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Forging Ahead with Better Service and Securer Solutions
Fairyproof’s Retrospective for 2022 and Wishes for 2023
2022 was a year full of hardships and challenges
Although the crypto space was still struggling in a bear market, hackers run rampant, ravaging users without mercy.
Numerous crypto users were exploited. They arrived expectant to a new world full of hopes and dreams, but left with tears and despair, away from the “wild west” crypto wasteland.
The positive side is that the crypto space witnessed numerous countries adopting blockchain technology, connecting every corner of the world and forming a seemingly endless new one.
As a blockchain security company, Fairyproof’s mission is to safeguard the blockchain applications and crypto assets of our clients. 2022 may not be a good year for the crypto space, but we were still firmly grounded in fulfilling our mission and striving to provide the best for everyone.
We feel the need to fulfill greater responsibilities, meet higher expectations, and overcome more challenges after experiencing these incidents and observing these losses.
A Retrospective of 2022
Increased Coverage of Fairyproof’s Products and Services
- Fairyproof’s automatic scanning system can scan and detect vulnerabilities in not just smart contracts, but also blockchain mainnets, sidechains, and more.
- Fairyproof’s audit service not only covers technical implementations, but also tokenomical models and governance models.
- Fairyproof’s intelligent system made great strides in big data’s purging, collection and processing, and machine learning particularly algorithm’s self-evolution.
Fairyproof Explored Broader Areas
- For Zero Knowledge (zk) technologies, Fairyproof developed an optimized system which combined the advantages of both Stark and Snark technologies. Fairyproof also greatly improved system efficiency with less resources. We have built a solid ground in zk system’s analysis, auditing and development.
- In Multi-Party Computation (MPC) technologies, Fairyproof has conducted extensive research in TSS signature applications and developed our own solutions which optimized conventional TSS signature technologies. We have also achieved significant efficiency with new features and advantages.
Fairyproof Dived Deeper Into Research
- Fairyproof applied for 3 Chinese patents and 1 US patent
- Fairyproof established a new and systematic model/pattern to describe and detect hacks and attacks from multiple dimensions including locked liquidity, transaction behavior, hacking pattern and more
- Fairyproof studied a series of EIPs including EIP-3475, EIP-4844, EIP-3525 and EIP-4626 and published research articles.
Fairyproof Covered Crypto Incidents More Closely and Timely
- Fairyproof published weekly and quarterly security reports.
- Fairyproof released detailed analysis and updates for various incidents.
Fairyproof Established Broader Social Connections
- Fairyproof actively participated in events held in Singapore, Miami, New York, London, Berlin, and Lisbon, and established close connection with popular projects including Aptos, zkSync, Mina, and more.
- Fairyproof actively participated in events and activities in the Ethereum community and had established a great connection with ECF.
- Fairyproof was interviewed and reported by famous media including Newsfilecorp, Yahoo, PANews and institutions including blockchain organizations from the National University of Singapore.
Fairyproof was Active in Blockchain Education and Non-Profit Events
- Fairyproof audited projects for a blockchain game Hackathon from South Korea.
- Fairyproof recorded videos for an organization in Singapore involving the education of security issues in Web 3 development.
- Fairyproof actively joined AMA events including Ethereum New Era by BlockBeat, Blockchain game-related NFTs and GameFi AMAs, and hosted an AMA for NFT Security during the World Cup.
Looking Forward to 2023
Fairyproof Will Extend its Research into New Applications, New Technologies, and New Regulation Patterns
- Fairyproof will conduct research into new applications including Digital Twin and AR/VR, their trends and security issues.
- Fairyproof will conduct research into Quantum Cryptography and its applications in blockchain.
- Fairyproof will conduct research into new trends and developments in crypto regulations, and how these regulations will be applied to crypto assets and transactions.
Fairyproof Will Build its Products and Services for the Whole Web 3 Architecture
- Fairyproof will build products and services that cover the whole Web 3 ecosystem
- Fairyproof will build products and services for each component of Web 3 architecture.
Fairyproof Will Release More Powerful and Intelligent Products
- Fairyproof is developing a comprehensive and high-level security monitoring system
- Fairyproof will develop products that monitor targets comprehensively from multiple angles
- Fairyproof will develop products that intelligently recognize and detect hackers’ behaviors and patterns
- Fairyproof will provide mutiple-leveled solutions to prevent attacks
- Fairyproof will develop products that detect a project’s risks that arise from correlated products.
Fairyproof Will Serve Customers More Efficiently with Better Services and Products
- Fairyproof will develop customized products and services dedicated to enterprise customers.
- Fairyproof will provide multi-leveled, multi-faceted services for customers.
- Fairyproof will develop products and provide services that cover a project’s entire life-cyle, and meet the different demands for different phases of a project’s life-cycle.
Fairyproof Will Deliver Updates and Reports of Crypto Incidents in a More Timely Manner
- Fairyproof will release updates and reports on security incidents timelier.
- Fairyproof will develop more methods and solutions to trace and track exploited assets, and restore them.
Fairyproof Will Conduct Deeper and Broader Research
- Fairyproof will release more research reports for more specific areas and fields in the crypto space.
- Fairyproof will conduct more research on the security situations of big institutions and organizations by studying both on-chain and off-chain information
Fairyproof Will Actively Establish Connections in the Crypto Space More
- Fairyproof will establish more connections with builders including teams behind blockchain infrastructure projects, mainnets, layer 2 solutions, and more.
- Fairyproof will build more connections with teams behind applications including DeFi, blockchain games, DAOs, NFTs, and more.
We have entered a new year. Fairyproof will soon turn two years old. We are new players in the crypto space and still have a long way to go. We still have a lot to learn from our peers and pioneers. All-in-all, we still cherish our dreams and bear our mission in mind.
No matter what is ahead of us – storm, rain or shine, we will firmly forge ahead, do our best, stand with the crypto space, closely collaborate with our clients, and build a new chapter for us and for all.