BuildBear Labs co-founders Emmanuel Antony and Dipesh Sukhani (R)
Having experience in the blockchain industry, Dipesh Sukhani and Emmanuel Antony observed significant scalability issues in Web3. These issues could increase operational costs by up to 30% and lead to substantial financial losses due to smart contract exploits exceeding US$1 million.
Recognizing the need for a platform that offers robust testing solutions to address security and efficiency gaps, they launched BuildBear Labs.
“BuildBear Labs was created in response to these challenges,” co-founder Sukhani explains. “We recognized the potential of Web3 as the future of technology and were inspired by the market’s shift in that direction. This motivated us to establish BuildBear Labs.”
Also Read: Web3 development tools startup BuildBear Labs nets US$1.9M funding
Established in Singapore in 2022 by Sukhani and Antony, BuildBear Labs aims to enhance accessibility and security in the Web3 space for developers. Their primary product, the Phoenix Engine, is an automated and continuous testing engine (ACTE) that enables developers to create secure, scalable, and interoperable dApps, reducing the need for post-launch fixes and increasing user adoption rates.
“Think of it as a skilled test engineer continuously checking your work for errors or vulnerabilities, ensuring a smooth and secure project launch. In the blockchain industry, a small mistake can lead to significant losses or security breaches. This is where the Phoenix Engine excels,” Sukhani elaborates.
Creating a Secure Environment
The Phoenix Engine transforms the Web3 development process by providing a sandbox environment for testing applications under real-world conditions without risking assets or compromising security. This approach ensures scalability, performance, and cross-chain compatibility.
From a business perspective, the Sandbox enhances the capabilities of Web3 development teams by allowing the creation of customized private testnets. Teams can conduct thorough and realistic testing of dApps in a secure and isolated environment.
Also Read: Web3 needs novel prevention tools for novel attack vectors: AI saves the day
By simulating real-world blockchain conditions, such as network states, smart contract interactions, and cross-chain functionality, the sandbox empowers developers to test dApps rigorously for scalability, performance, and compatibility issues.
Sukhani notes that BuildBear Labs has already generated over 8,100 sandboxes, with a 19% month-over-month increase in active users.
Ensuring Security and Integrity
Security and integrity are paramount for BuildBear Labs’ testing environments. The company plans to implement advanced security measures and collaborate with industry leaders like RemixIDE, Scaffold-ETH, Cookbook, Catapulta, and Loki.Code, and SolidityScan.
“Through these partnerships, we have integrated cutting-edge security practices and tools into our Phoenix Engine, providing developers with a secure and comprehensive testing platform for their dApps,” Sukhani states.
Despite facing challenges in the rapidly evolving Web3 landscape, BuildBear Labs aims to drive innovation by addressing technological advancements, regulatory changes, and accessibility for developers of all skill levels. Their recent funding round of US$1.9 million from various investors is fueling their growth and expansion efforts, particularly in the US.
Also Read: How AI and blockchain collaborate for a transparent Web3 future
In the coming months, BuildBear Labs plans to introduce new features to enhance the Phoenix Engine, integrate advanced analytics for deeper insights into dApp performance, and strengthen collaborations with industry leaders to incorporate cutting-edge technologies and methodologies.
Reviving Web3
While Web3 has faced challenges with scalability, user experience, and regulatory uncertainties, Sukhani remains optimistic about its resurgence. Recent market trends, including Bitcoin’s all-time high, indicate a renewed interest in Web3 technologies and decentralized platforms.
“The momentum is building up again in the Web3 market, driven by technological advancements, regulatory clarity, mainstream adoption, and strategic collaborations within the ecosystem. This renewed energy suggests that Web3 is poised for a significant comeback, reshaping the digital landscape in ways we are just beginning to explore,” Sukhani concludes.
—
X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.
Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.
The post How BuildBear Labs makes Web3 space more accessible, secure for developers appeared first on e27.