OpenZeppelin Signs The Sandbox for Its Metaverse Security Service

The Sandbox will be used by OpenZeppelin to monitor vulnerabilities and detect potential threats in real time.

Dec 19, 2022
by Michael
OpenZeppelin Signs The Sandbox for Its Metaverse Security Service
News

Features of OpenZeppelin's Defender

The Sandbox has signed up as the first customer of blockchain security company OpenZeppelin's new metaverse security service.

OpenZeppelin will audit smart contracts for The Sandbox, keep an eye on security flaws, and instantly identify potential threats to metaverse projects. The Defender, a security tool from OpenZeppelin, is used by the Sandbox and gives a summary of all Web3 transactions occurring there. With the help of The Defender, The Sandbox will be able to automate the management of smart contracts, including access controls, upgrades, and pausing. It will also be possible to monitor and quickly address smart contract exploits and receive notifications via email, Slack, Telegram, or Discord.

The startup, according to Forta's lead ecosystem developer Andrew Beal, is a massive decentralized alarm and security system for Web3. In order to provide The Sandbox with real-time detection and monitoring of anomalies in the metaverse ecosystem, OpenZeppelin will make use of Forta's expertise. According to OpenZeppelin, the metaverse's various elements—including NFTs, land tokens, native metaverse tokens, and a user marketplace—as well as the platform's underlying code offer a wider attack surface than DeFi applications.

Curbing Cyber Attacks in Web3

After numerous hacks and attacks this year, the subject of security in Web3 and the metaverse has drawn more attention. One of the biggest exploits was the $625 million loss caused by Axie Infinity's Ronin network hack. The Web3 Guard is a new set of browser security features that Opera launched today to protect cryptocurrency users from harmful exploits.

In order to secure Web3 applications, the Israeli cybersecurity startup CyVers raised $8 million earlier this month. Halborn, a blockchain security company, raised $90 million in a Series A round that was backed by Summit Partners in July.

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