Ensuring trust in crypto is tough, but audits and transparency go a long way
Cryptocurrency platforms perform audits to ensure transparency, but it’s not a golden solution to solve all potential trust and security issues. On Dec. 9, the total market capitalization of cryptocurrencies soared past $535 billion. This is a significant increase from last year, when the cumulative market capitalization of cryptocurrencies was just over $199 billion. With such impressive growth underway, it shouldn’t come as a surprise that companies operating in the cryptocurrency sector are taking additional measures to ensure trust among investors. For instance, some cryptocurrency....
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The crypto world eschewed trust in favor of transparency. But transparency doesn’t solve the problem of untrustworthiness in financial markets.
What are smart contract audits, how do they work, and how do they benefit the crypto projects who get their code scrutinized? Let's find out. Do smart contract audits improve crypto's image?Blockchain technology is becoming a bigger part of all our lives — and auditors like Hacken are ensuring that crypto projects put their best foot forward.Improving the quality of smart contracts helps reduce those unpleasant headlines about major hacks in the press, and boosts the reputation of crypto projects in the public's eyes.Once an investigation has taken place, Hacken offers labels to ensure....
Dyma Budorin thinks the crypto industry would be much safer if smart contract auditors took responsibility for the code they audited. Smart contract auditing firm Hacken CEO Dyma Budorin thinks Web3 cybersecurity providers are failing the crypto industry and that “huge blind spots” in market practices are impacting investor behavior.Budorin believes a lack of accountability and transparency in the audits many providers perform falls short of reassuring users and projects.Currently, smart contract auditors take no accountability if a token they have audited gets hacked due to a bug in the....
The Tether general counsel has declared an official audit in few months. USDT is a popular stablecoin occupying the third position in global digital assets. As it’s on blockchain that cybersecurity experts deem unhackable, the majority today trusts its security. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts However, many people in the crypto community have been waiting for a financial audit of the stablecoin. Now, it seems that the ongoing regulatory issues in the crypto industry have galvanized the Tether team into action. As a result, they’re....
The blockchain technology has come a long way in over a decade since the first cryptocurrency was introduced. It has been constantly changing the landscape of financial systems and also gaining widespread adoption across different industry sectors. The public blockchains have been instrumental in helping businesses overcome various challenges by ensuring transparency, data integrity and […]