SolidProof, a German-based platform, plans to extend KYC and auditing services to new and existing crypto projects. Know Your Customer procedures provide new and existing platforms with customers’ data, ensuring bad actors are kept at bay. Auditing services, on the other hand, involve a process of examining the project’s code for bugs and ensuring that the software runs as intended.
SolidProof gives project owners/developers similar solutions that audit smart contracts and perform automatic/manual checks on a platform’s blockchain network.
Moreover, these platforms can also implement KYC procedures in their operations using SolidProof. The duo products enable potential customers who look forward to investing and maximizing their profits to trust projects.
KYC Procedures and a Step by Step Auditing Process
Know Your Customer strategies assist platforms in fighting illegal financial activities such as money laundering, corruption, or even terrorist funding. SolidProof’s KYC solution entails specific procedures highlighting every customer’s identity and whether their money originates from a legitimate source.
For auditing services, SolidProof employs a simplified process that will cater to every customer:
- A client begins by sending the platform’s code to SolidProof for close evaluation and later respond to the client with a quote.
- After conducting tests, SolidProof prepares an auditing report detailing any potential errors found within the source code.
- Another audit procedure occurs, and this time, the customer’s development team works with SolidProof in eliminating the vulnerabilities.
- The German-based platform concludes by issuing clients with marketing material and an auditing certificate once the auditing process ends.
The contents recorded in the auditing report classifies the severity of errors identified in the code from critical, medium, to low. Once everything is done, customers receive a distinct verification badge from SolidProof, proving that a project has gone through extensive auditing procedures. In the future, SolidProof plans on releasing an automatic auditing feature for its customers.
Why Auditing and KYC?
Security and transparency remain an integral part of a crypto project. SolidProof’s KYC solution will monitor any suspicious financial activity taking place within a particular network. Auditing ensures the software codes are analyzed for any bugs that may compromise the platform’s operations.
It, therefore, becomes necessary to obtain auditing services if clients hope to release a high-performing crypto project in the market. Soon enough, the German-based platform will launch its digital token that will drive SolidProof’s ecosystem.
Security is a guarantee at SolidProof since data is stored in an encrypted server only accessible by the platform. More importantly, it abides by the DSGVO law that restricts the publication of any customer data.
SolidProof has also joined hands with partners with Unicrypt; a network focused on improving the integrity of new platforms. Other partners on board with SolidProof include Etherlite, Pathfund, and DFinityPad.
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