Internal Security
Protects against centralization risks
Protects trustlessness
A protocol's code and audits are usually transparent and public - a protocol's internal security much less so. It is an often overlooked, or unspoken, aspect from the perspective of a user. Still, many exploits in the space find its origin in internal security, or lack thereof.
As a team, we pride ourselves on being always approachable. We are on this journey together, we are building DegenPrime for you, and we'd like you to be able to trust us. That doesn't mean you have to. At its core, DegenPrime is a trustless and permissionless platform. That is why we are just as strict on our internal security measures as our external ones. The security measures below have been put in place to protect you from any centralization risk, albeit a hypothetical internal bad actor, or a compromised wallet or internal process.
Timelock
This timelock is enforced on a protocol's code submissions. It is the period of time that code submissions have to wait before a protocol's codebase is updated. This measure protects both users and the protocol from any changes in its codebase. Though we will publish announcements, users can respond to any (unexpected) changes to code. And so can DegenPrime if any malicious intent is submitted.
DegenPrime has launched with a 24-hour timelock from day 1. This can be scaled up in the future if the need arises.
Multisig
A multisig, or multi signature wallet, requires every transaction -including code submissions and treasury actions- to be signed by multiple wallets. In the case of DegenPrime, any transaction will have to be approved by at least 2 out of 3 core team members. This prevents any individual potentially rogue developer or teammember from pushing malicious code.
Dedicated hardware wallets
Complementary to the required multisig, the team has every piece of DegenPrime behind hardware wallets. The team of DegenPrime has dedicated hardware wallets for any protocol updates. This means that, if someone was to hack the computers of our team, they would not be able to push or change anything on DegenPrime since the hardware wallets are physical devices. Similarly, since these are dedicated hardware wallets, the team does not interact with them unless any changes to the protocol are made. This way, a potential infiltration of their day-to-day wallets will have zero impact on DegenPrime and further increases the security.
Dedicated hardware
It is not just the dedicated hardware wallets used for DegenPrime, the team also uses dedicated hardware. Similar to the dedicated hardware wallets, the day-to-day of our team members has zero impact on the dedicated hardware that our team members use. This hardware has no exposure to anything but DegenPrime.
Doxxed team
The full founding team of DegenPrime is doxxed. Unlike some pump and dumps out there, we believe in DegenPrime. We do not only put our reputation behind it, but our names and faces as well. Next to our faces, you will find a link to our LinkedIn too.
Audits
Additional practices
Additionally, and this is where we can't get into the nitty-gritty so we don't give away anything, there is a huge focus within DegenPrime on security. This is a non-exhaustive list of everything we do for internal security:
Comprehensive access controls to any procedure or content
Secure and diverse team collaboration tools
Multi-layered authentication requirements
Dedicated security workshops
Regular security reviews
Multiple independent security audits
Enhanced monitoring systems
Everything we can to stay sharp and up-to-date on the latest security practices.
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