Southeast Asia’s Impenetrable Blockchain Fortress
How RedFOX Labs Defeats Network Intruders
Go anywhere on the blockchain, and you’ll find someone trying to steal your crypto.
There I was, quietly minding my own business in the RedFOX Labs Telegram channel.
Ding. A notification. Who could that be?
Well, it’s none other than the man himself, phony Bitcoin Benny. Hmm… now, why would the CEO and co-founder of RedFOX send me a private message?
No particular reason. Just checking in on little old me to see if there’s any way he can be of assistance. Because, you know, project CEOs have ample time to initiate random chats with thousands of members.
Now, crypto newbies do get swindled now and then, but anyone sensible enough to read between the lines can see right through this type of scam.
Red flags fly and alarm bells ring when you see these indicators:
- Chat admin messages you before you message them
- Username and Bio don’t match that of the real admin
- Broken English
- Asks probing questions about your crypto holdings or project investments
- Guarantees of sky-high returns — 11% weekly in this case
Yeah, sure, “mate,” everything is on the up and up here!
Unfortunately, personal attacks are but one of many angles scammers use to steal funds from the blockchain.
Overall thievery in the crypto space racks up mind-boggling numbers. Between exit scams, exchange hacks, and infrastructure intrusions, cyberthieves absconded with $356M in Q1 of 2019 alone.
The blockchain industry hemorrhages an average of $100M of crypto per month — which means hackers are on pace to siphon $1.2B this year. Those are some heavy bags!
While RedFOX can’t feasibly protect every member of their growing community, they’re taking utmost precaution with ensuring their blockchain is immune to bad actors.
Now, one of the blockchain industry’s most dangerous attacks is of the 51% variety — where bad actors commandeer a blockchain network by temporarily controlling the majority of its computational power.
And in case you’re unfamiliar with how 51% attacks play out — and how RedFOX is using ready-made tech from Komodo Platform to prevent them — here’s an article to get you up to speed:
But today’s article isn’t necessarily about how; it’s more about why RedFOX Labs chose Komodo’s delayed Proof of Work (dPoW) to keep their chain under lock and private key.
However, before we continue, I’d like to be upfront with you:
Disclaimer: This is not investment or financial advice. Information within this article is primarily speculative opinion, and for entertainment purposes only.
Always conduct your own research before involving yourself with any project — in or out of cryptoland. The author holds RedFOX Labs’ $RFOX & Komodo Platform’s $KMD cryptocurrencies.
High-Tech Fuel for High-Speed Growth
Some blockchain projects languish for years before bringing a product to market. After all, it’s a complex industry running hordes of sophisticated algorithms.
As the industry evolves, it’s no longer enough to ride on the back of a whitepaper. Companies agile enough to execute on their ideas before the competition are the ones that run ahead of the pack.
And agility is part of what gives RedFOX its competitive edge. As the team identifies businesses to replicate, pre-baked tech means they’re well on their way to creating the next Southeast Asian unicorn.
Now, if you’re still unaware of RedFOX’s plans within the tech-savvy region of SEA, here’s an overview for you:
I can’t stress enough how beneficial Komodo’s tech is to RedFOX’s rapid development.
Loads of blockchain startups are still building and testing and tinkering with their tech. But RedFox Labs has the luxury of leveraging battle-tested technology that’s ready and waiting.
And at the heart of RedFOX’s Komodo-powered security lies the dPoW protocol.
Putting up Resistance
Do you think a crook would prefer to burgle a house containing a barking dog or one with no dog at all? I’m sure you have the definitive answer.
The same concept applies to blockchain security. When it comes to keeping your network from succumbing to attack, there’s no louder canine than bitcoin.
Cost alone is enough to deter any hacker from attempting to overpower bitcoin. Bad actors recognize the network as undefeatable and move along to an easier target.
And through the ancient art of notarization, dPoW chains have a copy of their network implanted directly into the bitcoin blockchain, every 10 minutes.
Unlike vulnerable closed-source protocols that attempt to piggyback on the BTC network, dPoW projects like RFOX & KMD use the BTC network to notarize backups of their blockchains.
By using Komodo’s dPoW invention, RedFOX essentially converts their blockchain into a citadel surrounded by a bitcoin moat.
Being able to harness the protection of bitcoin is why KMD created dPoW in the first place. By utilizing dPoW, RedFOX’s network is as secure as bitcoin’s. And that’s as safe as you can get within the crypto space.
But rather than going the easy route and resting on their laurels, RedFOX Labs elevated their security efforts by inking a new partnership.
Bostering Preventative Measures
Running a business on blockchain technology can be a dangerous proposition. And RedFOX’s security-first approach lead the team to partner with cybersecurity firm Hacken.
Hacken is an outfit of white hat hackers — the kind with morals — that work alongside companies to discover and repair vulnerabilities. Patching network holes in advance minimizes the threat of attack.
Cryptoland is one of the most perilous markets in which to operate a business.
RedFOX Labs is a venture builder. And building blockchain-powered ventures requires making network security priority number one.
As RedFOX builds enterprise-level solutions, Hacken will audit each startup’s code and dive deep into security assessment.
So, not only will RedFOX-powered startups enjoy the security of bitcoin itself, they’ll have direct access to a leader in global cybersecurity consultancy.
To ensure the relationship is equal give and take, RedFOX is giving Hacken open-source access to products and services.
Like any respectable partnership, RedFOX and Hacken share the same values. Crypto alliances are critical because they combine and multiply the number of individuals working towards a common goal.
And in the case of Hacken and RedFOX Labs, the mission is secure, intruder-free blockchains for all businesses interested in building one.
Wrapping Up
Let’s face it — the immaturity of the blockchain environment makes it a breeding ground for scams. Confused newcomers can be easy prey.
But while certain activities are out of most projects’ control, the smart ones take network security seriously. After all, what good are profits if you allow thieves to swipe them from you?
When businesses feel safe on the blockchain, they’re free to fly as high as their imagination takes them. In turn, enhanced safety leads to broader acceptance and use of distributed ledgers.
Blockchain tech opens a realm of limitless possibilities and RedFOX Labs — now in collaboration with Hacken — is building businesses that operate under the gold standard of blockchain security.
Shameless Plug
If you enjoyed the read and would like help getting your crypto message to the masses, I’d love to hear about your project.
Even if you only want to chat about crypto or your favorite blockchain innovations, you can find me here: blockchainauthor at Gmail
And, you can always reach out on Crypto Twitter
