Step By Step To Secure A Protocol: Monadex Edition.
We are in the middle of 2024, which always os a good period of the year to review the state of things. In this Medium we talk about web3 security so I am curious to know how we improve securing in this year.
Oh, boy. Seriously? Is impossible to build a secure protocol after all these years?
Of course it is possible. Let’s build one together.
Developers world vs Community world
Let’s look back at the history of blockchain when a group of developers imagined a new world with a decentralised database and a code they called smart contracts. On those 2 unique concepts, they started to imagine infinite ideas and features, some incredible, some impossible, and the blockchain world started to grow based on the idea of constant creation . Every action was like a game where you either win or lose. It didn’t matter, they were developers creating a world for developers.
A world extremely volatile but full of innovative ideas. An attractive chaos, like a universe after the big bang. A crazy world with no tests, no documentation, just pure and constant growth.
But suddenly, this forward march attracted the first settlers. People who want to establish themselves, sow and harvest. To build spaces to meet with other settlers and exchange goods. And the blockchain changed forever.
Almost without realising it, it has been divided between the pioneers, the developers and their continuous creation without rules, and the settlers and their market and service communities.
Unsecure vs Secure
Look at the differences between the old and the new model. Between a developer’s world and a community-driven one.
The developer world was essential, but as in other stories of conquest, sooner or later it must be replaced by the community that will make it grow and evolve.
All the previous model, all the protocols that were built one or two years ago will become obsolete because they were build thinking in developers. The new generation of protocols should be built thinking in the community, taking care of their needs and understanding that the community is the true owner of the ecosystem.
The Community Demands A Highly Secure Protocols
Now that we have established who the true owners of the ecosystem are, let us understand what is always the first demand of a community. You are right, security. Probably we still have a lot of companies, protocol developers, working with the old model, but we are at a turning point where companies are starting to internalise 2 basic principles: Security first mentality and 100% community oriented.
And it all starts with the team. A next-gen web3 team needs a security researcher as one of its components from the start. We can build teams with just developers. We will probably also need a community manager and a business person in teams from the start, but at least a security lead to look after the protocol.
The new and improved recipe for protocols
Typically, the security of a protocol consists of a final audit carried out within 15 days. We must reject this concept as junk food. It is time to cook a good protocol, using the best ingredients and cooking it slowly.
Ingredient 1: Security first mentality
Developers should present standardised solutions wherever possible. The main mission is to create a secure environment that evolves organically.
Ingredient 2: 100% community oriented
The community is a mature entity with a high level of knowledge of the ecosystem. Design with a high degree of choice, so that the community decides how to use the protocol.
Ingredient 3: Bringing web2 techniques to weB3
A security team separate from the development team. Tests and audits performed by the security team. Let the development team work: Don’t be intrusive.
Ingredient 4: Securing both sides: blockhcain and website
Smart contracts and the website live in 2 different technologies: The blockchain and the cloud. Ensure security on both sides.
Ingredient 5: Continuos and real time monitoring
Continuously monitor key variables to identify potential deviations from expected responses. Baselines, number of daily transactions, balances,…
Ingredient 6: Proactive and automated responses
Design of action plans, i.e. disaster recovery plans, in the event of failures or external attacks to preserve the protocol’s resources.
Don’t let them tell you what you can’t do.
Both Monadex and Nomad.Monad are building our protocols with the understanding that the real owners are you, that we are building habitats that the community will take and develop ad infinitum.
Our mission is to deliver a product that you feel confident in, so that you can decide how it is built and how it is organised. That is why we dedicate 100% of our effort to create an environment where security is not a concern and you can devote 100% of your energy to making it grow.
We count on you. Let’s build the web3 next generation together.
