Solidproof plans on introducing an automated auditing feature. The option is going to target every type of crypto project. As a bonus, it improves Solidproof’s performance in auditing smart contracts.
The Modern Way of Auditing
Before investing, users need assurance that their holdings are safe from attackers. Hacks and scams usually occur due to a project’s software error. As a result, investors end up losing their funds during such incidents.
Solidproof takes part in investigating any errors in a project’s code. In the coming days, the platform hopes to put in place an automated auditing tool. Below is an overview of how the instrument works:
– A project owner begins by sending their contracts to Solidproof . The contract can be in a file format or a URL link.
– The tool scans for any errors using Solidproof’s analytical solutions.
– The tool then automatically designs a PDF report explaining the errors found.
– Another manual test takes place at the request of a customer. A manual review ensures that the automated results are correct.
– Finally, the tool submits the auditing report to project owners with a logo on it.
Another major upgrade for Solidproof is that it is now a holding and GmbH platform. A holding entity exists to control the management of other businesses. Thus, the holding company works as a parent company obtaining organizations.
Parent companies are helpful, especially for small business owners. The reason is that owners gain power over other companies with small investments. Solidproof is also a GmbH entity which means that it uses a limited liability policy.
As a GmbH business, company owners are not responsible for any debt issues. The GmbH model only affects the shareholders’ original investments.
Know Your Customer Processes
In today’s world, individuals use financial institutions to carry out illegal financial dealings. Through Solidproof , crypto projects can deal with issues such as fraud and corruption.
KYC measures identify customers and any potential money laundering activity. Crypto projects can also determine the origin of a user’s funds. Hence, KYC ensures projects maintain honesty when transacting. Observing the customer’s data privacy is one of Solidproof’s top priorities.
The platform follows the DSGVO law, which prevents it from posting private data. Thus, Solidproof stores data in a different network only accessible by the platform. The cost of starting a KYC procedure depends on the project’s team size.