Blockd Basic: An Introduction

No matter how carefully we protect our blockchain accounts, things happen. Your wallet or mnemonic could be phished, your website or Geth could be hacked, your hardware wallet could even be stolen by an acquaintance. In each of these cases, once your key is taken, your funds are gone.

Just kidding.

Blockd Basic secures your blockchain account even after it’s been hacked. If we see unauthorized transactions originating from your account, we immediately broadcast a “blocker” transaction that you previously approved, replacing the malicious transaction and sending your funds to safety. Basic is not a replacement for any other security, it’s simply another layer you can add on top.

How it works for you:

  1. You sign transactions sending your protected wallet’s full balance to a safety wallet you control, then submit those transactions to Blockd. These transactions are not yet broadcast to the blockchain!
  2. Blockd monitors the blockchain for pending transactions originating from your protected wallet.
  3. If a pending transaction is seen, Blockd checks to see if it meets your criteria on allowed transactions. If it doesn’t, Blockd broadcasts your blocker transaction, sending your full account balance to safety.

How it works for them:

  1. Hack/phish/steal a wallet.
  2. Steal the funds from that wallet.
  3. Wait, why were the funds sent somewhere else?
Very quick demo of what Blockd is all about.

And, as is necessary, Blockd Basic is completely trustless. We never have access to your private key (all signing is done through client-side Javascript) and we can never send transactions you do not approve and sign. Even if we get hacked, the worst that can happen is your funds could be sent to your safety wallet unnecessarily.

In addition to all of this, we can protect dapps. Dapp protection may entail the owner signing a withdraw/pause/save transaction or our service having special approval to do those actions. We would track pending transactions to the dapp, analyze their effects, and act accordingly. There is enormous security benefit from this system.

Simple diagram of Blockd smart contract protection.

A security breach or experimentation could be spotted and avoided on a dapp. This can include everything from alerting the developer if a user is making suspicious transactions, to enacting a full shutdown if a transaction is analyzed that would withdraw all contents of the contract. In a world with so many targets attractive to hackers, this system is an absolute necessity.

The last (not necessarily in the roadmap but in discussion) big branching out, of course, is Blockd moving to more blockchains. There are other blockchains that use the same or similar RBF protocols and Blockd protocols currently in development may be able to secure almost any blockchain.

P.S. If you would like to view Blockd’s in-depth technical documentation, check out this article.