Ocean Protocol Secures V3 Contracts Implementation With CertiK
NEW YORK, 30 October 2020 — Ocean Protocol, a decentralized data exchange protocol to unlock data for the broader AI industry, announced the release of Ocean V3, which introduces a series of new concepts and functions to accompany the existing protocol.
All V3 contracts featuring Datatokens, the Ocean Market, and IDOs (Initial Data Offerings), were successfully audited by CertiK Professional Services Division, signifying the green-light for Ocean Protocol’s next venture.
In Ocean Protocol, each data service gets its own datatoken. This enables data wallets, data exchanges, and data co-ops by directly leveraging crypto wallets, exchanges, and more.
Ocean Protocol’s V3 contracts enable data sharing in a Web3 fashion making it easier for individuals to publish, auto-price, and sell their personal data.
Datatokens are Ethereum-based ERC-20 tokens pegged to the respective value of the underlying data asset pegged to the respective token while providing access control to the data asset owner.
Furthermore, datatokens are subject to the Ocean Market, a community marketplace to sell, buy and curate tokenized data.
Datasets of datatokens are expressed and published via Initial Data Offerings (IDOs) empowering a whole virgin DeFi subculture, making Ocean Market the world’s first IDO launchpad.
Code Review & Auditing Process
Considering the fact Ocean Protocol’s V3 smart contracts varied in nature, CertiK experts engaged in the audit utilizing Static, and Dynamic Analysis, as well as a plethora of Manual Review techniques. The auditing process revolved around the following considerations:
- Testing smart contracts 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.
A total of 60 issues were identified during the auditing process, 52 of which had informational character, 7 minor, and only 1 major.
After a series of coordinated intelligence and practice exchanges between CertiK auditing experts and the Ocean Protocol team, the latter managed to resolve any major issues following the recommendations cited by the CertiK Professional Services Division.
“Ocean Protocol’s ambition is to create a whole new marketplace revolving around tokenized data. That naturally doesn’t sound easy to achieve, hence the Ocean team was cautious of the challenges and committed to ensuring the integrity and the security of such a system.”
“We were impressed by the strict methodology employed during the audit — the entire process was seamless. Even after we made some last-minute changes to the code, CertiK accommodated our updates and reviewed them. As a result, we hardened our smart contracts and delivered a more secure product to the community,” said Alex Coseru, VP of Engineering at Ocean Protocol
The full audit report can be found by visiting the relevant CertiK Shield directory, here.
About Ocean Protocol
Ocean Protocol builds powerful Web3 apps for the emerging data economy. Founded in 2017, Ocean Protocol connects data providers and consumers, using blockchain technology.
Ocean technology allows private data to be shared, without compromising control or security for the data owner, while ensuring traceability, transparency, and trust for all stakeholders involved. Ocean allows data owners to monetize data while keeping control over their data assets. Ocean Protocol Foundation is based in Singapore.
CertiK is an edge-standards cybersecurity firm founded by Computer Science professors hailing from Yale and Columbia University respectively, aiming to improve the security and correctness of smart contracts and blockchain protocols on a global scale.
Leveraging a seasoned team of multi-skilled engineers and security auditors, CertiK’s mission is to apply a plethora of high-level industry practices, covering the entire spectrum of static, manual, and dynamic analyses, in order to ensure each project subject to a formal audit is up-to-date with modern security standards while offering their services to the broader DLT community.
Over the past few years, CertiK has serviced more than 100 top-shelf blockchains, DeFi protocols, among other complex and/or custom smart contracts, including but not limited to Binance, Tera, Bancor, Shapeshift, and Blockstack.
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