CertiK has completed a security audit of the Ocean Protocol Token and confirms the quality of smart contracts

CertiK | Apr 23, 2019

CertiK has completed a security audit of the Ocean Protocol Token and confirms the quality of smart contracts

The CertiK team has recently completed a security audit for Ocean Protocol, a decentralized data exchange protocol to enable safe sharing of data that is borderless and privacy-preserving, unlocking the value of data for AI and beyond. To preview the summary of the official audit report, please visit here.

CertiK’s team of experts indicated that Ocean Protocol’s smart contract code is of high quality. There were no critical vulnerabilities detected, and overall, the code style is well-written, achieving correctness by aligning technical implementation with the developers’ specification. CertiK congratulates the Ocean Protocol team for passing the rigorous verification process.

Audit Process and Results

The OCEAN token contract strictly follows the standard ERC20 interface with a minimal set of additional features for central governance and life cycle management. CertiK has assigned 3 experts for this audit project and delivered the report within 4 business days. The audit team closely analyzed the smart contract using a variety of tools, including an automated Formal Verification engine, static/dynamic analysis, and in-depth expert review.

Thanks to a very detailed wiki page and design documents from the Ocean Protocol team, the verification and audit process was straightforward and efficient. Many healthy discussions and interactions were conducted to clarify that 1) the specification met the implementation and 2) the best solution was used to achieve the desired goals.

The contract uses efficient storage to fulfill the business requirements and contains the proper intervention mechanism to prevent human errors. CertiK concludes that the OCEAN token is in a well-tested and secure state, not vulnerable to known antipatterns or bugs. Nevertheless, the CertiK team advises token holders to be conscious of the administrative authority of the contract owner, who has the ability to perform critical actions, such as pause, mint, and kill.

About Ocean Protocol

Ocean Protocol is a decentralized data exchange protocol to unlock data for AI. Through blockchain technology, smart contracts, and tokens, Ocean Protocol connects data providers and consumers, allowing data to be shared while guaranteeing traceability, transparency, and trust for all stakeholders involved. It allows data owners to give value to and have control over their data assets without being locked-in to any single marketplace. By bringing together decentralized blockchain technology, a data sharing framework, and an ecosystem for data and related services, Ocean Protocol is committed to kick-starting a new Data Economy that touches every single person, company and device, giving power back to data owners, enabling people to reap value from data to better our world. Visit https://oceanprotocol.com/ to find out more.

Twitter: https://twitter.com/oceanprotocol

Medium: https://blog.oceanprotocol.com/

About CertiK

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 leading crypto exchanges such as Binance, OKEx, and Huobi, as well as protocols such as NEO, ICON, and QuarkChain.

CertiK’s formal verification method works differently than traditional testing approaches: rather than working manually, CertiK mathematically proves blockchain ecosystem and smart contracts are hacker-resistant and bug-free at scale. CertiK has secured over $4B in asset value, auditing several projects across all major protocols, including BNB, Terra, Crypto.com, and TUSD.

To request the audit/verification of your smart contracts, please email audit@certik.io or visit certik.io to submit the request.

Twitter: https://twitter.com/certikorg

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LinkedIn: https://www.linkedin.com/company/certik