Solidproof announced that their auto audit tool will be launching soon. The German-based audit platform focuses on strengthening DeFi and specifically, the DeFi auditing industry.
Its main issue has continuously been improving the efficiency of audits. Solidproof began developing the auto tool to streamline such activities lately and the initiative is now ready to be deployed. According to the team, it’s a significant upgrade from the original manual audit system.
The Audit Tool
The Solidproof audit tool is algorithmic and conducts smart contract audits automatically. According to the team, it’s one of the major upgrades that Soldproof has been hinting at for some time and is now ready to see the light of day.
So how will this tool function? The first step involves delivering the smart contract file to the tool. It then sends either an actual file or the link of its smart contract files to Solidproof. The tool takes in the details and immediately begins working on the audits.
Generally, Solidproof’s product will do audits like manual systems. It will scan the smart contract file for any vulnerabilities in the coding, and will look into any possible issues associated with the tokens. According to the official website – the audit tool does not leave room for errors when conducting the audit.
On completing the audit, the tool creates a PDF file outlining the details of the entire scan. Solidproof’s team members receive the report and can check to see if there’s an issue with the contract. If requested, Solidproof will conduct a manual test of the smart contracts again. They will review the smart contract weak points outlined after the auto audit.
Moreover, the manual auditors will do actual tests to find other vulnerabilities. In case such are discovered, Solidproof informs the developing team of the audited projects. In some situations, they could help the developers with ways to enhance and strengthen the code.
Finally, Solidproof will release its audit report and post it on its social media pages. One point to note is the Solidproof new auditing tool is not a replacement for the manual audit. Instead, both will work together to increase the viability of the report.
Increasing Defi Trust
Solidproof launched to increase trust to trust in DeFi. According to the team, the introduction of the auto tool is a huge step towards boosting confidence in Defi. Nevertheless, the project has another service, which is the KYC scanning.
In KYC scanning, Solidproof scans for money laundering risks by auditing wallets. The platform identifies the regular activities and looks for any suspicious ones. In case Solidproof notices any dubious movements, the team is warned and the issue is highlighted in the public reports.
Money laundering activities can lead to dire regulatory consequences. The endgame is protecting the Defi projects and investors.
Solidproof Becomes a Holding
Since its launch, Solidproof aims to reach as many projects in as many chains as possible. Thus, the protocol partnered with several projects, including Unicrypt. Most of the platforms it collaborated with are launchpads. In addition, Solidproof recently became a holding platform. This move will help ensure Solidproof can expand its services.