Solidified: Blockchain boom makes smart contract security key
The huge boost of blockchain technology across many industries has made smart contract security a business-critical requirement. As value equaling billions of Euros is being stored in smart contracts, the threat of infiltration from hackers and fraudsters casts a shadow over the nascent technology. Since smart contracts on the Ethereum blockchain are immutable and unsupervised after their release, their code has to be bug-free from the beginning.
innogy New Ventures LLC invests in Solidified
We are happy to announce that we invested in Solidified, a full-audit service for smart contract code. Solidified is a transparent auditing platform, which operates as a marketplace for smart contract audits with independent blockchain experts as well as quality certification. The platform offers access to a large pool of highly qualified smart contract auditors, multi-expert feedback and independent assessment of the quality of their work. Solidified brings standardised metrics for the Ethereum community as a whole, thereby significantly raising the quality-assurance bar that should lead to increased confidence in the adoption of the Ethereum ecosystem.
We are happy to announce the closing of a Seed round with innogy New Ventures. This validates our track record of delivering bulletproof audits and opens the road for an exciting new initiative – a security assurance system powered by Bug Prediction Markets.
Eduard Kotysh, Founder and CEO at Solidified
We describe the future energy world as a system of energy, mobility and human-machine-interaction and intelligent buildings. Our investment in Solidified fully supports our ‘Machine Economy’ strategy according to which in the near future a machine will be able to pay its assembly, maintenance and energy autonomously in exchange for other digital commodities such as compute power, data, bandwidth ect. In such a world, a bug free infrastructure is crucial to govern the right decisions, for example buy or sell contracts. With our strategic investment in Solidified, we identified another building block that fulfills the basic need for safety and fully audited smart contracts.
Kerstin Eichmann, Head of ‘Machine Economy’ of the innogy Innovation Hub
Solidified is introducing a SOLID token, which will power a new Bug Prediction Market
Rather than serving as a speculative asset, the SOLID token will serve as a means of collateralized reputation for auditors and bug hunters, as well as a medium of payment for the services they render. Generally, these actors would stake SOLID tokens when making security assurances, lose the tokens when such assurances are incorrect, and gain tokens when they help secure contracts through audits and bug reports.
Developers, bug hunters and contributors to the Ethereum ecosystem will be prioritized. For the first month, there will be a 20% discount on the SOLID token. Targeting the sale towards the technical experts promotes a functional use case and provides a strong foundation for the economics of the system.
Solidified is the premier smart contract audit platform in the crypto space. With this strategic investment, we are proud to be a partner of Solidified in its quest to improve the quality and transparency of the Ethereum ecosystem.
Florian Kolb, Managing Director at innogy New Ventures, LLC
Solidified launched in early 2017 and has established itself as the #1 full-audit service for smart contracts. Having helped secure companies such as Gnosis, Polymath, Bankera, Melonport and more than 40 others, Solidified has established itself as the leader in a high-quality technical audit on Ethereum. Solidified has the largest (200+) community of Solidity experts and incorporates all stages of technical smart contract due diligence into a single platform to bulletproof smart contracts. Find out more at https://token.solidified.io.