Liquidity is locked by delivering liquidity pool tokens to a time-lock smart contract and relinquishing ownership for a set length of time. Developers will not be able to recover funds from the liquidity pool unless they own LP tokens. To request the audit/verification of your smart contracts, please email or https://xcritical.com/ visit certik.org to submit the request. The Reserve smart contracts were tested against both common and uncommon attack vectors. Not having reserves, Terra didn’t have a traditional auditor, either. It did, however, have a “code auditor” in Certik, a Goldman Sachs-backed web3 and blockchain security company.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk – this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision. However, that’s not to say that some criticism shouldn’t be justified as the cryptocurrency industry has experienced its fair share of rug pulls. Binance – Buy over 350 tokens in seconds with fees as low as 0% 0% FEES Spot, futures, options, NFTs, savings, staking, and Binance Card. Holding the SSW token will provide a passive source of income to all its hodlers and can also be used for liquidity purposes.
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The time taken to audit a blockchain is dependent on two key factors. The fact is the size of the project, with larger projects taking significantly more time. The second is the project’s level of complexity, with very complex ones requiring more time to review the huge number of variables.
Nearly $12 billion of its reserves is in secured loans, precious metals, and other cryptoassets “that still could use some more detail and transparency,” Smith said. It involves the attempt at exploiting all the vulnerabilities that are detected during the first phase. It makes it possible for the auditors to gauge the project’s estimated level of susceptibility to threats identified with a high level of accuracy. It also enables the team to draft countermeasures that can aid reduce vulnerabilities as identified.
However, at the time of this writing, the audit itself hasn’t been completed, which means that there’s no official security assessment of the Seesaw Protocol. Initially, the token will be launched on PancakeSwap with a 3% purchase fee and a 5% sale fee. Some of these fees will be redistributed to existing SSW holders providing them with a way to earn passively on their holdings. It should enable blockchains to take advantage of the most efficient blockchain during the optimal time, depending on network congestion, and, therefore, find the quickest and the cheapest transactions. A sample of transactions in the wallet will be promised back to the auxiliary credentials.
The firm identifies vulnerabilities and provides valuable solutions to sure-up those potential system weaknesses. What started as a humorous bit of Twitter fun has now turned into a fully functioning cryptocurrency that’s gaining ground and growing in popularity. A CoinDesk article even states that a token created after the tweet rose over 285,000% in value in just a few hours. Despite the coin’s origins, the project reportedly sold out its NFT collection in a flash. In a tweet, Grimace Coin states that 1,000 NFTs were sold in the space of 7 hours and 20 minutes at a value of 0.3 BNB each.
Requirements for a Crypto Audit
Responsible to provide independent, objective consulting designed to add value and improve company operations. Participate in, or may lead, the systematic, disciplined approach to evaluate and improve the effectiveness of inventory management, control and governance processes. Evaluates risk, executes audit tests, identifies areas for improvement in efficiency seesaw protocol audit and effectiveness and works with management to develop action plans to ensure risks are effectively mitigated. Veith declined to comment on the USDC audit, saying he couldn’t discuss individual clients. Circle’s USDC approach with Grant Thornton—in accordance with AICPA attestation standards—has nonetheless won it plaudits for transparency.
No independent audit – Most new cryptocurrencies consider it standard practice to be audited by an independent third party. Certik is one of the leading blockchain technology auditors, and precocious backers can check the progress of their chosen cryptocurrency on their site. No liquidity – It is important to ascertain if a new cryptocurrency has liquidity locked. Seesaw Protocol uses a portion of the transaction fee attached to each purchase and sale to constantly add to its liquidity.
CertiK has recently completed a security audit of Reserve Protocol, a decentralized stablecoin and digital payment system that scales its supply with demand and is built to maintain 100% on-chain collateral backing. A non-professional audit, on the other hand, can have huge to no repercussions. When done by some independent coder on the protocol in a comprehensive way, they may find no vulnerabilities resulting in no repercussions. If a potential bug is found, it may be reported, and the developers will run a professional audit to better gauge vulnerabilities or solve the problem immediately. If the auditor was a hacker, they might exploit any vulnerabilities found by attacking the project.
The Haves and the Have Nots of Cryptocurrency Platform Audits
This is a departure from the neutral levels that were being experienced until last week. Its focus lies on allowing investors to use the most efficient blockchain at the time and will provide users with a quick and cheap transaction experience. It highlights the good that can be achieved by new and exciting cryptocurrency projects. Through their ‘Feeding the Needy’ campaign, Grimace Coin donates to various charities and initiatives. The initiative is backed by theholders, which also have a say in who receives McDonald’s gift card donations. CertiK offers an excellent solution, having already secured other popular projects, such as Binance and Huobi.
A blockchain protocol audit is quite a complex process that requires several parameters to be established. The parameters include the audit’s aim, the basic requirements before the audit and how it is done. Having shattered all previous records, the SSW presale has entered the ranks of crypto-presale classics such as DOGE and ETH, which have all earned millions of dollars in incentives for investors globally via their respective token sales. However, cryptocurrency giants like Bitcoin and Ether persist, while new cryptocurrencies in the industry, such as Seesaw Protocol , are generating wealth for investors.
