Hackers have turned the DeFi space into their playground, making the sector a scary place for investors and project developers. Sadly, these cybercriminals constantly invent new ways to exploit and siphon millions from vulnerable DeFi projects.
According to reports, hackers have stolen more than $3 billion from crypto projects this year. This is why crypto investors are becoming weary of crypto projects with unaudited smart contract codes. DeFi projects are investing heavily in smart contract auditing to improve security and ease users’ minds.
What is Smart Contract Audit?
A smart contract audit is a thorough examination and analysis of the smart contract code. This process allows project developers to identify flawed codes and vulnerabilities before deployment.
Some of the benefits of smart contract security audit are:
- Ensures safer DeFi platforms.
- Increases community trust
- Provides enhanced protection against hackers
- Increases credibility in the crypto industry.
Flasko Completes Security Audit
Flasko recently became the latest blockchain project to pass its security audit, thus providing a safer ecosystem for investors.
Flasko is an alternative investment and trading platform that allows users to invest in the premium alcoholic beverage market through non-fungible tokens (NFTs). This way, the project believes it can bridge the gap between alternative investments and the crypto market.
The platform provides users with NFTs tied to real-world products such as luxury and vintage whiskey, wine, and champagne. Although investors can purchase fractions of the NFTs, only those who buy an entire NFT will receive the real-life product at their designated address.
Flasko has completed its smart contract audit conducted by leading blockchain security auditing firm Solidproof. The audit was conducted to discover issues and flaws in Flasko’s smart contract codes. The project’s developers provided the auditor with files, which were used to verify their claims, which included:
- Correct implementation of Token standard
- Deployer cannot mint any new tokens
- Deployer cannot burn or lock user funds
- Deployer cannot pause the contract
- Overall checkup (Smart Contract Security)
Solidproof thoroughly audited the code by reviewing the specifications, sources, and instructions provided by the Flasko team. The auditing firm manually reviewed the smart contract code by going through the source code line-by-line to discover potential flaws and vulnerabilities.
After the examination, Solidproof provided actionable recommendations that the Flasko development team can use to secure the project’s smart contracts and improve the overall safety of the platform.
Passing the audit aligns with Flasko’s goal of creating a security-driven platform for investors who wish to explore alternative investments.
Aside from completing Solidproof’s audit examination, Flasko has adopted other measures, such as token lock, to protect investors. The project has locked its team’s tokens for three years, thus making the assets inaccessible until December 2025. Flasko also plans to lock liquidity for 33 years to eliminate the fear of a rug pull.
