ChainSecurity Has Just Completed the Security Audit for Kyber.Network
The creator of an audit platform for smart contracts called the ChainSecurity has just announced that it has been able to achieve a security audit of Kyber.Network. It is a decentralized exchange that has been able to support a vast number of tokens. The full report has been made available for public view; it will include the range of the audit carried out and also the considered properties.
With Kyber.Network, it has made it possible for Ethereum plus other tokens to be easily exchanged in a fast, decentralized and even trustless manner. When we compare this platform with the others in the market, a token that is purchased on the Kyber network will be completed immediately in just a single transaction. What this means is that there is no time spent waiting when everything else is happening on the chain.
As a result, with these properties out in place, it makes the smart contract offered as a security of great importance.
What Kyber.Network Had To Say
The Kyber model has been designed to have a detailed trust model, that has been able to combine trustworthiness and upgradability effectively, it is an achievement that is rarely seen in the crypto market. To be precise, the users on the platform have been adequately protected by the proxy contract from any misbehaving exchanges or administrators.
It is because the proxy contract has been able to enforce minimum conversion rate, while it is still allowing various upgrades to take place in the underlying business logic.
Generally, the team that has been put together in ChainSecurity to perform the audit found that Kyber platform has truly been designed well. Additionally, the implementation process they have for the smart contracts has been made very clean, the platform has been able to follow the best practices put in place in the market, and abides by the guidelines that have been set. And this is not all as the platform also comes with an extensive test suite.
But we are not saying it is all perfect, ChainSecurity also made some minor recommendations for the company, which have been addressed by Kyber network team.