GameFi is one of the most remarkable blockchain industry breakthroughs, with startups having raised many millions of dollars to develop GameFi projects using the revolutionary play-to-earn system. Many of these blockchain games offer a fun gaming experience where users get rewarded for partaking in the in-game economy and community.
The value of a game has traditionally been based on the entertainment experience it can offer to players. Before, users would spend their time and money in games doing something they enjoy. GameFi adds a new layer to the mix: earning revenue by playing the game. This new earning mechanic has attracted millions of players and is the main driver behind the GameFi hype.
As GameFi grows in numbers and popularity, so do hacking attempts to break the strong security that comes with using the blockchain. Historically, as technology evolves and becomes more secure, so do the tactics used by those attempting to gain unauthorized control of user accounts. Just because the blockchain is built on an extremely secure infrastructure, does not mean users and developers are safe from hacking attempts and security flaws. So what can there be done to increase security for both users and developers alike?
What makes it easier for hackers to infiltrate a particular project?
1. Following Unverified Links – Hackers will provide users with malicious links to log-in websites that look like official websites. There, a user or developer may falsely believe that the website is authentic and provide their full log-in details and unknowingly provide hackers with their legitimate log-ins granting them access to crypto wallets and other private information. Downloading a seemingly authentic software or file from a malicious link may also allow hackers to install malware and add-on software on your devices.
2. Protection of Private keys – Keeping private keys on an unencrypted computer that could be attacked with malware and viruses is a bad idea. The easier it is for an unauthorized person to access a device with little to no security, the more damage they are able to inflict. A good way to protect from these types of attacks is to keep private keys on paper, or another medium that is not hackable.
3. Not Using Proper Security Measures – Failure to use all of a trusted wallet providers’ additional security measures, such as biometrics, two-factor authentication, multi-factor authentication, whitelists and so on makes it a lot easier for a hacker to log in if they already have access to your credentials.
As is evident from the above 3 examples, the way hackers are able to infiltrate a project relies mostly on negligence and lack of understanding on the user’s side. Unlike more traditional hacking attempts to exploit security flaws and circumvent server security which the blockchain has made very difficult. The best way to avoid these types of attacks is to educate employees and users on best practises and sometimes it may also be best to make two-factor authentication mandatory instead of optional.
How to Prevent those Cyber Attacks?
Third-party cybersecurity firms can audit GameFi projects. They physically and with the assistance of software verify all of the gaming smart contract code and functioning of the software in general. Users will be enticed to join the platform after auditing and verifying since they will feel much safer using it.
Apart from reviewing smart contracts, audits may also monitor that governance standards are being followed and that there are no backdoor systems that allow developers to tamper with investors’ money. Many users may have avoided losing money to rug pulls if they had only worked with DeFi projects that had been audited.
Audits also benefit new users in assessing which projects are reliable. Projects that pass the audit receive certifications declaring that their contracts are evaluated, which they can use as proof that they are secure (on a smart contract level at least). Other audits can go even further, with team members being doxxed and the entire project being certified as spotless.
If you are starting your GameFi project, it is essential to run security audits with the help of a third party. This way, the project will be much more secure and this in turn will entice vastly more users to get on board. There are many companies specializing in blockchain cybersecurity now that the crypto space has grown to a very formidable size. Make sure to research thoroughly the companies that provide security services, and choose the one that aligns best with your project requirements.