Solidified, which is a leading code audit company for smart contracts, recently unveiled a $500K investment from innogy New Ventures, LLC. The funds came just before the company held its planned token sale. They will be used to fund a bug prediction market.
The development of this bug prediction market has been recognized by innogy New Ventures as a leading smart contract security provider. The SOLID token sale is targeted at auditors and security experts. They will use the token to work with a new bug prediction market that launches on July 23.
The Boom in the Blockchain Makes Smart Contract Security important
The move towards the blockchain across various industries has made smart contract security quite important. As the growing value is being stored in the smart contracts, the threat of infiltration by hackers is casting a shadow over this technology. Since smart contracts are unsupervised, the code needs to be bug-free from the start.
SOLID Token will Power the Bug Prediction Market
Rather than being a speculative asset, SOLID will be the means of a Collateralized reputation for the bug hunters. Besides that, it will be the medium of payment for services, which they render. In general, these factors will stake the SOLID token when making security assurances. If those assurances turn out to be wrong, they will lose the tokens. Bug hunters and developers will receive priority. For the first month, there will be a 20% discount for SOLID tokens.
The Sale is targeted at Technical Experts
By targeting the sale at technical experts, it will promote a functional use case and offer a strong foundation for the system. The CEO of Solidified recently announced that they had closed the seed round with innogy New Ventures. He added this would validate their record of accomplishment of delivering great audits. It will also help them achieve their goal of delivering a security assurance system that is powered by the bug prediction market.
It is going to be the premier smart contract audit platform in the crypto space. With this new investment, the platform will help to boost transparency and quality on Ethereum. The head of the innogy innovation hub said that the company’s investment in Solidified will fully support the “Machine Economy” strategy that they have.
With this strategy, a machine will be able to pay the assembly maintenance and energy autonomously. This will be done in exchange for other digital commodities like computer power, bandwidth, data and much more.
He believes that in such a world, operating bug-free is important to ensure that the right choices are made. For instance, they will be able to buy or sell contracts. With this strategic investment in Solidified, they will ensure that they have the basic need of safety covered.
The Solidified Token sale is planned for July 23. It will be a chance for people to become part of this futuristic market that will help resolve bugs in good time for the Ethereum smart contracts.