TeraBlock Upgraded Smart Contracts: Audit Report by Hacken
Our Upgraded Smart Contracts were audited by Hacken
Read on to know more
Capitalizing on the auditing expertise of our audit Partner Hacken, we are committed to ensuring that our smart contract meets the highest standards of performance and security.
In line with our vision of providing sustained value to users, we have decided to upgrade our smart contracts on the ETH and BSC networks. As we continue to check significant milestones on our roadmap, Smart Contracts remain at the heart of our endeavors.
Smart Contract Audits
Recurring instances of trading losses caused due to smart contract exploits have placed renewed focus on the importance of creating infallible smart contracts and enhancing financial security.
A smart contract audit includes a deep examination of the inherent code. The contract is extensively analyzed to recognize any potential snags. The code is examined by seasoned cybersecurity auditors to ensure that the code meets the required standards of efficiency and security. Since smart contracts are an indispensable component of DeFi applications, they autonomously authorize transfers of sizable sums of money. This means that even a small loophole can cause substantial losses.
Smart contract audits are a complex evaluation of the contract code to estimate how it will interact with the blockchain and other smart contracts. These audits consist of both manual evaluations of the code as well as running technical tests to determine the strength of the code.
Our Collaboration with Hacken
Founded in 2017 in Kyiv, Hacken is the collaborative effort of Ukrainian cybersecurity specialists and hackers to provide cyber protection solutions to enterprises. Recognizing cyber security as a fundamental human right, Hacken has delivered comprehensive assessment reports and security solutions to leading businesses in the crypto-space. The company has also pioneered game-changing security assessment initiatives such as bug bounty programs, penetration testing, and more.
Hacken has been involved with us throughout the development lifecycle of our smart contracts. Hacken is a leading cybersecurity consulting company with an essential focus on blockchain security. Hacken Cybersecurity Services is a part of Hacken Group, including CER.live, HackenAI, and HackenProof. From June 2020, CER.live is the unique cybersecurity data provider for CoinGecko Trust Score.
Other notable projects audited by Hacken include
- Dao Maker
- Kyber Network
The veterans at Hacken performed a comprehensive review of the contract’s source code including a thorough security analysis to accurately ascertain the strength, functionality, and agility of the code. The contract was scanned for common and more specific vulnerabilities through manual audits and automated checks using the tools Mythril and Slither.
- After an extensive analysis, Hacken has deemed the contracts to be“ Secured” without any “critical” or “high severity” vulnerabilities.
- The review report states that source code does not have any issues that could lead to potential asset loss or data misuse.
- The report also affirms that no issues were identified that could impact the execution of the smart contract or public access to smart contract functions.
The token mint-and-burn function on the bridge requires the creation of tokens on both sides necessitating unabated minting of TBC tokens by the admin.
- Despite the requisite for the creation of unlimited tokens, we have put safeguards in place to ensure that the overall supply of TBC tokens does not exceed 400 Million at any given time.
- We are focused on sustaining complete transparency which includes keeping our community informed about the crucial details and particulars of our platform from time to time. The users will be able to track the total supply of TBC tokens as well as all mint and burn transactions on the transparency page on our website.
- Leading crypto tokens such as Polygon have a dedicated “Transparency” page on their website to help users track the total supply of the tokens. We will be putting in place a similar transparency measure to ensure that the total supply of our token does not exceed 400 Million.
The successful completion of this audit marks a major step in the direction of TeraBlock’s effort to build a strong and vibrant community capable of creating synergies while supporting sustained growth and development of a comprehensive ecosystem by strengthening the community’s trust and confidence in its Smart Contract.
TeraBlock is a diversified trading ecosystem built to help users retain and optimize their holdings. The platform hosts an innovative trade automation exchange as well as a suite of secure and flexible DeFi instruments that allow users to invest, hold, and exchange assets in a safe and decentralized manner. Designed to safeguard the privacy and security of users, the platform facilitates fund aggregation, staking, yield optimization, and NFT trade.
Intuitive DeFi Products
TeraBlock is also relentlessly developing a simplified and versatile DeFi Ecosystem. The purpose-built DeFi products are aimed at providing a truly secure trading experience to the users.
The native token “TeraBlock Coin” TBC has shown remarkable agility even in a volatile market. Listed currently on major decentralized exchanges, the token will be used as a way to earn rewards on the TeraBlock DeFi Platform.
Whether you have a question about our products or features, you can click on the link below to get in touch with our team on our telegram handle. Telegram Community Chat.