BuildBear Labs co-founders Emmanuel Antony and Dipesh Sukhani (R)
Having worked in the blockchain industry, Dipesh Sukhani and Emmanuel Antony witnessed firsthand scalability issues related to Web3; these issues could inflate operational costs by up to 30 per cent and take a devastating financial toll on smart contract exploits that often exceeded US$1 million.
The duo believed that a platform capable of providing robust testing solutions was necessary to address the critical security and efficiency gaps.
“BuildBear Labs was launched as a response to these significant challenges,” co-founder Sukhani tells e27. “We were convinced that Web3 is the future of technology as we observed the market’s palpable shift in this direction. It motivated our mission with BuildBear Labs.”
Also Read: Web3 development tools startup BuildBear Labs nets US$1.9M funding
Founded in Singapore in 2022 by Sukhani and Antony, BuildBear Labs seeks to make the Web3 space more accessible and secure for developers. Its main product is the Phoenix Engine, a specialised automated & continuous testing engine (ACTE), which empowers developers to build secure, scalable, and interoperable dApps, mitigating the risks of post-launch fixes and fostering higher user adoption rates.
“Imagine it as a highly-skilled test engineer that continuously checks your work for any mistakes or vulnerabilities, ensuring everything runs smoothly and securely before your project goes live. This is crucial because, in the blockchain world, a small oversight can lead to significant losses or security breaches. This is what Phoenix Engine does,” he elucidates.
Providing a sandbox environment
The engine transforms how developers approach Web3 development by providing a sandbox environment for testing applications under real-world conditions without risking assets or security. Sukhani claims this approach ensures scalability, performance, and cross-chain compatibility.
From a business perspective, the Sandbox “significantly” enhances the capabilities of Web3 development teams by enabling the creation of tailored private testnets. It allows teams to conduct comprehensive and realistic testing of dApps in a secure, isolated environment.
Also Read: Web3 needs novel prevention tools for novel attack vectors: AI saves the day
By offering features that simulate real-world blockchain conditions, including network states, smart contract interactions, and cross-chain functionality, the sandbox empowers developers to rigorously test dApps for scalability, performance, and compatibility issues.
Sukhani claims that BuildBear Labs has already created over 8,100 sandboxes, with a 19 per cent month-over-month growth rate in active users.
Ensuring the security, integrity
BuildBear Labs takes the security and integrity of its testing environments seriously, he says. The firm plans to integrate advanced security measures and form partnerships with industry leaders like RemixIDE, Scaffold-ETH, Cookbook, Catapulta, and Loki.Code, and SolidityScan.
“Through these collaborations, we’ve incorporated cutting-edge security practices and tools into our Phoenix Engine. This provides developers with a secure and comprehensive platform for testing their dApps,” he remarks.
Amidst the abundance of opportunities, BuildBear Labs faces several challenges. “As the Web3 landscape rapidly evolves, we face challenges like adapting to new technological advancements, navigating the ever-changing regulatory environments, and ensuring our platform remains accessible to developers of all skill levels without compromising on advanced functionalities. Addressing these challenges head-on is essential for leveraging our unique position in the market. It’s our mission to drive innovation and cement our status as a pivotal force in simplifying and enhancing the process of blockchain application development.”
The Web3 startup recently raised US$1.9 million in funding co-led by Superscrypt, Tribe Capital, and 1kx, with participation from Iterative, Plug-N-Play, and angels. The money is being used to deepen to expand its core team with top-tier talent and its global footprint, particularly in the US.
Also Read: How AI and blockchain collaborate for a transparent Web3 future
In the upcoming months, BuildBear Labs will introduce a series of developments and advancements to “solidify our role” in the Web3 development landscape. It includes enhancing the Phoenix Engine with new features, integrating advanced analytics for deeper insights into dApp performance, and expanding its collaborative efforts with industry leaders to incorporate cutting-edge technologies and methodologies.
Web3 losing sheen?
Once the hottest vertical, Web3 seems to have lost its sheen largely due to scalability, user experience challenges, and regulatory uncertainties. However, the last few months have signalled a promising shift, he says.
“With Bitcoin reaching an all-time high, we’re witnessing the Web3 market start to heat up again, underscoring the enduring interest and confidence in decentralised technologies. As someone deeply invested in the potential of Web3, I’m optimistic about its resurgence. The comeback will be fuelled not only by technological advancements and clearer regulatory guidelines but also by increased mainstream adoption and strategic collaborations within the ecosystem. This renewed momentum and the convergence of efforts across the sector suggest that Web3 is poised for a significant comeback, ready to redefine the digital landscape in ways we’ve only begun to imagine,” Sukhani concludes.
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