GameFi Cybersecurity: What Need To Know?

GameFi Cybersecurity - All You Need To Know

The gaming industry is changing, bringing new opportunities to earn funds for players. It happens due to the rapid growth of the blockchain features, and Web 3.0 projects (see list of the best web 3.0 coins). Blockchain gaming slowly taking over the world, alongside cryptocurrency and NFTs. And it is very important to work with trusted partners and facilitate information security in the GameFi ecosystem.

This article explains threats to GameFi space, and how to prevent them. Keep reading if you want to improve your system’s security.

What is GameFi?

Have you heard about a blockchain gaming hub? That is how profound GameFi users call. But in simple words, it is gaming that rewards players with GameFi tokens or NFTs for playing. GameFI aims to implement in the gaming industry a blockchain technology, creating blockchain games.

GameFi ecosystem applies a few important web 3.0 principles. First of all, it’s decentralized, meaning that there is no authority that has more initial power than others. Nobody can get into code and change it, which makes the GameFi ecosystem more secure. Blockchain technology is used in the GameFi industry to build transactions off the securely connected blocks, which are hard to hack.

There are plenty of GameFi projects right now which offer players different tokens. This is called a play-to-earn model. Players log into the game projects, create an avatar, and can start doing activities which they get rewarded for. Users can buy and sell digital assets, like virtual land.

Why is GameFi cybersecurity important?

GameFi is a comprehensive ecosystem that includes many transactions and digital assets. Hai Duong, CTO of GameFi.org said that humans are the weakest link in a cybersecurity system. That is why GameFi prioritizes consistent cybersecurity status and works on its improvement. Even though GameFi prioritizes users’ security standards, it is very hard for them to counter every possible fraud.

That is why users should try to stay in a secure environment and avoid scams. To do that, a user needs to have a knowledge of possible vulnerabilities, and weak spots of a cybersecurity system. And that is what we are about to tell you in the next few paragraphs.

Phishing attacks

Cybersecurity industry facing phishing attacks for almost tens of years right now. And GameFi ecosystem is another good opportunity to deceive naive players.

Phishing schemes are based on the psychology of human beings. Thus, criminals will try to impersonate themselves as, a security member for example, and try to get your personal data. This way they will get access to your account and can steal your funds, or other important data.

Code and soft vulnerabilities

There are millions of code lines written every day for a GameFi. But the problem is that even a small bug or a mistake in the code may result in exploitable weakness. Criminals use these weaknesses to steal data or funds.

The software which facilitates the normal work of the games may also fail or stumble upon a bug, resulting in another vulnerability. Such bugs were already exploited and led hackers to numerous successful attacks during 2021.

Vulnerable smart contracts

2021 was the year of the substantial rise of hackers, attacking blockchain projects, including the GameFi ecosystem. Incident responders and security researchers claim that one of the main reasons for that was vulnerable smart contracts.

Smart contracts are alternatives to actual contracts. The main difference is that they are fully automatic, fast, and used in web blockchain projects. It’s convenient and efficient, allowing blockchain initiatives to quickly manage transactions in many blockchain projects.

So as their practical use proves, developers need to enhance cybersecurity of smart contracts.

Stealing wallet keys

In order to enter any GameFi project, you will need to get yourself a crypto wallet. They are alternatives to real e-wallets, buy suitable only for cryptocurrency.

If the fraudsters manage to steal your wallet key – you are in a trouble. Key can be stolen due to different factors.

One of the main obvious is data breaches. If hackers are able to get into the initial code of major protocols they might get access to important personal data like wallet keys.

A wallet key can also be stolen from you personally. For example, if your key is stored in a place that is reachable to the fraudsters, they can conduct a hacker attack to get it.

Hardware hacking

Another way to steal valuable data is to hack a device. It is one of the easiest ways for fraudsters to get access to private keys, or smart contracts data.

Hardware hacking is usually approached quite creatively and from numerous sides. Hackers using complex schemes, including social engineering, exploiting vulnerabilities, and hacker attacks.

How Securichain protects the community and game projects from hackers

Securichain is a cybersecurity project, which is a part of Icetea Labs ecosystem. It intends to improve the cybersecurity of the GameFi projects, by finding and remediating their weak spots. Thus, smart contracts audited by the Securichain after notorious cyberattacks on their systems.

GameFi and SecuriChain are aiming at expanding the list of available services and functions of the games. They want to bring to the table a game portal, launchpad aggregator marketplace, game pass, and game guild, so players will have more activities to take part in.

Applicable security services used by Securichain

Securichain uses different methods to fight fraud in decentralized games. Vulnerability scanning is a well-known method, that defines the main weaknesses of the system, by conducting an automated test. It has proven its efficiency throughout the years, and is highly popular among major enterprises.

Penetration testing is another known tool in the cybersecurity industry, used by Securichain. This method does something that is called ethical hacking, helping game developers to understand how well their cybersecurity team can withstand cyberattack. It is performed by a professional team, who gives a report on the weaknesses allowing the cybersecurity team to remediate them.

Things to keep in mind to prevent GameFi fraud

Game developers can’t fully protect you from something like a scam, so it up to you to deal with it. Don’t open any suspicious links, and don’t follow strange instructions. Make sure to do your own research, so you know you got a message from a trusted blockchain partner. Game studios and game partners will never be asking for your personal data like passwords, etc, remember that.

Another thing to keep in mind when want to protect your GameFi account is a crypto wallet key. Make sure not to store in your software, but better use a piece of paper to write it down. Or get yourself a hardware wallet which is incredibly hard to steal.

Conclusion

The fast-paced development of web 3.0 technologies became a foundation for numerous blockchain projects. GameFi is one of them, and the same as other blockchain projects it suffers from cybercriminals. It is important for GameFi users to remember about threats they can face and try to avoid them. It might potentially save your precious money, time, and digital assets.

Frequently Asked Questions

How to invest in GameFi?

To invest in GameFi you need to create a crypto wallet and find a perspective project. Then go to the trusted crypto market, and buy its coins.

What is the GameFi project?

GameFi project is a game that uses economic incentives and a play-to-earn model, rewarding players with crypto.

What is GameFi protocol?

GameFi protocol is an aggregation protocol made to encourage developers to do highly-playable games with reasonable tokenomics, deciding whether to put games out or not on GDAO voting.