GM Vietnam: Event Recap
This year, leading up to GM Vietnam, one of Southeast Asia’s most anticipated blockchain events, Verichains collaborated closely with Kyros Ventures to educate the Vietnam blockchain community on the significance of Web3 security through a series of workshops and speaking engagements. Now that the fruit of our two-month partnership is harvested, let’s recount our finest moments at GM Vietnam.
Verichains, Kyros Ventures, GM Vietnam
GM Vietnam stands out as one of Southeast Asia's most highly anticipated blockchain events, fostering connections within the vibrant Vietnamese and global blockchain community. With over 100 esteemed speakers and a diverse participant base of 2,500 individuals, this two-day event is organized by Kyros Ventures, Ancient8, and Coin68.
During the event, Verichains collaborated with Kyros Ventures, Vietnam's leading blockchain incubator, to share our expertise in blockchain security through a series of panels, key speaking positions, and workshops. We discussed topics such as Threshold Security Schemes (TSS) and Multi-Party Computation (MPC), as well as Zero-Knowledge Proofs (ZKP).
MPC Takes All The Rage
TSS is essential to MPC technology, which is widely used in both DeFi and TradFi sectors to protect billions of dollars. MPC ensures secure storage and access to private keys through a distributed approach. By dividing private keys into shares and distributing them among multiple parties, MPC enhances the security and resilience of vaults and wallets, minimizing the risk of failures, compromises, and unauthorized access to crypto assets.
MPC technology differs from on-chain cryptographic solutions like multi-sig as it can operate off-chain, enabling regulated financial institutions to gain exposure to crypto while retaining compliance. While MPC is not new, its recent application in modern finance has seen significant adoption from financial institutions.
Given its popularity and relatively early stage in development, Verichains security researchers recognize the importance of security for projects implementing MPC. Our extensive R&D efforts have led to the discovery of several critical key extraction attacks in a number of popular TSS libraries. These findings have garnered global recognition and will be showcased at the prestigious Black Hat USA 2023 event later this August.
Understanding the educational opportunity provided by GM Vietnam, Verichains aims to share our findings and support aspiring blockchain projects to implement MPC securely.
At the event, Thanh Nguyen, Verichains Co-Founder, delivered a keynote on the fundamentals of MPC wallets and provided practical insights for secure implementation.
Alongside MPC, ZKP has become a significant security trend in the blockchain industry, due to its similarities in cryptographic properties and applications such as distributed trust and privacy preservation through account abstraction. It allows users to prove transaction correctness without revealing sensitive information, reducing the risk of data breaches and identity theft. By enabling efficient and scalable computations, ZKP improves network performance. Similar to the importance of securing MPC, secure implantation of ZKP will play a crucial role in promoting mass adoption.
Contributing to this knowledge-sharing effort, our Senior Security Engineer Tin Tran hosted a workshop titled "Applying Zero-Knowledge Proof in Blockchain Dapps," during GM Vietnam’s hackathon, HackerSpace. This workshop was designed as an introduction and how-to when applying ZKP technology into DApps.
Verichains remains dedicated to our mission, researching high-impact technologies, developing effective security solutions, and continue sharing our knowledge, contributing to the betterment of blockchain security. We like to extend our most sincere thanks and appreciation to Kyros Ventures, Ancient8, and Coin68 for putting together this wonderful event.