Strategic Partnership between Beosin KYT and IoTeX: A Unified Approach to Tackling Security and Compliance Challenges in the Blockchain and DePIN Ecos

Recently, Beosin, a Web3 blockchain security and compliance firm, announced a strategic partnership with IoTeX, a DePIN modular infrastructure platform. This collaboration aims to address the security and compliance challenges in the blockchain and DePIN sectors. IoTeX is a leading platform that supports the open, modular, and large-scale adoption of DePIN, offering a suite of flexible DePIN Infrastructure Modules (DIMs) and public resources. By integrating Beosin KYT's advanced blockchain analytics and compliance capabilities, IoTeX seeks to enhance the security of its ecosystem, ensuring a robust and trustworthy environment for its users and devices.

IoTeX: Pioneering DePIN Infrastructure

IoTeX stands out as the only ecosystem supporting open, modular, and scalable DePIN adoption. It provides developers with a range of DIMs and advanced modular solutions from global partners like Filecoin, Risc0, NearDA, and Espresso. These resources lower the barriers to DePIN development, making deployment more cost-effective and efficient. IoTeX's native token, IOTX, plays a critical role in its ecosystem by integrating staking, re-staking, inflation, and deflation mechanisms within its modular security pools and other DIMs, setting up effective incentives for long-term growth.

IoTeX's open ecosystem plan envisions connecting over 100 million devices within the next 3-5 years, unlocking trillions of dollars in real-world value on-chain, and realizing the vision of "DePIN for everyone." Additionally, IoTeX is at the forefront of IoT and blockchain technology, combining hardware connectivity with scalable architecture to enable a wide array of real-world applications. Notably, IoTeX is co-chairing the Industrial Internet Consortium's (IIC) blockchain group alongside Amazon and Huawei, further highlighting its leadership in the industry.

Beosin KYT: Leading the Way in Virtual Asset Anti-Money Laundering

Beosin, a global leader in blockchain security, offers a comprehensive suite of security products and services, including pre-launch code audits, ongoing risk monitoring, stolen asset recovery, and KYT/AML (Anti-Money Laundering) solutions. The Beosin KYT platform leverages powerful blockchain big data analytics and AI to identify suspicious transactions and provide risk assessments across billions of addresses. This enables Virtual Asset Service Providers (VASPs) to manage risks effectively and comply with regulatory requirements.

Key features of the Beosin KYT platform include:

• Malicious Address Lookup: Quickly identifies and flags suspicious addresses using an extensive blacklist database.
• Address Transaction Risk Scoring: Assesses the risk level of addresses based on transaction behavior, helping platforms understand customer risk profiles.
• STR Report Generation: Supports the creation of detailed Suspicious Transaction Reports (STR) for compliance investigations.
• On-Chain Fund Tracking: Uses big data technology to trace fund movements, revealing complex transaction networks and fund flows.

These features allow VASPs to make compliance decisions swiftly, protecting both the platform and its users from potential risks.

Significance of the Strategic Partnership

Through this partnership, IoTeX will leverage Beosin KYT's advanced technology to provide stronger security for DePIN devices and applications within its ecosystem. Beosin KYT will assist IoTeX in monitoring and identifying potential security threats and suspicious activities, ensuring the overall safety and compliance of the network.

A representative from IoTeX commented, "Our collaboration with Beosin will significantly enhance the security of our platform, providing greater trust and assurance to our users and devices. We believe that through our combined efforts, we can address future security and compliance challenges."

Alvin, Director of Compliance Business at Beosin, stated, "We are thrilled to partner with IoTeX and support their ecosystem through our KYT platform. This collaboration not only marks an advancement in blockchain and IoT security but also demonstrates our shared commitment to technological innovation and security compliance."

Conclusion

The strategic partnership between Beosin and IoTeX represents a significant step forward in enhancing security within the blockchain and DePIN sectors. By combining IoTeX's innovative infrastructure with Beosin KYT's state-of-the-art compliance technology, the two companies are paving the way for a more secure and trustworthy digital world. This collaboration not only benefits both companies in achieving greater success in their respective fields but also injects new momentum into the overall security and compliance development of the industry.