At Singularity, security has always been and will remain a core fundamental principle of our operations. Many of us come from TradFi and institutional backgrounds and understand that users may be hesitant to take on additional smart contract risk.
We have implemented various security measures to ensure our users can confidently use our protocol. These include technical audits, on-chain real-time smart contract monitoring, a dead-man switch, and a customized user experience. This blog post will delve further into how these measures ensure our users' assets are stored properly and efficiently:
Technical Audits: We have completed two successful technical audits conducted by Zellic and Three Sigma. You can read our full audit reports here.
On-Chain Monitoring: We have contracted Cube3AI, which is a service that utilizes ML algorithms to monitor and stop in real-time malicious activities if they occur.
Dead-man switch: As an example, if Cube3AI stops a transaction, we have the capability to halt all withdrawals until we determine what has transpired. It's important to note that Singularity cannot withdraw any assets at any time, as we are a non-custodial protocol.
Notes Management Tool : Because Singularity uses UTXO-based Private Notes, which users use to prove their claim on their assets in the protocol,, there can be a learning curve for managing and storing them. To address this, we developed a Google Chrome extension that allows users to seamlessly store these private notes for future use and storage while using the Singularity protocol. It can be downloaded here.
Withdrawal security: In order to withdraw, users need to have both the relevant Private Note and the initial deposit wallet to trigger the withdrawal. This ensures that if a bad actor gained access to the Private Note, they still will not be able to withdraw if they do not have access to the deposit wallet.
Recommended note management process: Private Notes are critical for users to prove that they own the assets in Singularity and these notes are essential in transactions within and withdrawals from Singularity. We strongly recommend users to back up the Private Notes locally as well as store in the Notes Management Tool for ease of access. With all these security and efficiency measures in place, we are proud of our efforts but not satisfied. We are continually seeking ways to enhance and improve our security stance, including exploring optimising Private Note back up storage.
About Singularity:
Singularity is a compliant institutional DeFi access layer that provides access to popular protocols for institutional on-chain participants with commercial confidentiality. Users will have their wallet addresses obfuscated while leveraging existing DeFi liquidity. Singularity uses the state-of-the-art UltraPLONK proof system with zero-knowledge circuits based on Noir.
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