Waltonchain and CertiK's Audit

CertiK | Sept 27, 2019

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CertiK is proud to announce the successful audit of the design and implementation of Waltonchain’s Golang blockchain and its cross-chain smart contracts.

Waltonchain uses unique RFID technology to solve inefficiencies with supply chain management, while also connecting to the broader Internet of Things. With this approach, Waltonchain is built to integrate blockchain solutions across the ecosystem.

With e-commerce and shipping solutions becoming a leading source of national and international commerce, Waltonchain positions itself as a leader in the space that can elegantly tie blockchain technology to the physical world.

With the application of both blockchain and RFID technology, Waltonchain can help companies increase efficiency while reducing costs and friction—providing a valuable case study for other organizations to explore everything that the blockchain can offer.

Waltonchain's RFID (radio-frequency identification) technology is used to encode digital data into tags and smart labels to be read with radio waves; real-world assets need to be tracked as they move through complex ports of entry and multiple access points across the blockchain. As such, it's mission-critical that the tech works as intended.

The Audit

Waltonchain currently implements its RFID technology in the clothing, food, collection, and logistics industries, among many others. The team mainly focuses on two aspects:

  1. Data reliability
  2. Data value circulation

By seamlessly integrating blockchain and RFID to ensure data reliability straight from the source, Waltonchain leverages its cross-chain ecosystem for effective data sharing.

To ensure comprehensive review, Waltonchain’s source code was analyzed by our blockchain and smart contract engineers. The end-to-end audit ensured proof of stability as well as a hands-on, engineering-focused process to close potential loopholes and recommend design changes in accordance with best practices in the logistics and supply chain space.

CertiK used the following sources of truth to enhance the understanding of Waltonchain’s systems:

  1. Waltonchain’s white paper
  2. Waltonchain’s website
  3. Waltonchain’s Github
  4. Waltonchain’s business processes

For any inconsistencies discovered between the actual code behavior and the specification, CertiK would consult with Waltonchain for further discussion and confirmation. A couple findings included:

  • Comparison to the traditional Proof of Stake method. Waltonchain’s PoS method offers mining with a staking economic model. Miners can obtain a 75% discount with no slashing or penalties from mining difficulty.
  • Waltonchain's myX11 algorithm is different from other x11 algorithms due to the mining rate. The intention of this design is to keep the hash rate at a reasonable rate to attract more miners and nodes on the chain.

The Results

With the delivery of the audit report, CertiK concluded that the contract has passed review for known anti-patterns and security issues. CertiK would like to congratulate the Waltonchain team for passing the rigorous verification process of smart contracts, and we wish them continued success.

About CertiK

CertiK leads blockchain security by pioneering the use of cutting-edge Formal Verification technology on smart contracts and blockchains. Unlike traditional security audits, Formal Verification mathematically proves program correctness and hacker-resistance. CertiK was founded by Computer Science professors of Yale University and Columbia University, securing over $6B in assets, including many of the world’s top projects.

The research efforts of CertiK have received grants from IBM and the Ethereum Foundation, and notable investors include Binance Labs, Bitmain, Lightspeed Venture Partners, Matrix Partners, and NEO Global Capital, among others.

To request the audit/verification of your smart contracts, please email audit@certik.org or visit certik.org

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