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Stablecoins are typically pegged on a 1-to-1 basis to an asset like the US dollar. They play an essential role in the world of decentralized finance by facilitating trade between digital assets, and between fiat currencies and digital assets on crypto exchanges. Some such coins, backed by reserves of dollar assets, are as large as major financial institutions. For example, Tether’s USDT, the largest, has a market capitalization of about $73 billion. As professional crypto protocol auditors perform, a crypto audit is a comprehensive review of the blockchain’s or smart contract’s protocol. Non-professional audits may not have a comprehensive enough review due to inadequate tools or expertise.
- This website is using a security service to protect itself from online attacks.
- With CertiK, Reserve chose a security partner that could grow along with them and protect their product with both thoroughness and precision.
- The SSW token will power the NFT and Metaverse empire along with the Seesaw Swap liquidity pool DeFi initiatives.
- Suffice it to say, after a series of recent high-profile crypto scams, this anonymity has been enough for some to label SSW a scam.
Most projects now understand the importance of contracting a professional blockchain protocol audit thanks to the authenticity of its results and access to audit tools and expertise. They have, in turn, been increasingly contracting crypto audit firms to run their audits. Non-professional audits may be initiated by many factors but are always not as requested by the project development team. Any coder may choose to debug the project’s open-source code for vulnerability, irrespective of whether there is a breach or not.
Its results are comprehensive, resulting in a better understanding of a project’s architecture and use cases. Its results are usually valid, requiring no further audits in the near future. A comprehensive review of Reserve’s economic model was carried out by economists from the CertiK team for estimation of potential market manipulations related to their token. Our report concludes that the Reserve protocols are theoretically sound and the corresponding tokens are very promising in achieving their goal of becoming a stable coin. The first requirement before an audit is done is establishing a deep understanding of the blockchain’s architecture. The crypto audit team must understand the project’s use cases and properly understand its system’s key components.
Hi there, sorry I don t know how to reach you out so I post here.Can you please provide more details regarding the Seesaw Protocol there is a community that invest in this project and the team is not provide legit proof we need your help.What is the status of your audit with them
— Edflorin91 (@edflorin91) March 27, 2022
ICOholder has no legal responsibility for any representations made by third parties in respect of any Token sale and any claim for breach of contract must also be made directly against the Token issuing entity listed herein. Seesaw Protocol aspires to be a cryptocurrency designed to bridge multiple blockchains, solving an important interoperability problem within the emerging field. Its creators claim that SSW is going to bridge the Binance Smart Chain with Ethereum and Polygon . This project is affiliated with a high-risk Launchpad known as BoostX Finance. After a thorough assessment of BoostX-affiliated projects from CertiK auditors and investigators, we required the project team to undergo involuntary KYC, with which they did not comply.
What is Seesaw Protocol (SSW), and how does it compare?
Seesaw Finance is a multi-chain, decentralized, non-custodial ecosystem of DeFi products, protocols, and use cases. Seesaw Token deployed to Binance Smart Chain and will also be deployed on Polygon and Ethereum. It involves employing automatic bug detection tools to expose common vulnerabilities present in its code. It also involves a structured and systematic manual execution of the protocol’s code review.
Seesaw Protocol: it's a well maintained scam. See their white paper, it was copy paste from another project. There was no utility of this token. Does not completed certik audit. Last thing the team was anonymous
— Mostufa Ahmed (@Mostufaahmed11) April 27, 2022
Not only that but unlike its Ethereum and Bitcoin counterparts, Seesaw Protocol is not mineable meaning that the driven course of substantiation and accumulation of new transactions to the blockchain has been eliminated. SSW accepts currencies such as Binance Smart Chain , Bitcoin , Ethereum , Bitcoin Cash , Litecoin , DASH, Dogecoin , Tether USDT (ERC20-TRC20) and many more so the probability of gaining from the fully decentralized multi DeFi platform is relatively high. If the price surge of over 640% in the first stage of its presale is anything to go by, then it is innocuous to adopt the notion that Seesaw Protocol is profitable. Cryptocurrency has long been a topic of discussion as to whether the digital payment system can be trusted. From the absence of mainstream, centralized banks to the creation of such a currency using the process of mining, there is a lot left to be understood by investors and the public alike. § Identify and evaluate risk, execute audit tests, determine areas for improvement in efficiency and effectiveness and work with management to develop action plans to ensure risks are effectively mitigated.
Seesaw Protocol: Solving Interoperability Problems in the Cryptosphere
It relies heavily on efficient coding to function without major errors and security risks. The token’s value has a good chance to increase with a fee-sharing reward system, making it a solid investment opportunity that shouldn’t be overlooked. A great investment alternative to BTC or ETH, the highly anticipated Seesaw Protocol launch has taken place.
After an incredible 4,000%-plus increase in its Jan. 25-April 10 presale, Seesaw is now live on trading markets with liquidity amounting to more than $1.14 million flowing through the network. An index that measures market sentiments, Crypto Fear and Greed, indicates that investors are currently in a state of overwhelming anxiety. The index now stands at 32 out of 100, which conveys a feeling of fear.