ChainSecurity has completed a security audit of the SMART VALOR project. The full report, including the scope of the audit and considered properties, is available on Github.
The SMART VALOR system consists of a dedicated ERC20 token with some extra functionalities like burnability and immediate allocation of funds to a number of monitored wallets at token generation event, and a staking platform that allows users to stake a number of tokens in exchange for a certain type of membership. These stakes are created as self-contained smart contracts, to leverage the accounting functionality coming with a full Ethereum address per stake, and are generated by a specialized factory contract. The smart contracts are designed to be trustless, and no authority to seize funds is granted to SMART VALOR. Locking of tokens for a predefined period is part of the design, limited to at most 365 days. SMART VALOR can unlock funds in exceptional cases before the predefined locking period has passed.
ChainSecurity analyzed SMART VALOR’s smart contracts using a variety of tools for automated security analysis of Ethereum smart contracts, including Securify and manual expert review.
Overall, ChainSecurity’s auditors found that SMART VALOR employs very good coding practices and has a clean, well-maintained code. No critical security vulnerabilities were found during the audit, but nonetheless a few issues and questions regarding the system design were raised. The team in turn reevaluated the interaction between smart contracts and off-chain parts of the platform, which resulted in an improved and more secure system design.
Julien Bringer, SMART VALOR’s Chief Security Officer, highlights “We received very detailed comments from ChainSecurity that helped us to further improve our design.”
ChainSecurity remarks that all open questions were professionally and diligently addressed by the SMART VALOR team leading to secure smart contracts.
About SMART VALOR
SMART VALOR AG is the world’s first security token exchange for alternative investments, headquartered in Zug, Switzerland. The mission of the company is to enable access to digital assets to people around the world in an easy, secure and compliant way. The company utilizes blockchain technology to democratize access to wealth, and treats the transparency of operations with the utmost importance.
See www.smartvalor.com for more information.
ChainSecurity is a Swiss-based start-up working at the heart of blockchain technology as an audit platform for secure smart contracts. Launched in 2017 by a team of ETH Zurich Computer Scientists, ChainSecurity develops leading blockchain security solutions like the popular smart contract analyzer https://securify.ch.
Learn more about ChainSecurity at https://chainsecurity.com