Trade only trusted coins with the HAPI security audit status

When in a hurry, people neglect some things in order to be on track. In the recent DeFi FOMO, security standards are what seems to be sacrificed. Sad.

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Coingeek reported 17 major DeFi hacks took place in 2020 resulting in the shocking $154M loss. 16 instances were the result of an exploit when an attacker had a strong understanding of how a DeFi project’s smart contract works.

With the DeFi industry swirling around the blockchain universe, it’s just the time to pull in security audits back before the losses destroy us.

Security audits: a shed of light

What we’re trying to solve with our HAPI onchain cybersecurity protocol is the reputational gap. Given the amount of losses from aggressive hacker attacks, DeFi projects are rapidly losing traders’ trust. It’s a fact none will question.

We at HAPI say that this can be solved with introducing a strong security audit approach. Although a security audit is not a 100% guarantee against hackers, it significantly mitigates the risks.

The idea is to create a decentralized security audit database, with the info on whether the specific smart contract is audited or not. For example, DEX aggregators can then divide the integrated exchanges into audited and unaudited categories.

This will help to protect DEX aggregators, DeFi platforms, and all their users from the projects that have not completed security audits to mitigate financial and reputational risks.

How it works

The HAPI oracle’s job is to notify whether the specific smart contract is audited or not. This information will be issued by the selected data provider, chosen by the token holders.

The HAPI decentralized autonomous organization selects the main data provider. The auditor of a smart contract uploads data on conducted audit into the provider’s database and this information is transferred to the HAPI smart contract.

Every time a DEX user selects a token to trade, the exchange requests the HAPI smart contract to check the audit status. If not audited, the exchange can notify the trader on possible risks or even impose a limit for buy/sell order amount, or restrict any operations with high-risk tokens.

That’s how it works in a nutshell. Stay tuned if you’re a PRO trader and want to be in the know of DeFi security updates.

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