A crypto project’s security remains of top priority to developers who intend to release specific financial solutions. While the crypto market accumulates billions in value, it remains vulnerable to attacks from malicious users who generate money illegally. Users experience massive losses from these attacks and, in the end, destroy the idea of achieving global mass adoption.
Auditing services offered by SolidProof step in as a safety mechanism that examines any errors within a platform that may affect how it functions. In a dynamic crypto ecosystem filled with advanced technological advancements, SolidProof manages to perform security checks that boost the assurance levels of project owners and users.
Establish Trust with SolidProof
SolidProof operates as a German-based auditing platform that examines a crypto project’s smart contracts and blockchain network status. Essentially, smart contracts enable users to perform the terms set by parties through a self-executing code. Smart contracts also remove the need for intermediaries who typically charge hefty fees to oversee a transaction.
Therefore, the automated contract empowers a project’s transactional system while instilling transparency and security to its users. Being an essential part of the financial system, smart contracts need to undergo reviews to ensure that a project’s sustainability level remains stable.
SolidProof tackles such issues by cautiously performing manual and automated checks for blockchain projects. Below is a four-step simplified procedure that SolidProof implements to accomplish a successful audit:
- The process begins by requesting a free audit and sending the project’s code to SolidProof. After evaluation, the platform will send a customized quote to the client.
- An audit report is prepared to detail any potential vulnerabilities within the code. The vulnerabilities are categorized into three segments which start from critical, medium, and low. As mentioned earlier, errors are detectable using manual or automated tests.
- An additional audit process occurs once the code is found with vulnerabilities. At this point, SolidProof works with the project’s team in fixing the errors.
- A final audit certificate is designed to provide clients with marketing tools once the process comes to an end.
Project owners who undergo successful audits get a unique verification badge that acts as proof of audit from SolidProof.
Why Use SolidProof?
Crypto platforms leveraging SolidProof’s auditing solutions can anticipate the following benefits:
- Code modification: It provides crypto projects with several code modifications. SolidProof advises the developers on specific critical changes that can be made to improve the code’s efficiency. Another advantage is that the auditing procedures are cost-effective.
- Verified tests: SolidProof gives crypto projects an industry-standard audit for their smart contracts. Usually, auditing a smart contract can be a challenging procedure, particularly for those with little or no coding experience. It, therefore, may be a hassle for investors to conduct an audit process before investing in any platform. SolidProof saves investors that process by delivering verifiable quality audits.
- Secure: It eradicates the emergence of scams or hacks resulting from errors within the crypto platform’s code. Pump and dump scenarios allow developers to carry out scams that bring huge losses to investors. Commonly, users are deceived with lucrative deals that can potentially generate higher returns after a certain period. By going through an auditing process with SolidProof, investors are assured of security for their holdings or personal data linked with the crypto project.
Types of Smart Contract Vulnerabilities
Smart contracts contain various types of vulnerabilities that can adversely affect the operations of crypto projects. Initiating an audit review by SolidProof will counter some of the issues discussed below:
Denial of Service
A Denial-of-service attack occurs when an attacker prevents a host from rendering services to users. Once a DoS attack takes place, the targeted server cannot respond due to an overload of requests. In some instances, transaction processes may fail to execute entirely during the attack. Interestingly, attackers leverage a known vulnerability that exists within the project’s software code.
Reentrancy attacks in a smart contract usually aim at disabling a user’s withdrawing function. The untrusted external force causes significant disruptions in the middle of executing a transaction. After taking over the withdraw function, attackers link their smart contracts, enabling them to drain a user’s holdings quickly.
A front-running situation occurs when validators/miners slip trades on a blockchain before other trades are added. Here, users monitor for any price movements and wait for the right moment to overtake as an unconfirmed transaction. Unlike the traditional financial system, which uses non-public data, front running in the crypto-verse utilizes publicly available data on the blockchain network.
Know Your Customer Procedures
SolidProof also offers crypto projects with KYC solutions designed to counter money laundering, fraud, and any other type of illegal financial activity. In general, KYC procedures assist platforms in determining a customer’s identity and the source to which a user is generating money.
Projects using KYC procedures in their operations ultimately establish trust between transacting parties. It is also contributed by the fact that average investors have an idea of the platform they are investing in, thus increasing their confidence.
In order to prevent cases of data theft or impersonations, SolidProof ensures it abides by the DSGVO law, which restricts the publication of personal data. Every data gathered is stored in an independent encrypted server that is only accessible by SolidProof.
A close evaluation of smart contracts remains of integral value to platform owners and their investors. Through SolidProof, crypto projects can receive verified audit services that point out any errors within a code.
The German-based auditing platform also offers recommendations that can be implemented to improve the platform’s system. Therefore, investors can maximize profits without worrying about technical glitches, resulting in cyber-attacks and financial losses.