ZK Labs Community Audits Initiative Launches To Improve Ethereum And Smart Contract Projects

Mathew Di Ferrante of ZK labs yesterday declared an initiative to audit carry out community audits, especially for projects which have not held any ICOs, and are also not intending to do so.

Qualified projects are those which serve as a utility to the community. This include tools and libraries which are of benefit to developers, non-profit smart contract substructure as well as open-source codes.

State Channel Platform

In as much as several ventures would be eligible for the initiative, the fact that a project is non-profit does not necessarily make it qualify. Mathew asserted that he would rather go for a state channel platform which has some in-built fee structure.

This is due to the fact that ultimately, the objective of the initiative is to enable grassroots projects to be in a position of having access to quality audits without the need to worry about raising large amounts of money for a project to go live. Additionally, such projects do not need to go through the complicated process of obtaining an Ethereum Community Fund grant.

Mathew, Nick Johnson of Go Ethereum and Dean Eigenmann are the inveterate auditors for the Community Audits program. According to Mathew, he is committed to carrying out at least one realistically sized community audit every month.

Enlisting Volunteers

Mathew also makes mention of the fact that the team intends to enlist a number of volunteers even as the initiative progresses. Otherwise, projects which take longer to audit as a result of their complexity will be financed by a charity multisig wallet, which is sustained by ZK Labs.

However, Mathew asserts that a fraction of the revenue from ZK Labs will go to the fund inventiveness. Additionally, individuals who are interested are also welcomed to donate. These individuals are also free to indicate which projects they would prefer to fund, it could be libraries or open-source code.

So far, the team has finished auditing two projects, with the first one being SolidStamp. According to the project’s website, the firm links smart contract users to security auditors. This goes a long way in ensuring the safety of their ether as well as other virtual assets.

Token Subscription is the other project which has benefited from the auditing. It is a project which permits applications to come up with trustless subscription prototypes. In this way, they do not need users to transfer virtual assets.

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