CertiK has recently completed a security audit of Reserve Protocol, a decentralized stablecoin and digital payment system that scales its supply with demand and is built to maintain 100% on-chain collateral backing.
The Reserve team envisions a decentralized, dollar-independent stablecoin as the future dominant cryptocurrency. Such a currency would mitigate inflation risks associated with unstable sovereign structures and governments, empowering citizens and reducing instability.
Current annual inflation rate of countries with unstable sovereign structures
To ensure the security of the smart contract, Reserve chose CertiK as their exclusive security provider to prepare them for the launch and scaling of their global product. With CertiK, Reserve chose a security partner that could grow along with them and protect their product with both thoroughness and precision.
The Audit Process
The auditing was conducted by CertiK’s team of experienced security engineers and consultants, with deep collaboration from the Reserve team. A detailed inspection was performed upon Reserve’s ERC-20 based Smart Contracts and related documentation and the Audit Report was successfully delivered in 5 business days.
Overall, the team found Reserve’s code design to be effective and well-structured. The audit was conducted utilizing CertiK’s Formal Verification Platform, Static Analysis, and Manual Review. Here are some of the highlights points:
- The Reserve contract design is clear and straightforward with well-composed test cases backed by documentation. The CertiK team appreciated the professionalism of the Reserve team and the timely responses to feedback.
- The Reserve smart contracts were tested against both common and uncommon attack vectors. There were no significant vulnerabilities detected by CertiK team.
- A comprehensive review of Reserve’s economic model was carried out by economists from the CertiK team for estimation of potential market manipulations related to their token. Our report concludes that the Reserve protocols are theoretically sound and the corresponding tokens are very promising in achieving their goal of becoming a stable coin.
CertiK would like to congratulate the Reserve team for passing the rigorous verification process.
CertiK is a blockchain and smart contract verification platform founded by top Formal Verification experts from Yale and Columbia University. Incubated by Binance Labs, Certik has strategic partnerships with the world’s leading crypto exchanges such as Binance, OKEx, and Huobi, as well as protocols such as NEO, ICON, and QuarkChain.
CertiK’s formal verification method works differently than traditional testing approaches: rather than working manually, CertiK mathematically proves blockchain ecosystem and smart contracts are hacker-resistant and bug-free at scale. CertiK has secured over $4B in asset value, auditing several projects across all major protocols, including BNB, Terra, Crypto.com, and TUSD.
To request the audit/verification of your smart contracts, please email email@example.com or visit certik.org to submit the request.