Defending Our Token Contract
Farmsent Implements Dual-Layer Security with Multisig and Timelock
The world of cryptocurrency can be exciting and unpredictable, but it’s not without its risks. Cybercriminals are increasingly targeting cryptocurrency platforms and dapps with various technical and economic attacks, which is why Farmsent has deployed a dual-pronged strategy to defend our platform and token contracts against such attacks while increasing transparency across the board.
We’re excited to announce that we have officially deployed a Timelock for our Token Contract, adding an additional layer of security to our platform. Our Timelock Smart Contract Address can be found at this URL:
https://polygonscan.com/tx/0xf4d282362e9b2ed055c6dceb340f7ee864bfae4becd0fbe37a20935527b6a332
The Mutlisig address of Gnosis is 0xA7d374b0DA2167aF76D4AAcF291DF853d47C76b9
and the owners wallet are:
0x1d37d81db0F04DA67649e83746D58a1d87EC8818
0x4662142772b33180b685C318C90DAA60503D765b
0x6C66d3749B0901B14497ED869b05b81112aF17F4
0xD4A5aa2085F61800b19B077964A71dAc34278dF2
0xFC460b6B7E60c3Dd940E19ADD2ec7Df738788334
0xcf91D6690E97166cFD6E154278eb1FABF9265b6e
Feel free to scrutinize our code to see that Timelock owns our official token contract.
So what is a Timelock, and how does it work? A Timelock is a smart contract that requires a lead time before any changes can be made to the token contract parameters. In our case, the Timelock gives us a lead time of 48 hours. This means that we will not be able to invoke any changes to Token contract parameters without first waiting for 48 hours. This also applies to any attacker, adding an extra layer of security to our platform.
In addition to the Timelock, Farmsent has also implemented a multisig approach to increase security. A multisignature address is a smart contract requiring more than one private key to authorize transactions. In our case, a multisig with three individuals is required to approve the transaction to start the 48-hour countdown and execute the functions of Timelock.
We’re proud to be using Gnosis, a well-established and trusted industry leader in digital asset management, for our multisig implementation. This ensures that no ‘one’ person is responsible for the task of execution of crucial contract functions. Additionally, the Timelock contract is from OpenZeppelin, an open-source platform for building secure dapps, with a framework providing the required tools to create and automate Web3 functions.
After discussions with blockchain cybersecurity expert Certik, we decided to amend our security approach to a timelock + multisig approach. This follows the industry top standard deployment available and is recommended by our audit partner Certik, ensuring that our smart contract is secure and trustworthy.
What does this mean for you as a user of the Farmsent platform? Firstly, it means that you can use the token contract without fear of security breaches. Secondly, it means that any changes made to the token contract parameters will be publicly viewable on Polygon scan. This added transparency gives users peace of mind, knowing that any changes to the platform are made in a secure and transparent manner.
In conclusion, we at Farmsent are committed to providing our users with the best possible experience on our platform. By deploying a Timelock and multisig approach, we’re adding an additional layer of security to our platform and ensuring that our users can use our token contract without fear of security breaches. We’re excited to continue innovating in the world of cryptocurrency and can’t wait to see what the future holds for Farmsent.
