PRE-SALE IS LIVELearn More
The migration to blockchain technology across many industries has made smart contract security a business critical requirement. As increasing value is being stored in smart contracts, the threat of infiltration from hackers and fraudsters casts a shadow over the nascent technology. Since smart contracts are immutable and unsupervised after their release, their code has to be bug-free from the beginning.
As the #1 smart contract audit platform, we know the market and its problems. There are three big bugs in current smart contract audits:
1. No consequences
Doing a bad or lazy audit job has no consequences. Demand is growing, skills are hardly traceable.
2. False incentives
A single auditor or a connected group might choose to wait and exploit a bug when the smart contract is live.
3. Lack of trust
There is no accurate security confidence metric that determines how secure any given smart contract is, producing lack of trust in projects and leaving room for scams.
With the Bug Prediction Market, we introduce a fully decentralized and scalable process, powered by the SOLID token.
In a bug prediction market, actors can bet on whether a vulnerability will be discovered in a smart contract by a certain date. The basis for such a market is a smart contract that has been audited and secured by an individual or a group of auditors using the Solidified platform. These actors are held accountable for securing the code by having staked income and reputation in form of the SOLID token.
The major benefits are:
- Incentivise reporting bugs found in deployed contracts rather than exploiting them.
- Serve as an early warning system that a vulnerability will be discovered.
- Providing an economic measure of confidence in a deployed contract’s security.
- Reward bug hunters for evaluating a smart contract, even if it’s bug-free.
- Simplify and potentially cheapen the process of smart contract audits.
We highly recommend reading our Whitepaper. We lay out in detail how correct incentivization of all actors (including Solidified) is assured and how we resolve potential conflicts in a decentralized manner.
As with our existing and cash flow positive business model, we derive our profit from the auditor's commission.
Rather than serving as a speculative asset, the SOLID token will serve as a means of collateralized reputation for auditors and bug hunters, as well as a medium of payment for the services they render. Generally, these actors would stake SOLID tokens when making security assurances, lose the tokens when such assurances are incorrect, and gain tokens when they help secure contracts through audits and bug reports.
The SOLID token is therefore interconnected with the platform's growth.
Solidified is already a well established full-service smart contract security platform.
The new Bug Prediction Market is planned to replace our current model once it is fully developed and tested.
Solidified's team members.