CertiK is proud to announce the successful audit of the design and implementation of Waltonchain’s Golang blockchain and its cross-chain smart contracts.
Waltonchain uses unique RFID technology to solve inefficiencies with supply chain management, while also connecting to the broader Internet of Things. With this approach, Waltonchain is built to integrate blockchain solutions across the ecosystem.
With e-commerce and shipping solutions becoming a leading source of national and international commerce, Waltonchain positions itself as a leader in the space that can elegantly tie blockchain technology to the real, physical world.
With Waltonchain applying both blockchain and RFID technology, Waltonchain can increase efficiency and reduce costs and friction — providing a valuable case-study and on-ramp for companies to explore everything that the blockchain offers.
The addition of RFID — also knowns as radio-frequency identification — is an additional offering of Waltonchain, as the team uses this technology to encode digital data into tags and smart labels to be read with radio waves.
Waltonchain is directly related to real-world assets moving through complex ports of entry. And, with points of access across the blockchain as within the RFID technology, it is mission-critical that everything work as intended.
To that end, Waltonchain chose to partner with CertiK for the best in blockchain security.
The Audit
Waltonchain has been implementing its RFID and other technical applications in the clothing, food, collection, logistics, and other industries. The team mainly focuses on two aspects:
- Data reliability, and
- Data value circulation
By seamlessly integrating Blockchain and RFID to ensure data reliability right from the source, Waltonchain leverages its cross-chain ecosystem for effective data sharing.
To ensure comprehensive review, Waltonchain’s source code was analyzed by our blockchain and smart contract engineers. That end-to-end process ensured proof of stability as well as a hands-on, engineering-focused process to close potential loopholes and recommend design changes in accordance with the best practice in the space.
CertiK used the following sources of truth to enhance the understanding of Waltonchain’s systems:
- Waltonchain’s Whitepaper
- Waltonchain’s Website
- Waltonchain’s Github
- Waltonchain’s Business Process
For any inconsistencies discovered between the actual code behavior and the specification, CertiK would consult with WaltonChain for further discussion and confirmation. A few of our findings included:
- Compared to the traditional proof of stake method, Waltonchain’s POS offers mining with a staking economic model. Miners can obtain a 75% discount with no slashing or penalties from mining difficulty.
- Waltonchains myX11 algorithm is different from other x11 algorithms due to the mining rate. The intention of this design is to keep the hash-rate at a mineable rate for attracting more miners to work.
The Results
With the delivery of the audit report, CertiK concluded that the contract has passed review for known anti-patterns or security issues. CertiK would like to congratulate the Waltonchain team for passing the rigorous verification process of smart contracts, and we wish them continued success.
About CertiK
CertiK leads blockchain security by pioneering the use of cutting-edge Formal Verification technology on smart contracts and blockchains. Unlike traditional security audits, Formal Verification mathematically proves program correctness and hacker-resistance. CertiK was founded by Computer Science professors of Yale University and Columbia University, securing over $5B in assets, including many of the world’s top projects.
The research efforts of CertiK have received grants from IBM and the Ethereum Foundation, and notable investors include Binance Labs, Bitmain, Lightspeed Venture Partners, Matrix Partners, and NEO Global Capital, among others.
To request the audit/verification of your smart contracts, please email audit@certik.org or visit certik.org to submit the request.
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