CertiK, a leading smart contract and blockchain audit company, announces today that it has completed a formal security audit of Terra, the company that has designed an algorithmic stablecoin to power the next-generation payment system on the blockchain. Terra’s mainnet, which went live in April, is a Delegated Proof-of-Stake (DPos) system that utilizes the Cosmos SDK and Tendermint Consensus Engine.
The rigorous audit of Terra’s protocol and public blockchain was conducted by experienced economists, security researchers, and security engineers from CertiK. CertiK performed a comprehensive review of Terra’s economic model to test against potential market manipulations, an architectural review with special attention put on ensuring all implementation of Cosmos plugins were well-protected against possible edge scenarios and attacks, as well as careful manual review by experts on Go — the language in which Terra’s code is written in.
Earning a full security clearing is an important step for Terra as it aims to become the first widely adopted price stable cryptocurrency. Terra is launching a blockchain-based payment system that utilizes its stablecoin in H1 2019, and it already boasts an impressive alliance of eCommerce partners who will support the new payment solution. To date, 15 eCommerce companies that collectively process $25 billion annually through 45 million users are part of the Terra Alliance, including eCommerce giants in Asia-Pacific such as TMON (Korea), Baemin (Korea), Carousell (Singapore), and Tiki (Vietnam).
CertiK applies mathematical proofs to networks in order to determine if hackers can breach the system, or if any other security vulnerabilities are present. The company’s advanced audit process, called Formal Verification, can audit a variety of assets, including crowdsale and token contacts, custom smart contracts, wallets and dApps, and blockchain protocols. CertiK is currently trusted by top exchanges including Binance, OKEx, and Huobi.
“We are pleased to receive a formal stamp of approval from CertiK, who is known within the industry for setting a very high bar for security and reliability. The thorough audit results shared by CertiK’s team of experienced economists and engineers give us more confidence in our protocol, and we are excited to quickly roll out our first payment dApp with eCommerce partners in the coming weeks.” said Do Kwon, Co-Founder of Terra.
“CertiK was highly impressed by Terra’s clever and highly effective design of economy theory, especially the proper decoupling of controls for currency stabilization and predictable economic growth,” said Zhong Shao, Co-Founder of CertiK, “CertiK also found Terra’s technical implementation to be of one of the highest qualities it has seen, demonstrating extremely principled engineering practices, mastery command of Cosmos SDK, as well as complete and informative documentations.”
Most recently, Terra has announced new investments from Kakao Ventures and Kakao Investments, the venture arms of South Korea’s internet giant Kakao. On May 7, Terra also listed the ecosystem’s mining token Luna for the very first time on Coinone exchange.
To read the full audit from CertiK, visit here.
Terra is designing a price-stable digital currency that will power the next-generation payment network on the blockchain. Terra partners with an ever-growing alliance of global e-Commerce platforms to bring blockchain’s benefits such as low transaction costs to merchants and everyday consumers. By bridging the gap between digital currencies and real-world application, Terra aims to evolve into an open platform for innovative financial dApps and grow the real GDP of the blockchain economy. Founded by a team of business, finance and blockchain experts, Terra has offices in Singapore and Korea. For more information, go to https://terra.money/.
Follow us on Telegram: @terramoney – Visit the Terra blog for regular updates: https://medium.com/terra-money.
CertiK is a blockchain and smart contract verification platform founded by top formal verification experts from Yale and Columbia University. Incubated by Binance Labs, Certik has strategic partnerships with the world’s top crypto exchanges such as Binance, OKEx, and Huobi, as well as Public Chains such as NEO, ICON, and QuarkChain. Different from the traditional testing approaches, CertiK’s formal verification method mathematically proves blockchain ecosystem and smart contracts are hacker-resistant and bug-free. CertiK’s key features include a layer-based decomposition approach, pluggable proof engine, machine-checkable proof objects, certified dApp libraries, and smart labeling.
To request the audit/verification of your smart contracts, please email firstname.lastname@example.org or visit certik.org to submit the request.