Project Goal: “Reduce asset loss for the majority of upcoming Defi and Asset management protocols by creating a non-custody key management tool. 2K is designed to connect with Web3 platforms, abstracting from the final use-case, 2k supports signing any arbitrary transaction”
Project Info: Creating a whole new approach to cyber security, 2K hooks private key compromisation threats, and malicious transactions pushing, creating a space for developers to easily integrate and deploy.
## Project Story
Cybersecurity is at the forefront of many Web3 CEOs’ minds as the necessity to secure their businesses grows and investors’ and users’ money safe. However, crypto theft yearly raises, and small enterprises in Web3 and DeFi do not possess security software due to prioritization, expense, internal knowledge, particular experience, dedicated security employees, and other factors.
In 2021, while working together on decentralized exchange creation tram faced a hack that cost the protocol a significant amount of funds. Not the best thing to handle, but a great experience provider.
As a result, we founded 2K Security to address this frequent problem by delivering cybersecurity that is both inexpensive and extremely effective.
2K - security protocol striving to reduce asset loss for the wide range of Defi, Asset Management protocols, and Collectibles platforms. Creating a whole new approach to cyber security, 2K hooks private key compromisation threats, and malicious transactions pushing, creating an opportunity for developers to easily integrate and deploy.
2k is using the Threshold Signature Scheme (TSS) to provide a unique way for protocol assets security and management.
2K is a non-custody key management provider, meaning 2K has no access to customer funds or authority roles.
Requires you to explicitly define the kinds of interaction that are allowed to be signed.
2K is designed to connect with DeFi, abstracting from the final use-case, 2k supports signing any arbitrary transaction.
Core elements of 2K are the TSS participation library and Key Service API. Those elements allow building third-party applications such as DeFi protocol management tools, End-user wallets, CEX depositaries, Escrow services, etc.
While working on this project, the team faced several obstacles, for example, MVP should meet all current asset management & protection standards, be simple to deploy in any given protocol and be cost-effective.
The main challenge for the 2K team was creating a low-level showcase solution built on TSS, more specifically - how can we create MVP with which people can interact with our technology during TRON hackathon using a limited amount of resources.
The 2K team is dedicated about developing technology that allows protocol owners and CTOs to sleep well at night without worrying about losing protocol funds overnight. Minimising the risks 2K driving decentralized enterprise security solutions to another level of implementation.
We are constructing the 2K protocol on top of TSS threshold signature technology. Why not start on multisig? TSS is using off-chain cryptography, whereas Multisig happens on-chain and requires the network to develop a way to support it. The major distinction is that multisig is blockchain-specific and therefore must be reimplemented for each blockchain, however in some cases is not supported at all. TSS, on the other hand, is based on pure cryptography, therefore support is always guaranteed.
TSS can also be used in a blockchain in a natural way by modifying a blockchain client to create keys and signatures using TSS. TSS technology, in fact, enables us to replace all private key-related instructions with distributed calculations. The advantage is that the private key is no longer a single point of failure since each participant only has a portion of it.
Furthermore, distributed key generation may be done in a way that allows various access structures: the typical “t out of n” setup can endure up to t random failures in private key related processes without affecting security.
Threshold signature security technology, that 2K implements in the protocol, is battle-tested and easily connectable to any given protocol, providing:
- Operational Flexibility
- Increased Security
- Smaller Transaction Size (Lower Cost)
- Easy Key-Share Refresh
- Fund Access Regulation
- Programmable participants and transaction filters
Weak security standards in most of DeFi and Web3 protocols cause huge cash and reputational damage to the industry. Creating a secure and safer future together is the key to greater world change in decentralized finance adoption.
During the project creation process we understood what functions should be in place for protocol to be a useful enterprise tool.
We learned what challenges we need to address to reduce points of failure, create brilliant user flow and remain a secure key and asset management solution.
Completing development of a first enterprise solution for DeFi project & successful use case for Tron.
Integration in fresh DeFi and Web3 protocols creating credibility and valuable partnerships with promising projects. Make everybody know our name working with best advisors in the industry and implementing various excellent integrations in market leaders networks.
Projecting valuable experience and knowledge in DeFi products development into cyber security, the platform becoming a cutting-edge enterprise and personal security solution provider in the upcoming Web3 world.
2K transforming into a DAO-driven ecosystem creating a chance for developers to participate in fresh tools and protocols development. Become a holder of a 2K token and participate in DAO decision-making or create your project on top of our technology, get a grant, or win a hackathon to become a part of a new secured future.