BlockSec, which focuses on blockchain architecture security, has recently completed an angel+ round of financing worth nearly 50 million yuan ($7.46 million), 36Kr reported on July 6. This round of financing was jointly led by Vitalbridge and Matrix Partners, followed by Mirana Ventures, CoinSummer and YM Capital.
From an industry perspective, much like the traditional banking industry, the basic units of the blockchain world are accounts with different balances within which users can manually make transactions between different accounts. With the popularization of new blockchain technologies such as ETH (Ethereum), technologies including smart contracts that automate transfer transactions by executing open-source code, have attracted wide attention from developers and users.
BlockSec is a blockchain security company and its current business mainly focuses on smart contract security. Zhou Yajin, co-founder of the company, said that taking the uplink deployment time of smart contracts as the dividing point, BlockSec provides code audit services for smart contracts before deployment, and monitors blockchain data in real time after deployment. Should an attack be found, its platform will carry out a corresponding counterattack to block the intrusion while beginning loss recovery.
Regarding the code audit of smart contracts, Zhou mentioned that there are different ways to achieve the company’s goals in the current industry. BlockSec found that many security vulnerabilities are related to the specific business situations of smart contracts. Relying only on the assurance of correct coding cannot guarantee the security of the whole smart contract. Therefore, in any given operation, BlockSec will be proactive and conduct code audits using specific techniques including Fuzzing.
As for the team, two co-founders of BlockSec, Zhou Yajin and Wu Lei, both received their Ph.D. degrees from North Carolina State University in the US, and they are currently professors and associate professors at Zhejiang University respectively. Since 2018, they have conducted blockchain security research in academia for many years. In addition, they also served as Qihoo 360’s security researchers.
On the whole, BlockSec not only has team members from the computer industry but also from backgrounds such as finance and mathematics. As a result, the team is working towards analyzing specific business situations and providing customers with a comprehensive security service.