Israeli crypto firm Ironblocks is pioneering a novel security infrastructure named Venn, designed to scrutinize blockchain transactions pre-execution, potentially thwarting multimillion-dollar cyber-attacks and breaches.

Venn, an innovative security product, offers its clients—ranging from lending protocols to other decentralized finance (DeFi) entities—a vigilant oversight mechanism in exchange for a nominal fee. Ironblocks’ CEO, Or Dadosh, highlights that Venn will leverage a decentralized network of node operators to collectively monitor and authenticate transactions, ensuring no illicit activities bypass the system.

Unlike traditional blockchains like Ethereum, where node operators simply record transactions onto the blockchain’s ledger, Venn’s operators will function as gatekeepers, assessing the legitimacy of each transaction before it reaches finality. This proactive approach aims to mitigate the pervasive issue of crypto-related crimes, where projects frequently suffer substantial financial losses due to fraud, theft, and economic attacks—events that are irreversible once recorded on the blockchain.

Venn introduces a “review and revoke” mechanism rather than a retroactive correction capability. Transactions scrutinized by Venn have yet to be finalized, remaining in a pre-commitment phase until they are vetted. If deemed suspicious, Venn’s operators can intercept and halt the transaction, alerting security teams to investigate. Conversely, legitimate transactions proceed seamlessly to execution on the main blockchain.

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Although Venn is not yet operational, Dadosh elaborated on its functionality in an interview with CoinDesk. End-users won’t need to interact directly with Venn; instead, transactions initiated on a Venn-affiliated protocol will automatically be subject to Venn’s scrutiny, funded by a portion of the gas fee. This process is swift, typically completing within 100-200 milliseconds, and occurs discreetly, thus preventing opportunities for front-running or other manipulative strategies.

Suspicious transactions identified by Venn will be frozen, pending investigation by security teams, while regular transactions proceed unimpeded. The overarching goal is to fortify asset protection by preemptively blocking malicious transactions from execution.

Slated for a testnet launch in the upcoming weeks, Venn’s security framework will be fortified through restaking, leveraging the EigenLayer ecosystem’s shared economic security. Dadosh mentioned that several renowned lending protocols are early adopters of Venn, although he refrained from disclosing specific names.

Clients will have considerable discretion in determining which transactions to funnel through Venn, potentially adding extra security checks beyond Venn’s baseline oversight. These additional measures will be managed by the security firms operating the nodes.

Ironblocks, the originator and maintainer of Venn, will not monopolize the network’s benefits. Instead, Venn will eventually be overseen by a security council, distributing its fees among all participating operators. While Dadosh was non-committal about the possibility of issuing a Venn token, he did indicate that a points-based program recognizing network usage is under consideration—a common precursor to token releases in the crypto space.