SolidProof has completed several smart contract audits, including Vempire, Solarmine, AVNRich, and Coinxpad this month. The platform launched earlier this year. It aimed to find vulnerabilities in blockchain projects to boost investors’ confidence.
Solidproof KYC standards are designed to protect DeFi platforms. Through this, projects can evade corruption, fraud, money laundering, and terrorism financing. SolidProof identifies project clients, analyzes their activities, and evaluates money laundering threats.
SolidProof Auditing Ascertains Security for DeFi Platforms
SolidProof completed their smart contract audits for Avn after identifying and remediating vulnerabilities.
The project’s goal was to guarantee that each audit was done thoroughly while also finding any possible flaws or vulnerabilities in the system’s coding. Which later prompted them to recommend how best to implement security measures to ensure complete network protection in no time.
Additionally, in a Vempire review, one critical risk, two major risks, five minor risks, and eight general best practices were discovered and defined. With the most significant hazards addressed in an updated form of their contracts, Vempire has now implemented them.
Coinxpad’s smart contracts were subjected to SolidProof’s innovative smart contract auditing technology, ensuring they would operate correctly. A review of the source code, large testing of numerous inputs and outputs, and other complex features that could not be tested automatically were all part of the auditing process.
SolidProof works to guarantee data security. The data is kept on an encrypted server that is only accessible by the platform. More crucially, it complies with the DSGVO law. The law prohibits the disclosure of any customer data.
The auditing process is also straightforward. Once the communication has been established, the client sends the code to Solidproof. The next step is SolidProof working on your project’s audit. They manually and algorithmically search for vulnerabilities. Next, the platform suggests recommendations. The team also works with the client to rectify them. After an affirmative audit is done, the final audit is done.
The Auto Audit Tool Gets Popular
The platform also launched an audit tool recently. So, it is blowing up with visits from potential clients. Launchpads such as Unicrypt can embed it to their sites.
The Audit Auto Tool enables developers to submit their projects for auditing easily. They can also request a manual audit. This extensive testing procedure should state if a project is unprotected.
The tool is an algorithm designed to detect flaws in smart contract programming. As a result, it does not commit any of the frequent human mistakes that plague manual audit systems. Furthermore, it decreases the time spent on audits. The primary function of this new technology is to improve the DeFi audit efficiency.
The Rising Need for Auditing Services
Decentralized finance attracts more than just revolution and cash. It also entices people to commit fraud, cybercrime, and money laundering. For example, between January and July of 2021, hackers stole almost $474 million from DeFi platforms alone.
Because of the threats, proper safety is more important than ever. Solidproof stepped in to offer sober solutions. This platform’s current and creative security solutions strive to make the crypto sector safer for the community. Judging from recent reports, SolidProof might see more projects getting on board.
