Ethereum-based startup Solidified is developing a decentralized, smart contract audit platform, aiming to make the process easier to arrange and to provide a transparent and accountable metric of smart contract security. The company recently conducted a Seed round[1] with Innogy New Ventures to develop a new initiative in security — the Bug Prediction Market.
"Solidified is an established, full-service audit platform, having helped secure large Ethereum projects such as Gnosis, Polymath, Bankera and Melonport among 50+ others," said Eduard Kotysh, CEO and founder of the Solidified platform.
According to the Solidified ‘one pager[2],’ the platform has already gathered over 200 audit experts in its community. The market cap of audited firms has reached 400,000 ETH.
Debugging smart contracts
Bug bounty became a standard method for maintaining safety in a world of technological giants like Google, Facebook, eBay and others. As internal security audits are not 100 percent efficient, the companies provide rewards to their users who find and report bugs. “It occurs from the fact that audits by a single party don't always catch everything, so bug bounties are intended as a last line of defense to protect against that,” said Nick Munoz-McDonald, who is an auditor with Solidified.
The Solidified team is working to develop the first Bug Prediction Market, where smart contract security experts can stake on whether a severe vulnerability will be found in a contract by a certain date. Such users “are held accountable for securing the code by having staked income and reputation in the form of the Solid token,” according to the company’s white paper[3].
By introducing the Solid token, Solidified allows access to the largest community of smart contract security experts and
