Press release. SolidProof, an audit firm in Germany, has established a strategic partnership with Unicrypt, which plays a crucial role in the incubation and marketing of Defi projects.
Decentralized Finance is one of the most outstanding financial revolutions this century, with new projects coming up every other month.
As DeFi snowballs, potential investors have been attracted as well as hackers. Audit reports have become necessary for developers to ensure vulnerabilities are not present in the project’s source code.
Why Audit Checks?
A smart contract audit revamps the security in any blockchain project’s code. SolidProof’s team of auditors is good at sniffing out bugs that hackers can exploit.
Developers always want the assurance that their projects are making good progress and that they are not prone to DeFi hack. The blockchain auditor analyses critical vulnerabilities prone to manipulation for entire Defi projects.
Is Knowing your Customer(KYC) Important?
Knowing your customer and project auditing were introduced in the Defi to protect the average investor and the projects. Know-your customers, ascertain that the Defi service providers acquire adequate information about their customers to suppress money laundering and other financial-related issues.
Auditing a project involves checking the smart contracts and looking for vulnerabilities. Defi and investors have been kept secure by the combination of these services.
Solidproof uses manual and autonomous systems, unlike many other projects. The platform primarily targets to give extensive details on the report. The reports assist the project community in feeling secure. In their report, Solidproof highlights potential issues and offers guidance on how to strengthen the loose ends.
SolidProof looks to establish customers’ identities and assess their activities for the DeFi project’s KYC checks. They also check that the clients have legal sources of funds and evaluate any associated risks.
Get a Customized Experience
SOLIDProof provides personalized services and works with your development team to mitigate any risks highlighted in the audit report. Thus, DeFi project developers can eliminate most threats surrounding their projects and establish trust among their clients.
The blockchain auditor also posts all the audit results on its Twitter page for the convenience of many. The partnership will help multiple DeFi projects launch smoothly and realize their full potential.
SolidProof utilizes automated and manual tests to evaluate smart contracts and blockchain projects and look for threats. The process aims to assist customers in increasing the quality of their code while reducing significant risks presented by cryptographic tokens and blockchain technology.
Upon completing the process, the company offers an audit report that classifies the vulnerabilities found and provides recommendations to remedy them.
The investor adoption rate of Defi is growing at a tremendous rate fast; however, due to scams and inadequate security, it is still lagging. The protection of investors and investment is a significant concern for many. VEmpire DDAO, DogeCola, and Eversify are the latest projects to be reviewed by SolidProof.
The audit team is currently investigating issues on several projects such as NTFPorn and recently handleda case on Ken Inu.
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