Audits enable people to assess the security and reliability of blockchain and cryptocurrency projects. Recently, the demand for high-quality audits has been growing steadily in the crypto market and is far from being satisfied yet. The SOKEN company operates on an international level and provides various types of audits. It favorably differentiates itself from its competitors, thanks to the affordable cost of its services and its constant strive for perfection.
The Importance of Audits for Cryptocurrencies
Security audits are vital for blockchains. Thanks to the open-source code, projects can develop quickly and efficiently. On the flipside, they become more vulnerable to hackers who might want to conduct cyberattacks to steal users’ funds and private data. Audits can help users identify the most reliable blockchains that put maximum effort into reducing any potential risks.
Recently, the demand for audits has been growing particularly fast in the sphere of DeFi projects. Dozens of short-term DeFi initiatives appear on the crypto market every other day. They strive to involve as many people as possible in investing in their tokens and ultimately steal users’ funds through the source code backdoor. Yet it doesn’t mean that people should avoid the DeFi sector at all! Users need credible tools and methods that would enable them to tell worthy projects from dubious ones.
The crypto market is looking forward to a product that can enhance the reliability and security of cryptocurrencies and blockchain projects. Such a tool will allow people to invest safely without having any coding skills.
Partnership With Scamsniper.net by Coinsniper
Anonymity is one of the most powerful aspects of crypto. Unfortunately, it does not only bring benefits. I’m sure you’ve all experienced the downside of anonymity while investing: scam projects. On a daily basis, Coinsniper receives messages from users about (possible) scam tokens. Although they do their best to keep out scams and ban them immediately if they do get through, it’s not enough to stop people from getting scammed. Therefore, Coinsniper will be releasing new projects: ScamSniper.net, and Soken.io partnering up with them! Use it to identify risks related to contract addresses, find out whether coins are audited and request an audit by Soken for projects! This is a partnership to bundle forces and fight back against the scams in crypto.
Beware of Scams!
The DeFi industry sadly lacks security regulations, which opens opportunities for million-dollar hacks. Here are two notorious examples that took place a few months ago:
- In May 2021, PancakeBunny, a Binance Smart Chain-based decentralized finance platform, was hacked. The attacker managed to steal over $200 million in crypto assets.
- In August 2021, Poly Network was hacked. That led to a $600,000 loss of digital tokens.
Such cases perfectly accentuate the importance of smart contract security audits. Audits can help people eliminate frauds and make blockchain a safer sphere.
The SOKEN company operates on an international level and has offices in Hong Kong, Canada and Ukraine. It started with smart contract audits and soon moved into the legal field. It makes legal opinions for crypto exchange listings and provides full project support, from carrying out audits to listing tokens on exchanges. Plus, SOKEN helps new companies to register and get financial advice for their cryptocurrency projects to be able to work comfortably in their respective jurisdictions.
SOKEN efficiently cleans the market from scammers and spammers. It has a dedicated team of engineers, PR, lawyers and finance experts. SOKEN always keeps its pricing at a reasonable level. Customers’ trust in this company has been continuously increasing ever since its inception.
Types of Audit That SOKEN Offers
Today, SOKEN customers can choose from four types of products:
- Standard Audit. It includes checking the correctness of the code and the operability of the smart contract. This type of service suggests only automated testing of the smart contract but not manual testing, unit testing or project analysis.
- Comprehensive Security Audit. It features a complete functions overview and a detailed description of vulnerabilities with the team’s recommendations. You’ll get a detailed report, broken down into several stages. This type of audit is focused on testing for bugs and errors, weaknesses and flaws in the contract code. It includes automated testing using Mythril, manual analysis, unit testing and basic project analysis.
- Anti-Fraud Certificate. This is a relatively new product for the market — but both users and project founders already value it highly. It checks for the presence of the so-called drain code to prevent the possibility of funds flowing from users’ wallets to the creator’s wallet at once. This service reviews not only the smart contract but also the whole history of the project. It solves the simpleness of DYOR for end-users and helps them to make faster decisions on their investments. Anti-Fraud Certification can become an opportune addition to the Comprehensive Audit. It also includes liquidity analysis, the project’s website testing, verification of the personal socials of the team and the founder’s ID. The result is delivered as two separate files: Anti-Fraud Comprehensive Security Audit and Anti-Fraud Certificate.
