CretiK, known as one of the reputable security audit firms has released a certified formal audit regarding the protocol and mainnet of Terra. Top exchanges like OKEx, Huobi, and Binance have used their services.
Terra has basically developed an algorithmic stablecoin for powering the payment system in Blockchain which can be stated as the next-generation system. The mainnet of Terra, which went live in April is a Proof-of-stake system utilizing the Tendermint Consensus Engine and Cosmos’ SDK.
The economists, security engineers and security researchers from CretiK conducted a rigorous audit on Terra’s public Blockchain and protocol including a comprehensive review of the economic model. This review was done for testing the potential market manipulation as well as for the evaluation of its architecture keeping in mind that all the plugins of Cosmos were implemented.
The company claims that “the Cosmos plugin was protected very well against the attacks as well as the edge scenarios.” Moreover, a careful manual review was also done by the experts on GO, the language which Terra uses for writing their codes.
Terra is aiming to become the first cryptocurrency to adopt price stable and so clearing the security is a crucial matter for them. It is already boasting the e-commerce partners with a powerful alliance who will be supporting the new methods of payment. Mathematical proofs are the system which is followed by the CretiK to determine the hackers’ ability to breach the system.
Do Kwon, Co-Founder of Terra said,
“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.”
Recently, Terra received investments from the internet giant of South Korea Kakao’s subdivision Kakao Ventures and Kakao Investments.
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