Loom Basechain Completes Third-Party Security Audit and Is Now Open Source! 🔒

Update:

• Basechain was formerly known as PlasmaChain. Read the official announcement.

A couple months ago, we hired an external firm to audit our Basechain and Transfer Gateway code.

Basechain is Loom Network’s mainnet. It is interoperable with all major blockchains, optimized for highly-scalable user-facing dapps, and enables secure asset transfers between chains.

Why Do a Security Audit?

Blockchains are no joke. The codebase is often complex, and a lot is at stake (no pun intended 😜).

Public blockchains are designed to be decentralized — meaning there is no central authority that can censor transactions. However, this also means there is no central authority you can appeal to in case of fraudulent transactions or hacks.

Hence, ensuring the security of a blockchain is paramount. And since we take security so seriously here at Loom, we made sure to have a proper security audit done by a reliable third party.

Meet Our Auditor: Trail of Bits

Trail of Bits is an information security company founded in 2012 by industry leaders Dan Guido, Dino Dai Zovi, and Alexander Sotirov.

Some of their notable clients include Western Digital, Facebook, and DARPA. In the blockchain industry, they’ve done security audits for Parity, Gemini, and Tendermint, among many others.

We wanted the best security experts to test our code, and based on their track record, we hired Trail of Bits for the audit.

Audit Details

The Basechain security audit was done from April 1 to May 3 of 2019.

The auditors did a manual code review of the loom binary, the Ethereum mainnet smart contracts that make up the Transfer Gateway, and the Delegated Proof of Stake (DPoS) system, and further tested the code as following:

• Loom binary: reviewed the loomchain repository, developed a fuzzer, and performed manual dynamic testing
• Transfer Gateway: reviewed the transfer-gateway-v2 repository, ran Slither on the code, and performed manual dynamic testing
• DPoS system: reviewed the dposv3 repository, developed a fuzzer and invariant checker, and performed manual dynamic testing

Results

All issues uncovered in the audit have been acknowledged, fixed, and tested thoroughly, and additional security enhancements have been implemented — making Basechain more secure than ever.

And to maintain this high level of blockchain security, we plan on having regular third-party security audits performed in the future.

Open Sourcing the Code Base

Now that we’ve ensured the security of Basechain, we’ve made the code open source. This is an important step toward making the chain a fully decentralized network.

You can view the code on our GitHub.

Loom Network is the multichain interop platform for scaling high-performance dapps — already live in production, audited, and battle-tested.

Deploy your dapp to Loom’s Basechain once and reach the widest possible user base across all major blockchains today.

New to Loom? Start here.

Want to stake your LOOM tokens and help secure Basechain? Find out how.

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