How Haven Amped Up Its Security Measures — With Haven 2.0?
Haven is the world’s only private blockchain network for stablecoins. In recent times, as more and more blockchain networks and cryptocurrencies are emerging, there is significantly more emphasis on the privacy of end-users.
While numerous people explore networks such as Bitcoins and Ethereum, a specific niche is looking to develop, use, and propagate blockchain projects closer to the core philosophy with which cryptocurrencies were first built.
These philosophies include true independence, complete autonomy over money, and zero interference from authorities, mediators, or intermediaries. The final one needs completely decentralized systems and a private network such that transactions and assets cannot be traced by an outsider such as the government or any third party.
Haven is a stablecoin cryptocurrency project built with this intent. People can participate in cryptocurrency transactions and leverage services without worrying about the volatility of the crypto market.
The project also recently upgraded to Haven 2.0, in which security measures seemed to be one of the primary focuses. Here are a few security measures it set up that can be a fundamental framework for any crypto project.
Code And Security Audit
Haven 2.0 had implemented a new burn and validation logic, and to ensure that its security standards were up to the mark, it employed CyberStack to perform a security audit. A detailed report by the same company showed the good aspects of the code while also suggesting improvements in certain areas.
Penetration testing is essentially the process of simulating attacks on a system that might occur in real-time and finding out how strong the network’s security is, the flaws and loopholes within it, and how they can be fixed.
Haven 2.0 performed pen tests throughout the development process by collaborating with a Monero specialist. Thus, it improved the code and optimized it to attain maximum efficiency and security.
Bug Bounty Program
This is becoming an increasingly popular way to gain more traction from blockchain and cryptocurrency experts. The program allows people to identify loopholes and flaws within the system, report them to the team, and gain bounty rewards in exchange for them.
Haven 2.0 offers a $100K bounty for people who report critical loopholes within the system, intending to create a community of experts who can help the project become better.
Besides these, there are other efforts, such as unit tests, codebase refactoring, etc., that the team has taken. These measures might be pretty fundamental but still seem to be neglected by numerous companies.
So other emerging blockchain projects can use this as a basic framework that needs to be followed while also making efforts to build on top of this framework and enhance the security of the blockchain network.