Conclusion

FailSafe is a safety and protection mechanism that is built for a user base that does not necessarily follow best security practices at all times. FailSafe avoids over reliance on any single defense mechanism; if one is bypassed, the next one is inline to help minimise losses. This approach spans across the entire lifecycle of a Web3 transaction, from de-risking Web3 asset positions (via auto-rebalancing asset to cold storage) to intercepting the attacker’s transaction via the blockchain mempool, if all other defences failed.

Similarly, with FailSafe’s forward-security, the risk to the user’s Web3 assets is reduced even if the underlying cryptographic based trust is compromised.

It is important to note that – as of January 2024 – FailSafe is largely accessible to retail consumers and enterprise clients through www.getfailsafe.com, which offers access primarily to FailSafe Blockchain Reconnaissance (FBR) and FailSafe Interceptor Service (FIS). The auto-rebalancing feature and qMig are currently accessible to enterprise customers only.