Sky Mavis is a virtual world company founded in 2018. The company is on a mission to empower gamers through economic freedom, as its games are owned by the communities that play them. Their first game, Play-To-Earn, has over 2 million active players from all over the world. With the Play-To-Earn concept, the company is revolutionizing virtual worlds and making economic freedom accessible to everyone.
Axie Infinity is a digital pet universe
In July, the team behind Axie Infinity released a development update that included plans for massive community partnerships and expanding the Sky Mavis team. The company also plans to hire world-class talent and grow its organization to 250 people in 12 to 18 months. The game is set in a digital universe inspired by the Pokemon franchise and is built on the Ethereum blockchain.
The game allows players to breed Axies and earn AXS. However, each Axie can only be bred seven times. In addition, there is a 4.25% fee on each Axie sold on the NFT marketplace.
The game has many features, including a blockchain-based economy and player-owned pets. The game also lets players sell game assets for digital currency. To sell a virtual asset, players must have a digital wallet. Users can choose Metamask for desktops or Trust Wallet for mobile devices. Users on IOS and Android should choose Trust Wallet.
Despite the fact that the game is still relatively new, it is a great way to pass the time while battling your digital pets. The game’s turn-based combat makes the game even more exciting. It also helps players learn more about the game.
While Axie Infinity has been a huge hit in the Philippines, critics have criticised its business model as exploitative. But the decentralized nature of the game means that Sky Mavis has more money to spend on marketing and user acquisition. With the money saved on marketing, Sky Mavis can distribute more of its profits to the players. This way, it can potentially become a viral game that will raise people out of poverty.
Like most digital pet universes, Axie Infinity offers an ecosystem similar to the one found in the popular Pokemon Go game. Players can interact with other players and build their own personal universe. The game also has a marketplace for selling items that are only available within the Axie Infinity ecosystem.
It uses non-fungible tokens
The latest news on Sky Mavis’s development is that it raised $152 million in its Series B funding round. This money will help the company expand its global team and infrastructure, as well as build a new distribution platform. The company is also focusing on improving the security of its platform to prevent future attacks.
The company aims to build a player-owned economy in video games and related infrastructure. It is already developing a game that uses non-fungible tokens, called Axie Infinity. It is also developing marketplaces for trustless trading of unique digital assets. It uses blockchain technology and incentive design to make this possible.
The startup has also received funding from Mark Cuban, Dallas Mavericks owner. The money will help the company bring its Axie Infinity platform to millions of gamers. The game will allow players to create their own digital land and virtual fighting pets. The team has raised $7.5 million in the Series A funding round.
Blockchain gaming is a growing industry that is reshaping the way people play video games. Games on blockchain can help players make money while at the same time engaging with their favorite hobby. Non-fungible tokens (NFTs) are unique digital objects that represent a verifiable authenticity. While the NFT market is still young, many people are already betting on the future of blockchain gaming.
Sky Mavis plans to launch a private token sale for strategic investors in the middle of 2020. This will enable the company to use the AXS token as a progressive decentralization mechanism. Participants will be able to participate in the governance of the network depending on the number of AXS tokens they hold.
It was hacked
The Sky Mavis cybersecurity breach was traced to a single employee who had been compromised by a spear phishing attack. The hackers posed as a fake company and reached out to the engineer through LinkedIn. They offered a high-paying position and held multiple rounds of interviews. The fraudsters even sent a formal job offer via PDF. The engineer opened the document and immediately became the victim of a hack.
The attacker gained access to the systems of nine validator nodes, which validate transactions. Each transaction requires five node signatures to be valid. After gaining control of the Sky Mavis validator nodes, the attacker also gained access to the Axie DAO validator. As a result, the network was compromised.
The hackers were North Korean, who posed as aerospace and defense contractors to gain access to user funds. Despite the fact that the hacker was unsuccessful in obtaining the funds, the hackers managed to steal $620 million worth of cryptocurrency. The company was unaware of the hack until six days later.
The attack on Sky Mavis was made possible due to a phishing scam. The hacker used hacked private security keys to compromise the nodes of the network. This enabled him to withdraw large amounts of Ethereum and USDC without alerting the users. Only after a week did the attacker realize that he had gained access to the network.
Despite the hack, Sky Mavis has pledged to reimburse affected users. It has also secured $150 million from investors, including Binance, to help them recover the lost funds. The funds will be returned on June 28.
Steps taken by Sky Mavis to improve security
Sky Mavis, the company that owns the Ronin blockchain, recently revealed details of its upcoming relaunch, including a massive validator increase and increased security measures. The company has spent the last month working on making the DeFi bridge more secure and safe for its users, following a $540 million hack earlier this month. It has published a document called Back to Building: A Ronin Security Breach Postmortem to share the details of their progress.
Sky Mavis has also partnered with Google Cloud to beef up its security. The company is also adding three more validator nodes to its network and plans to reach 100 in the long term. After the breach, the company has taken steps to improve security across all areas of its system. It focuses on security across its network, including that of its employees. As a result, it’s positioned itself as the gold standard of security.
The new steps are a response to recent attacks, including the massive Ronin bridge attack that resulted in the loss of over $171 million USDC and 173,600 ETH. The company has also replaced the compromised Ronin sidechain validator nodes. These steps should make the system more secure and prevent hackers from compromising its network.
The company is working with law enforcement to reclaim the money. The attacker was able to get access to Sky Mavis’ systems using a gas-free RPC node. This allowed him to obtain the validator’s signature, which was then used to sign transactions. When Sky Mavis became aware of the breach, it acted quickly to address the issue and froze transactions on its Ronin bridge.
Previously, Sky Mavis operated with a small validator group, which made it easier to compromise the network. The attacker gained access to five of the nine validator keys, which allowed him to withdraw tokens from the Ronin bridge. Now, Sky Mavis plans to increase the number of validators to 21 in the next three months.
Plans for future projects
Sky Mavis plans to expand its network of validator nodes. In the near future, the team aims to have at least 21 validator nodes to improve security. In the long run, the team plans to have over 100 nodes. They will also be expanding to new locations and piloting the service in the Philippines.
The company has also announced that it will release its Axie game for mobile devices in late 2021 or early 2022. The game will feature F2P gameplay and will feature its own decentralized exchange. It will also feature increased support for the Ronin sidechain, which limits gas costs during transactions. In addition, the team hopes to build a platform for third-party developers to build Axie-based content.
Sky Mavis is already raising funds and is planning to expand into new markets. It recently completed a $7.5 million Series A round, with investors including Mark Cuban and Alexis Ohanian. The money will be used to expand the game and attract new talent. The company plans to build a decentralized exchange for Ronin and expand the Axie Infinity network.
Axie Infinity will be released for iOS and Android in the coming year. It will also have a mobile version, which can be played on smartphones and tablets. Sky Mavis also hopes to introduce governance features in Axie Infinity by 2022. In addition to this, it also plans to remove the majority vote in the game by 2023. The company also announced changes to the adventure and daily quest categories. The changes include the removal of rewards for daily quests.
Axie Infinity was launched in May 2018. This virtual P2E game will allow players to earn cryptocurrency rewards in the game. Those cryptocurrency rewards will be exchangeable for ether, USDC, and Axie governance tokens.