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Solidproof Sets to Boost Confidence in Defi Ahead of Automatic Auditing Tool Launch

Solidproof Sets to Boost Confidence in Defi Ahead of Automatic Auditing Tool Launch

Introduced in 2021, Solidproof is a crypto platform launched for the primary purpose of securing the Decentralized finance space. It comes when the security cases in Defi have been surging, with investors and Defi projects losing millions.

The most recent instance of a Defi project’s security issue is the Poly network hack. The platform lost $600 million worth of assets, but later reports show that the hacker returned most of the amount. The hacker took advantage of system flaws associated with the smart contracts. It’s no doubt that the security issues surrounding Defi would make any investor lose confidence.

However, Solidproof, a German-based Defi auditing platform, is strongly investing in bringing back Defi confidence. How? Smart contract auditing and KYC scanning.

KYC Scanning Services

The Solidproof network provides KYC scanning services. Generally, they look at all the people involved in the project and the types of transactions they do. KYC scanning is essential today since crypto and Defi are blamed for money laundering and terrorist financing.

KYC needs the collection of data from the project, its team, and its customers. Although the platform collects some data, it does not publish any private data. It is bound to DSGVO regulations, therefore centered on protecting the data of its users.

Autotool for Better Auditing

The Solidproof network works to secure the smart contracts associated with upcoming Defi projects. Smart contract auditing generally involves testing the contract for flaws and vulnerabilities.

The auditor needs to do multiple types of tests on the contract to expose any issues. For instance, the auditor can add fake transactions to see if the contract is vulnerable to double transaction attacks. Smart contract auditing also involves looking at the coding for any vulnerabilities. Solidproof conducts manual audits where they test the smart contracts manually.

However, Solidproof is soon bringing the auto audit tool, which will utterly automate the auditing works. The auto-auditor will essentially do faster and more complex texts on the smart contracts to ensure no room for errors. Combining the manual and auto-auditing results will make the reports have more accuracy thus become more reliable.

The auto tool is coming in September and will help the Solidproof network do more audits in a brief span. To get your project audited, you need to follow the following steps;

  • Send a request for an audit by communicating to Solidproof.
  • The auditing will now take place.
  • The auditor advises developers on better ways of handling the contracts and fixing some issues. Developers fix the problems.
  • Solidproof releases the report

Paves the Way for A Better Future

Solidproof also strives to ensure that it secures more businesses by making more future-focused partnerships. Take, for instance, Etherlite, a blockchain designed to host DApps. Interacting with the network allows Solidproof to have access to many Dapps to work with in the future.

Uniycrypt and Pathfund partnerships also aim at securing better business for the future. Every month, several Defi platforms use Pathfund and Unicrypt to launch their token offerings. Solidproof will have access to all those projects and audit most of the projects.

Access to the audit and KYC scan reports is also easy. The Solidproof Twitter, Facebook, Medium, and Telegram pages always update the most recent audits. Posting the audit reports opens the way for a more transparent future in Defi, thus boosting trust.

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Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.