A New DeFi Project On Polkadot Is Set To Be Carried Out By Quantstamp
A New DeFi Project On Polkadot Is Set To Be Carried Out By Quantstamp
October 27, 2020
A New DeFi Project On Polkadot Is Set To Be Carried Out By Quantstamp
A New DeFi Project On Polkadot Is Set To Be Carried Out By Quantstamp
October 27, 2020

A new DeFi project Equilibrium that connected with the Polkadot (DOT) blockchain, is set to be carried out by blockchain security firm Quantstamp. 

It has been reported that the project had first announced its plans to develop an interoperable protocol on Polkadot in the summer of this year.

However, for its transition to Polkadot, the project has been developing new products for its decentralized, cross-chain money market, such as interoperable stablecoins, a synthetic asset platform, and a decentralized exchange.

Equilibrium has emphasized that Quantstamp’s security audit will be much further-reaching than typical audits, which focus on detecting bugs in smart contracts only. This is because Polkadot provides projects like Equilibrium with a modular framework called Polkadot Substrate, which they can use to launch stand-alone, customized blockchains that will later be connected to Polkadot as a Parachain.

Rather than auditing smart contracts that run in an isolated environment, Quantstamp will need to audit all of Equilibrium’s core components. 

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Equilibrium explained that the scope of Quantstamp’s audit will span the code that governs the blockchain’s underlying “business-logic on balances, its risk and price modules, and its ‘bailout’ mechanics.”

As per the report, the project’s developers have identified several key customized components and innovations that they believe require particular diligence, for example, the use of electronic signatures for off-chain brokers and claims.

Thus, Equilibrium concluded:

“Quantstamp’s audit is of key importance to ensure the quality of Equilibrium’s performance. The main reason is that you are customizing a blockchain runtime when you are building on Substrate. If a bug affects part of the logic on the Substrate, the blockchain as a whole can come to a standstill.”

Source: Cointelegraph


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with experience of 1.5 years. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space. She loves writing about blockchain and other blockchain-related articles.