Layer two security
We are excited to announce the Unicrypt presale dapp has just been updated to include a new auditing feature. It will now be possible to see at a glance if a tokens contract has passed a human audit, to ensure it has no exploits or devious code such as:
- blacklisting users spending their tokens
- code which may result in tokens getting stuck in the contract
- other dangerous code
The idea behind this feature is to help investors identify high-risk tokens. This will also encourage developers to have their contracts audited before a presale on the Unicrypt platform and address as many weak points in the contract before it becomes a problem further down the line. Auditors are also available to give advice on a better tokenomic model and ideal liquidity percentages to support the market.
These audits search for the most common exploits which AI might miss, and in no way endorse a project. They simply are there as an additional tool to help investors identify malicious or dangerous code in a contract itself.
This is great for developers
Fine-tuning a presale beforehand and addressing as many concerns as possible will go a long way to ensuring the presale is a success, likely resulting in a presale that sells out within minutes, and which has instant demand once listed on an exchange. This is the exact outcome new tokens should aim for.
Who can audit on the platform?
This is a feature that can easily be abused, and for this reason, only whitelisted auditors can use this feature. We are in communication with some familiar and well-respected auditors in the space and will be adding more trusted auditors to the platform in the coming weeks.
Current auditors include:
Auditors can choose between three flags:
- VERIFIED — No found exploits
- MINOR WARNING — Small vulnerabilities worth mentioning
- HIGH RISK — Multiple red flags and considerable risk
A link field is available for a link to the full audit on the auditors website or Twitter page.
Again, this is not an endorsement of the project or to say it will fail. It is simply allowing investors to be aware of the risks as seen by the auditors.
The human layer
Audits are a much-needed aspect to ensure safety in DeFi. This aspect can never be automated due to the amount of money at stake, and due to the many devious ways a developer can code a contract. As a developer, I hope you take my word for it when I say there are many ways to add in malicious code that wouldn't be caught by an automated audit. By adding human audits right into the platform I believe we will encourage better practices on a decentralised presale platform, while still allowing developers the freedom to raise funds for a totally unique token that is free to be whatever it needs to be.
While wrapping or minting a token to ensure it contains no dangerous functions is also an option, it completely removes the ability for a developer to do anything new with their token, something DeFi is famous for. Rather than limiting what a token can or cannot be, we give developers the freedom to create something exciting, something new, and a platform whereby investors can find it.
Mark — Unicrypt