- Web3 projects have come forward with a test of critical security requirements to test protocols before interacting with them, to fight hacks.
- The Solana Foundation acknowledges that the state of web3 security is in need of improvement, therefore developing a baseline security standard.
- The test defines a minimum level of security expected from web3 projects and offers users an opportunity to evaluate the quality of a project before engaging with it.
The web3 ecosystem has suffered exploits in 2023, urging firms like The Solana Foundation, Immunefi and Trail of Bits to come forward with a set of questions to review security performance of projects.
The results would enable web3 users to identify the quality and security infrastructure of a project before interacting with it.
The Rekt Test: Web3 giants promote baseline security standard
Immunefi, a bug bounty security platform, is working on the launch of “The Rekt Test.” The word Rekt is from crypto lingo refers to someone who has experienced a heavy financial loss due to a wrong trade or investment.
A group of industry giants have created a test that guides web3 projects through a set of questions designed to ensure they adhere to a minimum level of security performance, so its easier to evaluate the quality of a project before engaging with it.
The test covers system documentation and roles, key management and access control, incident response and crisis management, team and personnel security, code security and testing, external audits, among other things.
The Solana Foundation collaborated with Fireblocks and Ribbit Capital to develop this test alongside a group of web3 security experts.
Impact on web3 users
Web3 users can use the test’s results before entrusting projects with their funds in the ecosystem. According to Immunefi’s recent report, over $3.9 billion was lost to hacks and scams in web3 and a large volume of capital incentivizes attackers to exploit projects. The implementation of “The Rekt Test” is therefore likely to have a positive impact on web3 users.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.