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SolidProof Crosses 400 Smart Contract Audits and KYC to Foster Security in the DeFi World

·4 min read

Handewitt, Germany--(Newsfile Corp. - February 12, 2022) - The security of a crypto project remains a primary consideration for developers in DeFi. SolidProof, a German-based blockchain auditing company, has specialized in protecting DeFi market participants with its transformation security solution.

SolidProof currently prides itself in serving over 350 projects. Thus, they adapted their business to the altering market conditions and fine-tuned it accordingly.

SolidProof Addresses the Lack of Trust in DeFi

DeFi has attracted a fair share of scams, owing to the number of rug pull cases that have flocked the industry time and again. Developers may create a liquidity pool with his newly minted scam token and another legitimate crypto, such as Ether. When people come in, they begin purchasing it in exchange for ETH, held for a set period. Malicious founders will then remove the ETH from the liquidity pool, leaving only the worthless token.

It can also occur during the vesting period. During this period, smart contracts typically lock a certain amount of funds until contract conditions are met. Vesting is the process of releasing them after the period has ended. Vesting demonstrates that the team is committed to the project and will continue its development. With SolidProof, knowing the developers before investing promotes credibility and trust.

SolidProof also offers reliable Know Your Customer (KYC) protocols that could build up a project's credibility. It gathers information about the project development team. Hence, it reassures users that they are legitimate and well-intentioned. This process provides investors with a high level of confidence. Investors have trust that the project's founders will not attempt a rug pull and flee with their funds, as happened recently with Squid Token. Thus, investors can freely participate in the presale.

In addition, the firm does KYC on clients to authenticate the users' identities for holder analysis. It also analyses if they offer a danger of money laundering. Furthermore, SolidProof assists processes in determining if potential investors are obtaining cash from reputable sources. As a result, both the investor and the creator get a fair project launch.

SolidProof also tackles privacy issues by storing client data on servers with excellent encryption. It guarantees optimum security for potentially sensitive data. Consequently, new projects may rely on its risk-free approach to data storage optimization.

SolidProof Auditing Services

Solidproof detects issues and creates auditable and detailed reports. They detect problems or vulnerabilities in a protocol's code. In addition, they categorize and list these mistakes based on their severity level: critical, medium, and low.

It then gives many code improvements to crypto projects. SolidProof informs developers on certain essential modifications. Hence, they assist them in increasing the efficiency of the code.

SolidProof has recently released a new feature called the SolidProof Automated Auto Tool. SAAT uses pre-installed parameters to detect faults, mistakes, and inefficiencies in the smart contracts of any DeFi project. The skilled SolidProof team can offer quick, accurate, and transparent audit reports free of human mistakes.

The automation of audits also allows SolidProof to evaluate very complicated smart contracts. Usually, it would be nearly impossible to examine manually increasing Defi projects' security. SolidProof is a quality auditing solution because of these auditing characteristics. On the other hand, free cheap audits are not as extensive. They do not include findings and suggestions that might assist devs in improving the code.

The Future of DeFi Looks Bright

SolidProof is swiftly establishing itself as a prominent player in auditing solutions. It is also expanding services internationally. It is also working to permanently shift the blockchain environment to increase audit and KYC efficiency.

Aside from smart contact audit automation, the firm offers the best possible client security and privacy. Although auditing blockchains can be difficult, SolidProof is off to a terrific start and eventually dominates the technology. You can request for an audit and KYC services from SolidProof's website.

About SolidProof

SolidProof is a Defi contract auditor. On top of auditing, Solidroof provides KYC scanning services. The idea of KYC scanning involves checking for any money laundering risk surrounding the project. Hence, any project that asks for a KYC scan will undergo thorough scrutiny of the team members.

Contact: MAKE Solutions UG Mails Nielsen Hello@solidproof.io

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/113600