Smart State performs the security audit of digital assets investment platform Algoblocks
Algoblocks is a simple, unified, user-friendly, and intuitive platform that enables any user to access multiple platforms to trade digital assets using automated pre-programmed templates. The platform abstracts all the technical details, whilst providing a seamless user experience.
Algoblocks provides easy and seamless access to investment platforms with an unlimited array of pre-programmed templates for automated flows to trade. With a flexible and economical off-chain relay, on-chain settlement for trades, and an all-in-one dashboard and command center, Algoblocks is demystifying digital assets trading.
Algoblocks gets audited by Smart State
Algoblocks is led by a team with an optimal blend of proven expertise in finance, capital markets technology, and crypto, that is aligned by a vision to enable anyone to invest digital assets by removing the major frictions like fear, complexity, and dearth of technical knowledge, to access the digital currency space.
Only a fraction of people is using the DeFi space as compared to those using the services of centralized exchanges or the total number of people in the blockchain space. The main problem is the need for technical knowledge to navigate the labyrinth of financial instruments. Algoblocks envisions an ecosystem where a layer of smart contracts abstracts all the manual steps, removing the technical know-how barrier and making it easier for users to interact with the existing DeFi protocols.
To achieve this goal, Algoblocks saw the need for a comprehensive security audit so that there are no possible leaks, gaps, and vulnerabilities that can give a less-than-satisfactory experience to platform users.
Smart State was tasked with performing a security audit of Algoblocks smart contracts and platform architecture to see if there were any issues that could cause problems in the smooth functioning of the platform.
The major aspects that we look at when performing any platform’s audit are whether best code practices were followed and whether ERC20/BEP20 compliance was adhered to, and whether malicious codes, gaps, leaks, and vulnerabilities are present that could jeopardize the security of the platform, or lead to loss of assets.
To this end, we checked for the following -
- Logical bugs
- General Denial Of Service(DOS)
- Private data leaks
- Using components with known vulnerabilities
- Code with no effects, or redundant code
- Backdoors in the underlying ERC20 protocol
- Use of deprecated functions
- Authorization issues
- Hidden malicious code
After careful testing of smart contract codes, we did not detect any vulnerabilities. No issues were observed with the code, which was very well-written keeping in mind current best practices and adhering to industry standards. We submitted the audit report to the Algoblocks team and assured them that there were no issues with the smart contracts of the platform.
We are happy to announce that the audit process was performed in time and the Algoblocks team was satisfied with our work.
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 our services, visit our website — www.smartstate.tech.
