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Solidproof to Launch Auto Audit Tool for Safer Blockchain Projects
Solidproof will launch Audit Tool, a pivotal service for blockchain projects. Through it, the German-based audit plans to improve the security of DeFi protocols, which often fall victim to hackers.
Just recently, a white hat hacker deprived the Poly Network of $600 million worth of digital assets. To the hacker’s defense, he later returned the money. However, the event exposed the vulnerabilities of crypto projects that usually launch with faulty or unaudited smart contracts.
Solidproof plans to help developers and investors save millions with better security features. And, its imminent Auto Audit Tool should do just that.
Solidproof Auto Audit Tool
Solidproof employs blockchain specialists for auditing smart contracts. They test and find vulnerabilities in any blockchain project’s code. This way, they can identify bugs that would otherwise enable hackers to siphon off funds.
Generally, Solidproof conducts manual audits at a client’s request. This process involves in-depth testing of the project’s smart contracts. For example, the auditor may insert false transactions to discover if the contract is susceptible to double-spending attacks.
Solidproof’s manual audits already benefit from a high trust level in the crypto community. However, the company wants to take auditing security to the next level by rolling out an auto audit tool.
The Auto Tool should increase Solidproof’s ability to detect critical smart contract vulnerabilities. This feature should go where manual auditing may not reach. Finally, it should result in a more accurate and reliable audit report.
How Auto Tool Will Work
As of now, manual auditing on Solidproof is straightforward. Firstly, clients request an audit. Then, Solidproof auditors run the project through a gauntlet of tests and trials. In the end, they advise the client about potential vulnerabilities and appropriate fixes. After the developers fix these issues, Solidproof performs another audit before releasing the final report and certificate.
The Audit Auto Tool will work like this:
- The client accesses the tool and uploads their contract via a file or an URL.
- The Audit Auto Tool calculates all the weak points from the available analysis tool.
- The tool then delivers the audit results while mentioning that it is not a substitute for a proper audit.
If the client requests it, Solidproof also manually audits the contract. That’s because they cannot guarantee that the automatic process addresses all of the client’s requisites. This way, they enhance the transparency and reliability of the audit report.
Solidproof works in close contact with the client until the developers eliminate all security risks. Once the final audit is successful, the client receives a uniquely Verification Badge. This feature represents the “solid proof” of the project’s security.
Better Auditing for Safer Blockchain Projects
Solidproof seeks to provide better security audit solutions in decentralized finance and beyond. In this regard, it has already audited up-and-coming projects, such as Jaguar Swap, Doge DNA, and Hive Protocol, among others.
A proper audit can help protect projects against system vulnerabilities and source code loopholes.
In less than one year, Solidproof has reached one of the highest levels of business in Germany. Today, it has a Holding and Gmbh status, which increases its reliability and boosts its growth.
To this day, Solidproof has entered strategic partnerships with other successful blockchain entities. Among them are collaborations with Unicrypt, Etherlite, and Pathfund. These projects trust Solidproof will bring more security for smart contracts in DeFi and beyond.
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Decentralized finance (DeFi) projects require new solutions to ensure their security. However, not any quick fix will do. The ideal answer to contract vulnerability should help developers verify their users’ IDs without compromising their anonymity on the blockchain.
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