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SolidProof – a German-based security company – will soon make its automatic smart contract auditing tool available for development teams everywhere. The product is meant to support the growing decentralized finance (Defi) space by addressing its all too common security threats.
The Need for Security
Defi is a popular application for blockchain technology that builds on the original monetary function that Bitcoin was designed for. Whereas Bitcoin was created as a form of trustless money, defi enables trustless financial services like borrowing, lending, and trading.
This is enabled by programmable, self-executing “smart contracts” that perform specific functions when given conditions are met.
However, being decentralized and permissionless doesn’t guarantee security. Countless stories of faulty smart contracts being exploited to steal users’ funds or generate free crypto still plague the space. Others may be designed malevolently from the start, but don’t undergo proper scrutiny before creators make off with users’ money.
As such, reliable smart contract audits are sorely needed for the industry’s safety and reliability. SolidProof’s Auto-Audit Tool (SAAT) uses pre-installed parameters for developers to transparently accomplish this task.
Since the audits are automated, the tool will theoretically make the process far more efficient than traditional, manual audits.
Anyone familiar with smart contracts will quickly understand how challenging it can be to audit every one of them manually, which is why this feature attracts the market’s interest,” reads a statement from SolidProof.
Solidproof’s auditors will deliver a report to the development team involved once the auto-review is complete. They will provide a “critical”, “medium”, or “low” risk evaluation of the program, and help the team resolve any remaining issues.
Then, the team will complete the final audit report and provide a certificate, proving the project’s safety for widespread use. Recently, the team began awarding a “gold status” to those projects that follow the industry’s best practices.
SolidProof’s service will launch in late April.
In November 2021, SolidProof produced a “live tracker” feature, which shows 500 projects currently within its ecosystem. Over the group’s lifetime, they’ve overseen over 1000 projects. Some of the involved teams include Cult DAO, UniCrypt, Kryxivia, and Arker.
Future plans for the company include expanding into the Asian market with tools for overcoming the language barrier. They also plan to enhance KYC and verification requirements for Asian professionals.