How Smart State helped STND Token verify security just days ahead of IDO launch

SmartState.tech
3 min readJun 28, 2021

Standard Protocol partnered with Smart State to verify its authenticity in the market ahead of the STND IDO launch. After analysing the functionality and competence of the smart contract, Smart State deemed that STND was off to a great start.

Based on a meticulous inspection of the contract, the nature of the vulnerabilities discovered, their exploitability, and the potential impact assessed, the level of risk for the organization is rated low and the overall security rating leans towards high.

Highlights of STND-Smart State security audit

Standard Protocol reached out to Smart State for its token audit just a few days before their IDO launch.

We had two tasks before us:

  1. Help Standard Protocol secure the token for the upcoming IDO.
  2. Help with the IDO security.

We had very little time with us but we were confident that if we got to it as a team and worked efficiently, we would be able to complete it on time. And we did.

Technically, the work was divided into three:

1) Token and tokenomics consultation in a prism of smart contract realization.

2) Public token report for the listing.

3) Security consultation on the preparation step and IDO.

We pooled our efforts and worked hard to complete the audit before our intended deadline to allow enough time to the Standard team to prepare for their IDO.

Smart State security rating is based on a 5-value scale that assesses different kinds of vulnerabilities segregated on the level of threat they pose to the ecosystem. The auditing and reporting were done in record time without compromising on any aspect of security. And finally, Standard Protocol received the highest rating that assured the team that their security measures were top-notch and their smart contract codes lived up to the highest industry standards.

We are proud of the way our team came together and went the extra mile for client satisfaction.

What is Standard Protocol?

Standard is the pioneer collateralized, rebasable stablecoin (CRS) protocol. It efficiently addresses the volatility issue of the previous generation of Algorithmic stablecoins and offers a more stable alternative. Much like a decentralized reserve bank, Standard issues a collateralized stable coin valued at $1 with an elastic supply determined by a rebase mechanism. STND is the governance token on the Standard ecosystem.

Soon after the STND Smart Security Audit report was published, STND was accepted by Kucoin, one of the top secure cryptocurrency stock exchanges in the world.

Wrapping up

The crypto market, being primarily run by speculation, is highly volatile. Flaws and loopholes in smart contracts can potentially overthrow a project.

On the other side of the table, we have crypto investors who plough their money into crypto tokens hoping for an aggressive bitcoin-like jump in value only to incur unforeseen losses. The lack of regulatory rules in the crypto space aggravate the factor of uncertainty and risk. Since most crypto players are passive investors and traders, they don’t have the time or technical knowledge to make informed decisions.

This is where Smart State comes in.

We empower crypto ventures and investors with meticulous audits in line with industry standards and equip projects for testnet, mainnet, and IDO launches.

About Smart State

Launched in 2019, Smart State is a leading DeFi security auditing firm based in Dubai. The team validates the security of the code core, smart contracts and blockchain for logical and business process vulnerabilities.

Although Smart State kickstarted operations with smart contract auditing of DLT-projects, from the very beginning, they made sure that their services went beyond the classic purview of smart contract audit and security review. Smart State security audit assesses a project’s git in detail and provides guidelines for its further advancement. The security audit reports delve into the threats and vulnerabilities the codebases might be prone to in the future as the network achieves scalability and expands to accommodate more use cases and functionalities.

To know more about SmartState and the services we provide, check out our website — https://smartstate.tech/

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SmartState.tech

🇦🇪 Dubai-based enterprise level Web3 security company. Top-notch smart contract audits & blockchain security solutions 🚀🔒