- Legal Opinion. The document is drawn up by lawyers depending on the requirements of the residence and is issued only to official companies. It is used on most major exchanges for listing.
All services include social media announcement publishing. If you wish, you can opt for prompt delivery: at a 20% additional cost, SOKEN specialists will be working 24 hours to complete the audit as quickly as possible.
The Essence of the SOKEN’s Layer-Based Audit Approach
SOKEN has developed a layer-based audit approach to breaking down the verification task into smaller ones. This approach consists of five main elements:
- Smart labeling. This is a tailor-made SOKEN team’s way of addressing DApp-s / systems specification with the help of labels or shortcuts. These labels can formally set the required properties and are compatible with existing programming languages. Using deep learning techniques and a handcrafted label codebase, the SOKEN team plans to develop a framework to understand decentralized programs not only at the syntax level but also at the semantics level. Plus, this framework will enable them to add the correct labels to the source code automatically.
- Decomposition based on layers. The SOKEN team was one of the first to introduce modular verification, implementing a new concept called layered depth specification. This method uncovers the ideas of layered patterns and makes it possible to break down a complex validation task into smaller ones. The validation of each item will happen at the proper level of abstraction.
- Automatic scan objects. SOKEN creates automatic verification objects (or counterexamples) that any user can promptly verify. These objects of verification can be considered as certificates for verified programs.
- Certified DApp libraries. To improve the quality of the code and the reliability of the entire blockchain community, SOKEN offers a series of certified libraries and integrated development environment (IDE) plugins for building robust DApps. This should give people more confidence in product reliability during development.
- Customized certification services. For DApps / systems with high reliability requirements, such as digital wallets, SOKEN intends to provide personalized certification services. The verification experts can help clients to validate programs and compile detailed reports.
The SOKEN layer-based approach to audit ensures the end-to-end protection and security of verified smart contracts and verified blockchain ecosystems, making both fully trustworthy.
The SOKEN team can carry out a thorough analysis of the following documents that are essential for cryptocurrency projects:
- Website Terms & Conditions. This document regulates the legal interaction between the owner of the website and its visitors/users, copyright protection, intellectual property, behavior, rights, third-party links and services, etc.
- ICO Terms & Conditions. This one is relevant for those projects that are planning to pre-sell their tokens through their websites when getting started.
- Token Sale Agreement. This document regulates the private sale of tokens for certain privileged big investors. It mentions the preferable prices, discounts and other meaningful aspects of the sale.
- Vesting Agreement. This one is focused on the specifics of blocking the vested tokens and describes the vesting schedule. The founders can use it to convince the investors that their project is serious and not a pump-and-dump one.
- Risk Policy. This document ensures the project’s founders’ legal protection against novice, naïve and ill-intentioned investors.
- AML/KYC Procedure. It regulates the project’s compliance with Know-Your-Client and anti-money-laundering obligations, enhancing the safety and credibility level of the crypto business.
- Whitepaper Review. SOKEN experts can analyze the Whitepaper of a new project from a legal perspective. They will provide the founders with feedback on what to change and what to add to make the project accepted by exchanges.
- NDA/NCA Agreements. This document regulates the confidentiality and the non-competition obligations that the company requires from persons who come into contact with the project and get confidential information. Such persons may be developers, advisors, promoters, etc.
Besides, the SOKEN team can analyze any other type of agreement, as requested by the client.
Blockchain and cryptocurrencies have become an integral part of our lives but the security of this sphere is still imperfect. Project founders, investors and users can rely on the results of audits to assess the credibility of various projects. The SOKEN company can carry out quick and professional audits for blockchain businesses at an affordable price. The SOKEN team has developed a unique layered-based approach to audit and can also review the most important documents for projects.