SolidProof: The First Service Provider of KYC and Auditing for Smart Contracts
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SolidProof, a German-based project, is working towards ensuring that users on the DeFi space are safe. It specializes in smart auditing contracts and checks vulnerabilities using manual and automated tests.
Since the blockchain industry, it has been associated with many cybercrimes such as fraud and identity theft. It has since been a significant contributor to the lack of confidence in DeFi and, consequently, its adoption. Fortunately, SolidProof protects users and provides a verification badge to the company in question as proof that their services are genuine and secure.
SolidProof KYC and Auditing
SolidProof offers Know Your Customer solutions as one of the measures against fraudulent participants. As its name suggests, the KYC process revolves around knowing the identity of the customer. In addition to that, the company can establish the nature behind their activities, how legitimate their funds are, and analyze money laundering risks that present themselves concerning a customer.
On SoliProof’s auditing, smart contracts projects undergo an in-depth check if any vulnerabilities present themselves. The audit report classified the vulnerabilities as either critical, medium, or low, depending on how severe the vulnerability is. That’s not all.
The SolidProof team will also work closely with the project’s team to ensure that the vulnerabilities are taken care of from the list of provided recommendations. To this effect, another audit takes place. Once completed, the project receives an audit report that includes a certificate and more marketing content.
SolidProof Solidifies Partnership with Unicrypt
Unicrypt is a decentralized services provider that presents many ways for DeFi projects to ensure user safety and community trust. The project was the first liquidity locking smart contracts for Uniswap on Ethereum, and since then, the project has developed more features to become even more efficient.
To ensure user safety, Unicrypt uses KYC systems provided by two projects: SolidProof and PassorFailMe. The network highly recommends that tokens launching on the ILO platform contact their KYC partners to receive KYC and auditing reports. It increases the chances of survival in the DeFi market, whereby one minor mishap in security can cause the whole project to fail.
The audits, Unicrypt insists, look for the most common exploits that AI might overlook or generally miss. Also, SolidProof, as an auditor, will advise on a better tokenomics model and the ideal liquidity percentages that will ensure it stands out in the crowded market.
Some of the latest projects that have been reviewed by SolidProof include DogeCola, Eversify and D-ReiT
SolidProof plans on bringing automatic auditing on its platform very soon. The team currently analyzes the protocol and reviews the whitepaper to get an overview and intentions of the project.
Afterward, the team sends a quote based on how complex the smart contract is, and then the source code review begins. The source code review encompasses both manual and automatic testing. The two work hand in hand to ensure that no stone is left unturned that may cause vulnerability. SolidProof’s automated auditing will bring in tools that will assist projects in checking their vulnerabilities.
Also, SolidProof aims to launch its token soon. The token will act as the native cryptocurrency on the platform and as a means of payment. However, the project is still working on it.