The Lightnet Marketplace: A Decentralised Exchange for Digital Security and InfoSec Solutions.
In our previous article, we discussed why security tools and measures are essential for safeguarding sensitive information, digital assets, and the online infrastructure of end-users and businesses, especially in the digital age.
We also discussed the diverse assortment of digital security tools and measures and how they are created and distributed in the market(either as open-source or commercial products/services).
We did not, however, discuss how security products and services in the market get transacted. Several vendors provide various security solutions, including Endpoint Security, Managed Detection and Response (MDR), and Security Information and Event Management (SIEM).
Although the numerous options available, locating the appropriate solution can be challenging and often necessitates centralised entities. This article explores the notion of an open and decentralized marketplace designed to facilitate the exchange of cybersecurity tools and services. The creation of such a marketplace is overdue, as no such marketplace has existed prior, hence our motivation for building the upcoming Lightnet Marketplace.
Benefits of a Decentralised Marketplace for Security Solutions
A decentralised marketplace for digital security solutions allows for an open and fair exchange of security-related tools and insights between security engineers, researchers, hackers, businesses, and enthusiasts, all without relying on centralised intermediaries. With the upcoming Lightnet Marketplace, let's highlight some benefits of a decentralised marketplace.
The security community gains access to a level playing field where developers, ethical hackers (and independent smart contract security auditors) can collaborate and compete based on the quality of their products and services.
With the advent of Web3, all transactions on the marketplace are auditable, borderless, and censorship-resistant via blockchain-based cryptocurrencies like Bitcoin(in addition to traditional financial services).
Unlike traditional security institutions, end-users and businesses alike can access, trade, and inquire about their security needs with a low barrier to entry (low costs, little to no background information i.e. privacy, etc.) while still gaining access to a global pool of experts and solutions in the security industry.
Security engineers, researchers, and hackers can find new business opportunities that don't require them to be in commitments or contracts, unlike what is done by most traditional security firms. This benefit allows these marketplace participants to freely explore their options while still being able to diversify their clientele and experience.
Challenges with Building A Decentralised Marketplace for Security Solutions
Every great idea sounds easy at first till it starts to get built and maintained then the builders discover the problems they need to solve along the way. Building a decentralised marketplace for the security community like the Lightnet Marketplace has is no different in this regard and has taught us quite a lot so far. Some of the challenges we’ve identified in our early work on the project include:
Privacy: While a decentralized marketplace's open and public nature has advantages, it also has drawbacks, particularly concerning data protection and privacy. We have found the need to implement best practices that marketplace participants can(and must) adhere to when they exchange sensitive information, such as vulnerability reports and security audit feedback.
High Security: In a marketplace where security experts and hackers of various levels participate, the platform needs to strengthen its defenses against unauthorized or unwanted interactions, not only from external sources but also from within. By establishing robust protocols and a strong code of ethics, we create a system that ensures all participants act in good faith.
Trust: Most businesses and end-users operate with high trust and confidence requirements in the InfoSec and Web3Sec market, for example. Traditional institutions are bound by laws and legal frameworks that communicate good levels of trust between them and their customers. In a decentralised marketplace that is open and public with no central authority, it can be difficult for many newcomers to operate in a system without such requirements(thanks to applied cryptography and advanced blockchain solutions). Thankfully concepts like Decentralised Identity and Reputation systems may offer solutions to this challenge.
Cooperativeness: Recipe for Shared Growth of the Lightnet Marketplace
Thanks to its unique incorporation as a cooperative entity, the Lightnet Marketplace for InfoSec and Web3 Security solutions will function unlike any other in the CyberSecurity industry. This innovative setup means that all marketplace stakeholders including; developers, solo smart contract auditors, customers, businesses, and investors, will operate as co-owners. This decision marks a significant departure from traditional business models and represents a new paradigm for ownership and shared growth operation within the security industry.
As a cooperative, marketplace participants will own and control the platform via a decentralized governance framework(G360DAO). This framework will enable governance steps to go through an open and transparent decision-making process rather than being dictated by a small group of executives or shareholders. This approach aligns with our vision for creating a fair and public marketplace model that benefits everyone involved.
By incorporating as a cooperative, we (as a collective) can also ensure that the platform remains focused on its mission of providing affordable and effective cybersecurity solutions to businesses and individuals. Unlike traditional corporations, which may prioritise profits over social and environmental concerns, cooperative entities, by design, operate in the best interests of their members and the communities they serve.
Conclusion
An open and decentralised marketplace for Digital and Information Security solutions revolutionises how businesses, security engineers, hackers, and even investors approach the market for cybersecurity tools and services. By providing a dedicated platform for developers to transact and earn income by offering their security tools and services to customers and other marketplace participants, the marketplace would expand access to affordable and effective Digital Security and InfoSec solutions while fostering open and fair business practices.
The Lightnet Marketplace will be the first security-focused platform backed by decentralised governance frameworks and built on the model of cooperativeness, as we expressed in this article. We're still very early but excited about developing this solution for security-focused communities.
Addendum
Join G360DAO: The Next Wave of Digital Security
Do you believe in the power of collective efforts to raise the bar for Digital Security by implementing real-world and practical solutions?
Would you like to be part of a community of individuals who share your passion for Digital Security and firmly believe in rewarding and incentivizing the valuable contributions made in this field?
If you are a hacker, security engineer, developer, enthusiast or a casual user looking to contribute in any way, shape or form(and find yourself screaming “Yes!” to the above questions), then we welcome you to be a part of the G360DAO Community.
Join our Discord server today and be a part of the discussion.
Follow and stay up-to-date with the G360DAO Community:
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