Beosin launches a new security + compliance solution to protect the Bitcoin ecosystem

Recently, Beosin, a world-renowned Web3 security compliance company, grandly launched a new security + compliance solution for the Bitcoin ecosystem . As the most influential cryptocurrency, Bitcoin’s ecosystem security has always attracted much attention. Beosin is well aware of this and has launched a security + compliance solution specifically for the Bitcoin ecosystem , aiming to provide a complete protection mechanism for all parties involved in the Bitcoin ecosystem.

Beosin’s security + compliance solution for the Bitcoin ecosystem

Because BTC Layer2 such as Merlin Chain and BSquared Network support Solidity and EVM at the settlement layer and execution layer. The development process and required tools for developing decentralized applications on BTC Layer2 are almost identical to those on Ethereum. Applications can also be migrated to other EVM-compatible public chains. The following security practices can improve your project’s contract security:

1. Be prepared for an attack

All smart contracts may have loopholes. For BTC Layer2, the problem of contract loopholes cannot be ignored. Therefore, when the project team develops the contract, it should set up an emergency pause function in the contract and formulate a risk response plan to quickly respond and repair vulnerabilities when risks arise .

2. Pay attention to smart contract operation issues

Solidity does not have floating point numbers, and the accuracy of the operation results needs to be considered when operations are involved, especially when calculating the number and price of tokens. Developers should pay attention to the order of operations, use higher-precision data types such as uint256 to store variables, and then perform operations .

3. Pay attention to smart contract upgrade issues

Regarding contract upgrades, project parties need to pay attention to the following points:

● Avoid calling external libraries in the deploy contract because it is difficult to predict how external libraries will affect the contract's storage access.

● During the upgrade process, be careful not to overwrite the data of stored variables.

● Try to avoid constructingperform any operation within the function

4. Use a multi-signature wallet

BTC Layer2 and Dapp project parties need to consider using multi-signature wallets to manage project treasury and related smart contracts. Multi-signature accounts need to be held by multiple entities to avoid potential access control risks and internal evil. Currently, projects such as Merlin Chain, B2Network, and Bouncebit all use multi-signature for asset management.

5. Smart contract audit

Smart contract audit is to systematically test and review the smart contract code to discover potential security loopholes as much as possible, eliminate security risks, and ensure that the code has no business logic loopholes and conforms to the expected operating process and results. Regular security audits of the project's smart contracts are crucial. It is recommended that the audit be conducted after the contract development is completed and before the mainnet contract is deployed.

As a world-leading blockchain security team, Beosin focuses on blockchain security and formal verification technologies, provides detailed and comprehensive security audits for BTC ecological applications, and is committed to providing advanced security protection for the entire BTC ecosystem. Its main security audit items include:

•Overflow vulnerability

•Replay attack

•Unsafe random numbers

•Transaction sequence dependence

• Denial of service

•Access control

•Improper permissions

•Variable override

•Business design

•Business realization

• Manipulated token prices

•Arbitrage attack

•Gas optimization

•Security of third-party modules

•Upgrade security

•Centralization risk

Previously, Beosin has completed security audits on multiple BTC ecological projects such as 1Cat, Savmswap, and bitSmiley . Recently, Beosin conducted a smart contract audit on Surf Protocol, a DeFi project on the Merlin Chain. Through formal verification, manual audit by security experts, and static analysis, it detected Surf Protocol's core business code and helped Surf Protocol fix the abnormal update of its protocol funding rate and liquidation errors.

https://www.beosin.com/audits/Surf%20Protocol%20V2_202403281200.pdf

In addition, Beosin KYT has supported the BTC mainnet and officially supported the Merlin Chain mainnet on April 18. Through a large number of BTC address labels and black address libraries, Beoisn KYT can quickly identify suspicious transactions, conduct comprehensive risk assessments of addresses (whether they involve attacks, dark web transactions, coin mixer use, fraud, extortion activities and gambling) and identify on-chain relationships. Risk, the ability to help exchanges and project parties build KYT (Know Your Transaction) and continuous address risk assessment for BTC and its layer2 network.

KYT can not only conduct compliance inquiries on address transactions within the Merlin Chain platform, but also supports cross-chain automatic penetration and correlation to BTC L1 for risk-related inquiries to prevent risk funds from being laundered through Merlin Chain. The address panel will display the target address's risk score, address label, and funding activity.

KYT also provides users with a clear view of the flow of target address funds on the chain, making it easier for users to inspect and analyze related addresses and transaction paths.

Beosin KYT’s upgrade of the BTC ecosystem provides complete compliance services to project parties and related exchanges in the BTC ecosystem.Help it identify suspicious activities in BTC ecological asset transactions and demonstrate the compliance status of on-chain activities.This continuous optimization and upgrade ensures that KYT products can maintain high accuracy in the face of the ever-changing crypto market and illegal funds on the chain, helping the compliant development of the Web3 ecosystem.

As a blockchain security compliance company with global influence, Beosin will continue to work hard to contribute to the security and compliance development of the global blockchain ecosystem. Through continuous technological innovation and excellent services, Beosin will continue to lead the industry's security standards and provide users with excellent security and compliance services.