Metaplace Proving Security-First Approach With CertiK Auditing Smart Contract

First 3.0 Decentralized Marketplace on Binance Smart Chain

We’re proud to announce that we’ve successfully undergone a audit partnership with the established firm CertiK Professional Services Division. Security and transparency are two of our core beliefs as a company. Thus, a thorough audit of our current tech and everything that is yet to come was inevitable. The audit is just started, more importantly, we can announce that CertiK will provide a full audit for our decentralized marketplace smart contract.

Metaplace <> Certik onboard, Click here

What is smart contract audit?

A smart contract audit is an extensive methodical examination and analysis of a smart contract’s code that is used to interact with a cryptocurrency or blockchain. This process is conducted to discover errors, issues and security vulnerabilities in the code in order to suggest improvements and ways to fix them. Generally, smart contract audits are necessary, because most of the contracts deal with financial assets and/or valuable items.

Challenges in crypto blockchain

The crypto landscape is known as the land of the wild and the free. The place where everyone is respected for who they are, what they believe in, and respect any decisions another might make. The space is open and decentralized, built with trust as one of the most important factors. This atmosphere supports innovation but it creates opportunities for dark entities as well. Individuals that take advantage of others’ belief in technology, walking away with the hard-earned wealth of others. Contract breaches, security leaks, and fraudulent practices have been an industry standard. In present times though, this standard is rapidly changing, and loss of funds happens less frequently by the day.

The Blockchain space has gone without proper protection for many years, but with the rise of multiple security-firms in the space, the trend is changing. Whereas projects could raise millions without releasing a line of code, nowadays even the smallest projects receive questions about audits from their community. This trend is spotted by many, and audit firms rise from the ground like flowers in spring. However, there are only a few industry-leading auditors around that can guarantee the actual safety of a contract that has been audited. One of these firms being CertiK, an established project metaplace that’s also part of this journey.

What did CertiK audit?

On the 11th of December CertiK security engineers took on the initial review of the code starting the auditing process. We requested the engineers to review the code implementation of our main ERC-20 contract to support our beloved $MPC token.

The in-depth investigation of the smart contract in question included Static Analysis and Manual Review techniques. The auditing process focused on the following considerations:

  • Testing smart contract against both common and uncommon attack vectors.
  • Assessing the codebase to ensure compliance with current best practices and industry standards.
  • Ensuring contract logic meets the specifications and intentions of the client.
  • Cross-referencing contract structure and implementation against similar smart contracts produced by industry leaders.
  • Through a line-by-line manual review of the entire codebase.

Considering Metaplace followed the best practices to deploy its native ERC-20 contract, we will share preliminary report once finalized.

About Certik:

Certik is a security company looking to utilize topnotch formal verification technology in collaboration with some of the best cybersecurity experts to create end-to-end services. On its website, Certik claims that it has audited over 188,000 lines of codes and secured over $6.32 billion worth of assets. The team offers to mathematically validate the safety of smart contracts. Certik audited the smart contracts for several projects like Pancakeswap, Aave, and Polygon Matic.

Certik is official partner of Binance and is supported by prominent investors, including Binance Labs, Lightspeed, Matrix Partners and DHVC.

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Metaplace is a 3.0 decentralized marketplace built on Binance smart chain. Metaplace enhances the transparency of trade through incorporating metaverse on.

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