Researchers from Polygon Labs and leading AI firms use AI to solve blockchain security problem

As the Web3 industry rapidly expands into sectors such as finance, supply chain, and healthcare, the growth of supply chain assets has reached an unprecedented $2.5 trillion.

London, United Kingdom – August 7, 2024 —

However, with this rapid expansion comes an increasing exposure to security vulnerabilities within on-chain smart contracts. These vulnerabilities have become a serious problem, with frequent incidents resulting in significant financial losses and undermining confidence and growth prospects in the industry.

According to SlowMist Hacked’s incomplete statistics, there were 223 security incidents in the first half of 2024 alone, resulting in losses of $1.43 billion. This number represents a staggering 55.43% increase compared to the same period in 2023, underscoring the urgent need for improved security measures in the blockchain space.

The root cause of on-chain security issues is multi-faceted, often rooted not only in vulnerabilities of smart contracts themselves, but also in human factors. Developers face the insurmountable challenge of checking all historical code for errors, while hackers are constantly exploiting existing vulnerabilities. Traditional security firms typically serve large clients for auditing services, leaving everyday users, developers, and small-to-medium projects without adequate protection.

To address this urgent challenge, researchers and developers at AI+Web3 Add Labs launched the InfluxAI project. Based in the UK, Africa, and the US, Add Labs was founded by David Adeola and consists of a seven-person team, including experienced smart contract researchers from Polygon Labs and leading AI companies, as well as experts in AI training and development. Prominent Hong Kong-based venture capital firm Harmon Venture invested in Add Labs, recognizing the transformative potential of InfluxAI.

InfluxAI is pioneering a novel approach to blockchain security by introducing an AI-driven on-chain security model. This model leverages machine learning on historically attacked code to identify vulnerabilities, providing a proactive layer of protection. In addition to machine learning, InfluxAI leverages oracles and big data analytics for real-time monitoring, enabling rapid detection and mitigation of potential security threats.

One of the key advantages of AI-based on-chain security is its higher accuracy and responsiveness compared to traditional security measures. This innovative approach offers proactive security guarantees to over 200 million on-chain users, developers, and project teams, significantly improving the overall security landscape of the blockchain ecosystem.

InfluxAI offers a set of products designed to comprehensively meet the needs of users, developers and projects:

• Asset Guard for Users: This tool allows users to verify the security status of smart contracts through AI-powered analysis. It assesses transaction history, contract functionality, liquidity, ownership, and developer credentials, providing users with a clear understanding of the security risks associated with a specific contract.
• Smart Detector for Developers: This product includes SDK and linting tools designed to identify and fix contract errors during development. By increasing efficiency by up to 30% in smart contract deployment, Smart Detector helps developers create more secure contracts with greater ease and speed.
• Loophole Solution for Projects: This automated audit tool increases audit efficiency and affordability for small and medium-sized projects. By providing transparency through audit results captured on the blockchain, Loophole’s solution makes high-quality security audits available to a wider range of projects, supporting a more secure blockchain environment.

The launch of InfluxAI marks a significant step forward in the quest to secure the blockchain ecosystem. Using the power of AI, InfluxAI aims to deliver comprehensive security solutions that address the unique challenges faced by users, developers, and projects in the Web3 space.

The need for robust security measures in the blockchain industry cannot be overstated. As the industry grows and evolves, the importance of securing on-chain assets and smart contracts will only increase. InfluxAI’s innovative approach, backed by the expertise of researchers from leading AI firms and Polygon Labs, offers a promising solution to the urgent security challenges facing the blockchain ecosystem.

For more information about InfluxAI and its groundbreaking approach to blockchain security, please visit https://www.influxai.io/

Contact info:
Name: David Adeola
Email: Send Email
Organization: InfluxAI
Website: https://www.influxai.io/

Edition number: 89137637

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