Treasury & Platform Security
Last updated
Last updated
At RuneX, security has absolutely been our highest priority throughout the development process, more than marketing, business strategy, content or anything else. With that said we have crafted RuneX from the ground up using only the highest standards of security, and encryption to protect user assets. Here we will go over many of our most important security standards, in the sake of transparency for everyone joining us on this journey.
In a world where users are throwing millions of dollars into smart contract platforms from anonymous founders and wondering why they end up drained, our founder Dante @DantesAlterEgo has been fully doxxed from day one. However, being doxxed is not enough, in crypto a great team also needs a track record of flawless security execution in their past endeavors. This we have as well. During Dante's tenure as CTO of his previous company, Onessus, they developed a staking product by the name of WhenStaking. This platform, having over $10M+ TVL at it's peak, never had a single exploit that resulted in the loss of user funds, and the encrypted keys to the managing smart contracts were never at any point vulnerable or leaked. Simply put, many of the same strategies that were employed there are being employed here, to ensure maximum security on all fronts. We implore you to do your own research here. The blockchain never lies.
There are dozens of different layers of security that go into the construction of a platform like RuneX. Security redundancy is needed on virtually every level, as well as MFA, intensive auditing and attack testing. We take pride in using the latest and greatest technology on all fronts, on par with the best crypto exchanges in the world, to secure user assets.
Securing The Treasury Keys We'll start with what's probably on most of your minds. In order to keep our treasury at maximum security one of the many methods we are employing is MPC (Multi-Party Computation), not to be confused with multi-sig although similar in some senses. MPC is a development in cryptography that allows multiple entities to jointly compute a function while keeping their inputs private. In MPC, a single private key is split into shares, and a transaction can be authorized without any single party having access to the entire key. This method is more secure, enterprise-ready, and blockchain-agnostic, meaning it can be used on any blockchain.
For those interested, below we've left an oversimplified code snippet showing how MPC works. It's important to note, that obviously this is not RuneX's code and is an elementary display of MPC just to provide some education to those that do not know.
Your Funds Are Always Your Funds
Any assets deposited into RuneX are always backed 1:1, you will always have access to withdraw your funds at your will at any time 24/7, and RuneX will never, under any circumstance access or use any of your funds without your permission.
Individual Account Protection
Since RuneX, is a Discord integrated exchange, it is of upmost importance that each individual take their own account security very serious. Discord has a very secure infrastructure and many multi-billion dollar companies rely on this infrastructure for their customer base. However, it is up to each individual to keep their Discord account secure, and in doing this, you will keep your RuneX account secure as well. Here are some tips.
Enable Two-Factor Authentication (2FA): Adds an extra layer of security beyond just your password.
Use a Strong, Unique Password: Ensure your password is complex and not used for other accounts.
Be Wary of Phishing Attempts: Don't click on suspicious links or give out personal information.
Limit Sharing Personal Information: Be cautious about what personal details you share on Discord.
Regularly Update Discord: Keep the app updated to ensure you have the latest security patches.
Beware of Scams and Suspicious Users: Be skeptical of offers that seem too good to be true.
Use Secure Connections: Avoid using public Wi-Fi for accessing Discord, or use a VPN.
Additionally we will continue learning and updating RuneX to help protect users from being individually scammed. So please be sure, as always, to give us any suggestions that you have to make this platform even better than it already is!