Our Smart Contracts Are Audited by CertiK!
At ParaState, security is our top priority. The process of staking ETH is complicated, and it has been challenging to develop a configuration that is both easy to use and non-custodial to minimize risks for stakers.
To provide complete transparency about the security we have built into SafeStake, we are sharing CertiK’s report on the findings from the last audit of our STATE token smart contracts. These contracts are the main driver of the ParaState economy, and a vital component of both the DAO and our SafeStake product offering.
Who is CertiK?
CertiK is a pioneer in blockchain security, leveraging best-of-breed AI technology to protect and monitor blockchain protocols and smart contracts.
CertiK is paving the way for a secure web3. Founded by professors from Yale and Columbia Universities, CertiK empowers cutting-edge, mission-critical applications to reach their full potential in scalability, accuracy, and security.
With its revolutionary approach to blockchain security, CertiK has quickly positioned itself as a market leader. To date, the company has secured an impressive $310 billion in digital assets and identified over 60,000 potential vulnerabilities, making it one of the most trusted names in the industry. More than 3,200 enterprise customers put their trust into them every day.
CertiK ups the game for blockchain security with the launch of Skynet, a 24/7 active monitoring platform that provides rigorous auditing and verification services through its Security Leaderboard.
Auditing at ParaState
ParaState relies on smart contract auditing to maintain maximum security. It provides valuable insights into blockchain encryption and smart contract performance, with an in-depth analysis of potential vulnerabilities and areas for improvement.
In the case of our STATE token contracts and the corresponding staking smart contract, the CertiK audit resulted in only eight issues with one being ‘Medium’ severity and the rest merely ‘Informational’.
The STATE token ($STATE) is an ERC-20 token on the Ethereum blockchain. The staking smart contract deployment rewards early participants in the SafeStake project. Our audited documentation shows a remarkable 70% less issues in our findings compared to other similar projects. This result is indicative of our commitment to efficient and diligent data management.
Furthermore, ParaState has effectively addressed all security findings, reinforcing the strength of its blockchain protocol.
The audit report is an important milestone for the ParaState ecosystem, which includes our innovative ETH staking product, SafeStake, a trust minimized middle-layer fostering decentralization. A total of two audits were successfully carried out in the first half of 2022 and the audit covered the following smart contracts:
- IStakeFor.sol
- IMintableERC20.sol
- CompoundStakeReward.sol
- TokenDistributor.sol
- Timelock.sol
The audit addressed specific topics and areas covering criteria important for our community. It evaluated our architecture and design choices and searched for any exploitable security vulnerabilities or threats. It also measured how easily the code can be tested and how thoroughly it has been tested.
Moreover, it assessed our codebase against the established best practices for smart contract development ensuring it does what it’s intended to do. Finally, the audit evaluated the code to ascertain its high readability and maintainability.
A comprehensive examination has been performed, utilizing Static Analysis and Manual Review techniques. The ParaState development team promptly addressed and resolved reported minor problems.
Feeling geeky? Want to dive into the full report? Download it below:
- Full version of the final results of the smarts contracts third-party security audit
About ParaState
ParaState takes Ethereum chain support to the next level by using WasmEdge. We develop and execute high-speed smart contracts with built-in Ethereum compatibility (EVM and EWASM) and interoperability in next-level programming languages like Rust, C ++, and Golang.
ParaState is contributing to Ethereum Proof-of-Stake by introducing a new tech stack called SafeStake, a trust-minimized middle layer that promotes decentralized ETH 2.0 staking. SafeStake is the first staking pool to implement distributed validator technology (DVT). It is written in Rust and uses HotStuff consensus and Threshold Signature architecture to provide robust security and reliability for validators securing the Ethereum network.
