NEW YORK, July 9, 2022 /PRNewswire/ — Blockchain security startup BlockSec announced the completion of the Seed Plus funding round with $8M raised. The funding round was co-led by Vitalbridge Capital and Matrix Partners, with participation from investors Mirana Ventures (Venture Partner of Bybit), CoinSummer, and YM Capital.
Founded in 2021, BlockSec’s mission is to provide security infrastructure for the entire blockchain ecosystem. With cutting-edge technologies, BlockSec enhances the security of decentralized applications, detects high-impact blockchain vulnerabilities, and blocks sophisticated security attacks.
Since last year, BlockSec has provided security audit services to more than one hundred clients, in both Solidity and Rust ecosystems. BlockSec has developed a real-time on-chain monitoring system to block ongoing attacks and rescued more than 5 million assets, including 3.8 million for the stablecoin DEX Saddle Finance . BlockSec has identified multiple critical vulnerabilities on the Solana blockchain, with nearly one million bug US dollar bounty awarded. Also, the flash loan monitoring system  and the transaction visualization system  developed by BlockSec are two public tools widely used by the blockchain security community.
With the raised funding, the company plans to expand its research and production team and provide the on-chain monitoring and attack interception capability to more decentralized applications.
A blockchain is a decentralized, distributed, and oftentimes public, digital ledger consisting of records called blocks that are used to record transactions across many computers so that any involved block cannot be altered retroactively, without the alteration of all subsequent blocks. This allows the participants to verify and audit transactions independently and relatively inexpensively.
A blockchain database is managed autonomously using a peer-to-peer network and a distributed timestamping server. They are authenticated by mass collaboration powered by collective self-interests. Such a design facilitates robust workflow where participants’ uncertainty regarding data security is marginal.
The use of a blockchain removes the characteristic of infinite reproducibility from a digital asset. It confirms that each unit of value was transferred only once, solving the long-standing problem of double-spending.
A blockchain has been described as a value-exchange protocol. A blockchain can maintain title rights because, when properly set up to detail the exchange agreement, it provides a record that compels offer and acceptance.
Logically, a blockchain can be seen as consisting of several layers:
- infrastructure (hardware)
- networking (node discovery, information propagation and verification)
- consensus (proof of work, proof of stake)
- data (blocks, transactions)
- application (smart contracts/decentralized applications, if applicable)