of white hat experts, expand the range of services, specialize in each, and offer customized solutions at competent prices.
Strategic partnerships to bolster the ecosystem
DVP forms partnerships with reputed ventures in the industry to facilitate a relevant and user-friendly platform for users.
Recently, DVP joined hands with TenetFarm, a cross-chain Automated Market Maker (AMM) connector that provides a decentralized Liquidity Tap for various tokens and RAI Finance, a protocol designed to provide DeFi with a wider spectrum of assets, more liquidity, and a diverse range of financial use cases. DVP-TENET alliance aims to improve the safety and usability of the DeFi infrastructure whereas the DVP-RAI alliance will facilitate the development of a safe cross-chain liquidity aggregator.
DVP will improve the safety of partner block chain vendors by launching vulnerability bounty programs to invite white hats from across the globe for security testing of the platforms.
The road ahead
The All Time High witnessed by DVP is a testimony to the efficiency of the platform. The trust the community places in us pushes us to go that extra mile to safeguard the interest of the DeFi industry. We will continue to support the ecosystem in its revolutionary growth.
For more information, please visit https://dvpnet.io.
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DVP Hits All Time High (ATH) as the crowd-testing solution garners attention from global investors was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.