In November 2008, Satoshi Nakamoto published the
whitepaper “Bitcoin: A Peer-to-Peer Electronic Cash System”, where he introduced a blockchain network based on proof-ofwork consensus algorithm and the concept of decentralized governance. Since then, blockchain technology has
experienced increasing growth and attracted attention from all industries. According to Coinmarketcap, in June 2019, the market capitalization of cryptocurrency has exceeded $250 billion. In the beginning of 2018, the value of crypto industry reached over $800 billion, with over 2,000 cryptocurrencies circulating in the market. Exchanges, wallets, dapps, media and other related sectors emerged and began to take shape in the market boom, however, there is still substantial room for further development and real adoption of blockchain technology.
Blockchain technology is still at its infancy stage, and unlike other industries, it must develop with its security technology synchronously. As blockchain is mostly applied in the financial sector now, security must be a high priority. Otherwise, vulnerability might cause huge irretrievable economic loss.
Economic loss relating to blockchain security incidents has been increasing every year. According to BCSEC statistics, in 2018, the number of critical security incidents reached a record of 139, resulting in economic loss of $2.238 billion. In the first half year of 2019, the number of critical security incident reached 68 cases, causing economic loss of $684 million. The means of security attack are constantly evolving and difficult to prevent.
Therefore, security requirements of blockchain projects have become top priority, and must develop in parallel with blockchain technology to ensure the healthiness of the entire industry.
Blockchain technology has not been widely adopted yet, let alone its security system which is more fragmented. This situation has led to a shortage of blockchain security testers.
Under this circumstance, the supply of blockchain security researchers is unable to meet the demand of blockchain development. It is impractical for small and medium-sized blockchain enterprises to hire a full team of security specialists to conduct comprehensive tests on their products.
This is why security crowdsourcing is an ideal mode, through which vendors could offer rewards when they need to conduct security testing. But this has led to another problem, that is, how to build trust between vendors and white hats. Vendors rely on white hats to assure their security and vice versa.
Trust can be built by blockchain technology. Blockchain based DVP would in turn guarantee blockchain security. They will complement each other and mutually expedite development of each other.
Therefore, to better protect the ecological security of the blockchain, BCSEC and PeckShield have jointly launched the DVP-decentralized vulnerability platform.Decentralized Vulnerability Platform Whitepaper