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SolidProof – a registered security company from Germany – has announced the imminent release of an updated version of its SolidProof Automated Audit Tool (SAAT). This unique blockchain industry product supports decentralized finance (DeFi) growth, enabling projects to minimize security threats. An upgraded SolidProof App is also ready to roll out with new and exciting features, cementing SolidProof’s place in the top tier of blockchain security providers.
Increased Challenges for DeFi Security
Decentralized finance has evolved on top of blockchain technology as a viable alternative to traditional, centralized finance. It enables individuals and companies to engage in transactions without the mandatory approval of a third party. This financial and technological breakthrough is possible thanks to smart contracts – self-executing computer programs that complete specific functions when predetermined conditions are met.
Smart contracts are reliable, instant, and permissionless. However, they are not impenetrable and are often subject to hacker attacks, scams, and money-laundering schemes. Sometimes, the malevolent actors seeking to take advantage of smart contracts are precisely their creators. Black hat developers may build seemingly lucrative DeFi projects on faulty smart contracts to siphon out funds later and deceive investors.
These threats have increased recently, making smart contract security a must-have condition for projects and the entire DeFi landscape.
Smart contract auditing is the best way to ensure projects and blockchain-based applications run flawlessly and stave off hacker attacks. Security companies provide this service, which implies manually scouring the smart contract code line by line for loopholes and vulnerabilities. After finding errors, they advise the developers on possible fixes. The process then repeats until the code is risk-free.
A manual smart contract audit is often successful in maximizing the security of an application. Still, it is time-consuming and challenging. That’s why SolidProof’s Automated Audit Tool should accelerate this process and increase efficiency.
Companies everywhere will soon be able to use SAAT to revise their projects’ security. Next, the SolidProof auditors will provide a report to the development team involved once the auto-review is complete. Each report has a “critical,” “medium,” or “low” risk evaluation of the program, helping the team resolve any remaining issues.
Finally, the team completes the final audit report and provides a certificate stating the project’s safety for widespread use. The process takes a maximum of 3 hours (within business time), considerably less than manual smart contract audits, which may take days to finalize.
What’s Next for SolidProof?
SolidProof is one of the industry’s top auditors, with over 2,000 audited projects and solid experience in KYC verification. The company has steadily developed to provide high-end security and marketing services that help DeFi become a safer and more lucrative space.
The SolidProof App 2.0 will soon be released, incorporating several new features, including:
- Faster client support and booking
- A token minter
- A comprehensive dashboard to manage audits and project info
Furthermore, SolidProof aims to open DeFi to more users, developers, and projects. Its weekly educational content and workshops help beginners learn more about decentralized finance and blockchain technology. Also, they enable industry veterans to stay up-to-date with the latest developments and releases.
SolidProof is Germany’s face of blockchain security, constantly attracting important new partnerships and clients. The latest brands to enter its prestigious portfolio are the upcoming blockchains Modulus (CULT) and Oddessey (DIONE), of which SolidProof will be the official auditor.
A SolidProof audit is a badge of honor, signaling reliability and potential for projects and investors worldwide. Moreover, the company awards a “gold status” to projects that follow the industry’s best practices. Most importantly, SolidProof is among the first security providers on Base and has already secured many strong platforms and projects on the new chain.