$WIVA Token Smart Contract Successfully Audited by Solidified
Why smart contract audits are so important
This month marked a significant milestone for WIVA’s tech team — the successful audit of our smart contract for the $WIVA token by blockchain security specialists Solidified.
Why was this audit so important? While our engineering team has implemented the highest standards in development and testing, there is nothing like having a team of highly qualified security specialists who have not seen your code before scrutinise your work and probe for any vulnerabilities.
Blockchain is a special type of software. You can’t do a fix if something goes wrong: once deployed, it is out there for ever. One of the huge advantages of open-source software is the power of the crowd: everyone can see the code and identify any bugs, and this is a good thing because the more collaborators and pairs of eyes on the code, the higher the quality.
But it also means that any vulnerabilities are there for bad actors to spot, and once a contract is out there, it’s there forever and you can expect it will be attacked all the time — attackers have all the time in the world to do it. So it’s a steep cliff if you mess up, and it’s not an area where you can afford to compromise.
Why we used Solidified
That’s why we decided to engage Solidified to help us. They are one of the best audit companies around.
We are happy to announce that they found no critical or major issues. Their audit will be added to our GitHub repository for full transparency.
We had the token contract audited at this stage because the work is complete, with no open issues, and we are not expecting it to change.
Focus on quality and security
Obviously there is no point submitting contracts to an auditor if you are not already fully confident in your own code quality and development processes.
One of the first things we did was ensure that the baseline libraries that we use are ones that are already audited, such as OpenZeppelin. Reusing safe components that are already out there is common sense. Then, we followed security best practices to test all effects, interactions and edge cases, as well as properly documenting all the functions.
Now that the audit is done and was successful, the entire tech team feels relieved and confident, and it means we can look forward to building a great product on the most solid foundation.
About WiV Technology
WiV’s strategy is to make wine DeFi accessible for everyone. WiV.io, its award-winning fintech platform, lets producers and collectors instantly buy, sell and borrow money against their wine, providing rapid access to finance without the usual extensive bureaucratic processes that are rarely designed to take the nuances of the wine industry into account. WiV is in the process of issuing a native currency called $WiVA. This will be the foundation of the WiV ecosystem, a new, inclusive and borderless economy for real-world assets in a digital world.