BADMAD ROBOTS, a team-based multiplayer shooter game, announced its official listing on Epic Games Store and Steam, two of the most prominent gaming distribution platforms worldwide. The news confirms the game’s rise in popularity and ambitious plans to reach full-scale esports status. Moreover, BADMAD ROBOTS has confirmed the industry’s support after signing an exclusive partnership with Immutable X for the game’s launch. The latter is an Australian crypto assets gaming company building their own blockchain and developing powerful tools for the gaming…
How SolidProof Ensures Transparency and Security through Audit and KYC Systems
Solidproof is among the most trusted blockchain security and smart contract auditing companies in the crypto market today. The Germany-based company aims to fix the security and transparency issues smothering the crypto space. But, unfortunately, as the industry attains more progress, so do the opportunities for bad actors to victimize honest investors.
According to a yearly report on crypto crimes by Chainalysis, $14 billion of all transactions in crypto in 2021 were associated with scams or money laundering. These figures amount to a nearly 100% increase compared to 2020s $7.8 billion. Furthermore, the rates increase as the DeFi space, NFTs, and metaverses continue to boom.
The DeFi industry is one of the most affected areas, with 72% of the crypto stolen from cryptocurrencies from DeFi protocols. In addition, money laundering in the protocols is also worrying, attributed to their continued growth over the years.
By introducing auditing services and KYC procedures in DeFi, Solidproof tries to limit the pathways bad actors can access within crypto. This way, it aims to improve the credibility of platforms and digital assets.
What Pain Points is Solidproof Trying to Address?
Cryptocurrencies are decentralized and anonymous by nature, making it hard to follow up on crimes despite their endless benefits. One of the most outstanding issues is anon projects, where the team remains anonymous. This factor gives them the crack to escape if they defraud their investors. However, doxxed projects are also risky, as revealing specific details can increase security risks.
Another point to look at is increased rug pulls in the space. Some teams wait for investors to buy coins during a presale, then remove all the funds from the projects. Slower rug pulls are more complex for investors to catch on to, as the bad actors find a way to siphon funds through a back-end process.
As such, you might find project vesting funds for a given period and still get away with user funds. The same happens in liquidity locks, where rug pulls can go on with the team slowly withdrawing the superior coin in the pair while leaving their yet-to-mature coin in the pool.
Smart contract ownership usually goes to the team, giving them control over protocol changes and tokens. However, to increase trust, some relinquish the right to provide more power to the community. The possibility of the above issue is higher for those who don’t.
Auditing and KYC
Investors can turn to other ways to mitigate risks, including the healthy spread of investments. However, the need to focus on the root of the problem remains.
Solidproof ensures a transparent process during auditing to ensure quality services for all its customers. It leverages the best German technology to stay at par with its customer’s expectations while improving the benefits it offers. Also, it differentiates itself from free auditing services that could overlook several aspects of a project, putting investors and their funds at risk.
The company holds communication as a core value in delivering what it offers. The auditing and KYC procedures ensure an open pathway to informing a project of the process while advising on the best ways forward in case of an issue.
Recently, the platform launched the Solidproof Automated Auto Tool (SAAT), infusing a faster and more accurate project auditing process. The automated process will increase the overall efficiency of its team in producing comprehensive reports on a project’s code, security risks, compliance, etc.
KYC Procedures
On the other hand, KYC procedures look into user transactions and their risk of money laundering or other illicit activities. It also investigates the customers’ relationship with the platform they are dealing with. It will offer the best course of action on how the project must protect its users in the long run.
Privacy is an essential value of what Solidproof does. User, company, or audit information becomes public with the parties’ approval. This way, it builds trust between projects and their users while ensuring a fruitful relationship between its team and customers.
So far, the German firm is building lasting collaborations with projects, the most notable being Unicrypt. The mutually beneficial relationship ensures Solidproof attains customers while Unicrypt launches credible projects, presales, and fair launches. As it stands, DeFi and other spaces have the most benefit from Solidproof’s efforts to bring trust and transparency back to crypto platforms, pushing mass adoption.
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