We at IQ Labs are proud to update our community with the news of our platform’s successful audit!
A couple weeks back, we received confirmation from Pessimistic — a leading blockchain security company — that IQ Protocol has successfully passed their critical analysis!
IQ Protocol’s Audit Results
So, how did we do?
Happily, our audit report came back as a clear success!
Our contracts were completely and manually analyzed, and all of our logic was checked. No critical threats were discovered, and not even any issues of medium severity were found. There were a couple of low concern bugs which were promptly corrected by our team and came back approved as “fixed” by the team at Pessimistic.
We’re proud to have received this successful report from Pessimistic’s team of security experts.
In the words of Alan Durnev (CTO, IQ Labs):
Everyone knows how vital it is for a Web3 project to have thorough audits done in preparation of its launch. And it’s no wonder why: they significantly increase the chance of delivering a more reliable solution.
Our technical team overcame numerous challenges while building our extensive smart contracts code base. So a big shout-out goes out to the team for giving maximum caution with every single line of code. We’ve kept the quality at the highest level!
You can find the full report here.
The successful audit process brings our platform one step closer to a successful launch!
What is involved in an audit?
A code audit is a vital step for blockchain platforms. Not only does it involve analyzing the security of the platform, determining whether it can withstand potential exploits; but it also helps locate any bugs that might remain undetected in the code. In short, the goal of an audit is to locate and identify any and all security risks that may be present in the code of a platform — its system, network, or tech stack.
Audits are conducted by a team of security experts, who manually review the system’s coding. Questions they are looking to answer are things like…
- Is the code secure?
- Does the code do what the creators of the platform say it does? That is, does the code actually correspond to the documentation provided about the platform?
- Does the code meet best practices?
- How serious are any threats or bugs? Critical? Of medium severity? Or of low concern?
In order to answer these kinds of questions, the auditors first run an automated analysis of the platform. After scanning the codebase, they then manually assess the results of the scan, determining whether or not the bugs (if there are any) are valid or not. Next, they perform a completely manual audit of the system, looking for any security flaws, and assessing the overall project structure and quality. Finally, they provide a report of their findings.
About IQ Protocol
IQ Protocol is a blockchain project providing a decentralized money market for digital asset renting and on-chain subscriptions. The next money lego that allows users to rent wrapped expirable versions of digital assets without collateral, while allowing holders to earn by providing liquidity without risk.
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