PolkaCipher Completes Smart Contract Audit
PolkaCipher is ready to confirm that our smart contracts have been fully tested and audited by one of the top security leaders in blockchain, PeckShield.
We wanted to ensure our community that our smart contracts are secure, clean, and do not have any kind of vulnerabilities upon deployment.
Smart contracts are notoriously difficult to get correct. There are three primary properties, the capacity to store value, clarity, and immutability, which are required for smart contracts to function properly.
These characteristics, however, make smart contracts a security risk and a high-value target for cyber-criminals. Also in the absence of deliberate attacks, there are numerous reports of funds being trapped and businesses suffering financial losses as a result of smart contract bugs and vulnerabilities.
Our security audit by PeckShield ensures that our smart contracts had their time with fresh eyes to look over any logical, calculation, or syntax errors.
Our tokens are critical in securing the network that’s being built, and we at PolkaCipher have designed our smart contracts in such a way that our tokens remain secure regardless of the circumstances.
Our smart contract’s inner workings are extremely simple and complicated at the same time in certain ways to ensure that our token are safe and that no single individual has control of the token at any point in time.
Once our tokens are minted, ownership will be automatically destroyed by the manager contract, which means that no more tokens will ever be minted.
Following that, our manager contracts will distribute newly minted tokens to various wallets. These wallets have an impact on the way certain tokens are distributed and used in the future. Each address that will be created to hold tokens is a multi-signature wallet, which means that multiple people will have influence over how those tokens are spent. This also means that a bad actor in the future cannot make decisions independently to affect the project in terms of tokens.
You can read the full report here
We can now conclude that our smart contracts are tested for all kinds of risks and are ready to be deployed.
About PeckShield
PeckShield Inc. is a blockchain security company that aims to elevate the security, privacy, and usability of the current blockchain ecosystem by offering top-notch, industry-leading services and products (including smart contract auditing).
About PolkaCipher
PolkaCipher is a privacy-preserving oracle network on the Polkadot Blockchain focused on bringing the use case of private NFTs to off-chain businesses and be a bridge for seamless integration to on-chain Defi apps.
PolkaCipher’s unique offerings help push the use-case of the NFTs in real-world scenarios while still being connected to a cross-chain network that is fair and accurate. PolkaCipher intends to achieve business goals by helping users transact privately and securely using NFTs as a mode of access to different decentralized apps (Dapps) and real-world business rewards.
Website
Twitter
Medium
Telegram
Telegram ANN
LinkedIn
More news and updates coming soon from PolkaCipher. Be sure to follow us and set alerts via Twitter and in Telegram Community.
