Audits in the world of crypto are a must because they encourage trust and add credibility to the project. And this is also happening now in a Decentralized finance project for the very first time. Quantstamp has been roped in to conduct the first audits of a DeFi project connected with a Polkadot (DOT) Blockchain.
The project is called Equilibrium and this summer it planned to introduce and work on the development of an interoperable protocol on Polkadot. Equilibrium has been working hard on emboldening its project on Polkadot and for that, it is creating new products, such as interoperable stablecoins, a synthetic asset platform, and a decentralized exchange.
Quantstamp is a leader in blockchain security. It is a trusted name in delivering end-to-end blockchain solutions. Its mission is to secure the decentralized internet. Under its policies and framework, it has already provided necessary protection for more than $5 billion in digital assets from hackers. More than 120 startups, foundations, and enterprise concerns presently work with Quantstamp to keep their products and innovation safe.
Equilibrium has laid stress on the fact that Quantstamp’s security audit will be completely different and beneficial long-term compared to other audits that take place. Typical audits only concentrate on detecting the bugs in the smart contracts only. But the Equilibrium project is different compared to many others in the market. Polkadot provides projects like Equilibrium with a modular framework which is known as the Polkadot substrate. This can be used to make a launch on an independent basis as a customized blockchain which later gets connected to Polkadot as a parachain.
Hence instead of auditing smart contracts which usually run in an off the beaten track, Quantstamp’s audit is a must in order to audit all of the core components of Equilibrium. Quantstamp’s audit will include a stretch of the code which will govern the blockchain’s based business logic on balances, its bail-out mechanics, and its risk and price modules. As per the developers of the project, there are many key customized components as well as innovations which they surmise will require a lot of careful and persistent work. For instance, it highlights the use of an electronic signature for off-chain brokers and claims.
Equilibrium has also given a statement explaining its stake in the audit which is a crucial viewpoint we must know:
“Quantstamp’s audit is of key importance to ensure the quality of Equilibrium’s performance. The main reason is that you are customizing a blockchain runtime when you are building on Substrate. If a bug affects a part of the logic on the Substrate, the blockchain as a whole can come to a standstill.”
It also is important to know Quantstamp has been associated with the best in the crypto industry. It was also the auditor of Binance’s first stablecoin. Its expertise helped the audit process to become a success as they were able to successfully detect the major issues with the heavily competitive DeFi protocol SushiSwap.
What makes audit important is that the DeFi sector still lags behind in terms of security and audit helps in highlighting them for future corrections.