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MonitorChain

Real-time surveillance that identifies hacks, breaches and exploits for exchanges, token creators (ICOs) and crypto investors.
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Finance
Blockchain
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Ethereum
Publisher
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MonitorChain team
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What is MonitorChain?
MonitorChain is a cryptocurrency security and compliance service that aims to protect exchanges, ICOs and traders by reducing the impact of catastrophic incidents on the blockchain. After a series of high profile token thefts and hacks on Ethereum tokens, most notably the batchoverflow exploit that results in millions of dollars worth of counterfeit tokens being sold on cryptocurrency exchanges, MonitorChain was initially created as an internal tool to protect the decentralized applications of Zenchain Inc. from being the dumping ground for laundered, fake, and stolen tokens. MonitorChain is built specifically with decentralized applications and smart contracts in mind. From a technical perspective, MonitorChain is an Ethereum based smart contract alert feed tied to an artificial intelligence and security/compliance criteria database node. This makes it perfect for use as a smart contract oracle for triggering protective functions including token contact freezes and exchange trading halts. Built by Zenchain Inc. based in Victoria BC, Canada, the MonitorChain team possesses a vast experience in security and compliance. The team has previously created several PC security utilities, and have senior executives on the board of major compliance organizations. The team’s full profiles and credentials are viewable on the Zenchain about page. Our mission for MonitorChain is simple, to bring a stop to the endless losses suffered by cryptocurrency investors due to bad actors, bad code and negligent security practices. By helping make trading tokens safer for everyone, we hope to grow cryptocurrencies as a whole by stemming the nonstop flood of bad news and allowing everyone to invest and trade with confidence. We are constantly adding new features to improve MonitorChain, and welcome engagement and involvement from the community. Please follow us on social media or contact us directly with questions or feedback.
Information
Type
Automated Market Maker
Blockchain
Ethereum
Platform
Windows, macOS
Publisher
MonitorChain team
FAQ
MonitorChain tracks the major characteristics of Ethereum tokens that change or are violated in the case of a major theft or code exploit. Among the conditions we monitor:

Changes in total supply in violation of the minting conditons of a token
Known exploits such as the BatchOverflow attack vector
Smart contracts holding or controlling significant portions of a token’s supply transferring tokens in a manner than violates the conditions of the smart contract itself
Currently MonitorChain only supports tokens built on Ethereum. We intend to add support for tokens on additional platforms including NEO and Stellar in the near future.
While we try to price MonitorChain as affordably as possible, the high degree of manual work required to build and maintain our alerts and provide top quality service to our customers requires that we charge a fee for usage of the service. If MonitorChain’s subscriptions are out of price range please feel free to contact us, as we do offer discounted rates for small startups and non-profit entities.
Yes. A primary use case of MonitorChain is for exchanges, dApps and token creators to use MonitorChain as an oracle within their own smart contracts to take preventative actions such as suspending trading of a token that MonitorChain has detected as likely exploited. You can do this as you would use any smart contract oracle. We also provide assistance in this regard for a fee as part of our custom packages.
Alerts are received via the Ethereum address you use to subscribe. When MonitorChain detects a suspicious action, it notifies all subscribing addresses, which in turn respond to receive the notification. The entire process is automated and does not cost additional gas fees for subscribers. The alerts can be integrated with existing tools both on and offchain, and for enterprise level clients we assist you directly with this process.
At the current time no. We intend to add this feature soon.
Not directly. We leave smart contract auditing to the many excellent firms that provide such services.
While we strive to maintain accuracy and only provide alerts in cases where there is a high probability of token code exploit or major theft, there is always a chance of false alarms. For this reason, depending on your own use case and risk profile, you may wish to manually review alerts before taking action such as suspending trading of a token or publicly announcing a breach to your users.
While we try to detect all signs that a token has been compromised or a large locked reserve stolen, it is impossible to catch everything. We aim to detect the vast majority of exploits, and regularly update our detections to catch any new methods or known vulnerabilities.
Most of our monitoring conditions are automated by reading smart contract code and testing method validity, so we suggest first reviewing your own code to ensure you have not missed something. Occasionally however mistakes can be made, if you believe this to be the case please contact us and we will review on a case by case basis.
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