Blockchain Architecture Security Enterprise BlockSec completes Angel + Round Financing
BlockSec, which focuses on blockchain architectural security, has recently completed an angel + funding round worth nearly 50 million yuan ($ 7.46 million), $ 36 reported on July 6. This round of financing was led jointly by Vitalbridge and Matrix Partners, followed by Mirana Ventures, CoinSummer and YM Capital.
From an industry perspective, much like the traditional banking industry, the basic units of the blockchain world are accounts with different balances where users can manually make transactions between different accounts. With the popularization of new blockchain technologies such as ETH (Ethereum), technologies including smart contracts that automate transfer transactions by performing open source code have attracted much attention from developers and users.
BlockSec is a blockchain security company and its current business focuses mainly on smart contract security. Zhou Yajin, co-founder of the company, said that with the connection distribution time to smart contracts as the dividing point, BlockSec offers code revision services for smart contracts before distribution, and monitors blockchain data in real time after rollout. Should an attack be found, the platform will perform a corresponding counterattack to block the intrusion while the loss recovery begins.
Regarding the code revision of smart contracts, Zhou mentioned that there are different ways to achieve the company’s goals in the current industry. BlockSec found that many security vulnerabilities are related to the specific business situations of smart contracts. Relying solely on the assurance of proper coding cannot guarantee the security of the entire smart contract. Therefore, in any given operation, BlockSec will be proactive and perform code revisions using specific techniques, including Fuzzing.
As for the team, two co-founders of BlockSec, Zhou Yajin and Wu Lei, received their doctorates. degrees from North Carolina State University in the United States, and they are currently professors and associate professors at Zhejiang University, respectively. Since 2018, they have been conducting blockchain security research in academia for many years. In addition, they also served as Qihoo 360’s security researchers.
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On the whole, BlockSec has not only team members from the computer industry, but also from backgrounds such as finance and mathematics. As a result, the team works to analyze specific business situations and provide customers with a comprehensive security service.
