For the last 20 years, the rise of distributed networks have allowed billions of users to connect, and share information instantly and securely. Specifically networks such as blockchain, bridges the traditional economy to a frictionless and decentralized platform.
We’ve seen digital assets, like Bitcoin, fulfill the purpose of blockchain; however, greater adoption still hasn’t been reached. Although Bitcoin serves as a means and standard unit of exchange, stability of cryptocurrencies still poses an issue. A solution to this can be the introduction of stablecoins.
While USD-backed stablecoins have been accepted in many countries, the Indonesian market can only accept Rupiah (IDR) as the legal tender. Considering that USD-backed stablecoins needs a US-backed bank, Rupiah Token offers a solution for the Indonesian blockchain market.
The Rupiah Token team created the Rupiah stablecoin, IDRT, the first Rupiah fiat-collateralized stablecoin on top of the Ethereum and Binance chain. 1 IDRT is always worth 1 Indonesian Rupiah - meaning the currency is both stable and credible. With the Rupiah Token, Indonesian traders are able to trade cryptocurrencies on global exchanges and open a decentralized financial gateway to the broader public.
As an ERC20 token, IDRT builds on many foundational layers including:
- Stable: All IDRT is backed 1:1 by Indonesian Rupiah stored in reserve
- Fast & Borderless: IDRT can be sent to anyone, anytime, and anywhere within minutes
- Secure: Offering a way to protect against the volatility of the market, IDRT ensured redeemability
- Accessible: Built on the Ethereum and Binance Chain, IDRT can be integrated with other blockchain services
Due to the reach of IDRT, Rupiah Token needed a security partner that would ensure complete reliability of the token. CertiK, was there to help.
CertiK, the industry leader in blockchain security, was chosen to audit the design and implementation of the IDRT smart contract.
This audit was conducted to discover issues and vulnerabilities in the source code of Rupiah Token’s smart contracts. CertiK’s end to end examination included the proprietary formal verification platform, static analysis, and manual review. The auditing process pays special attention to the following considerations:
- Testing the smart contracts against both common and uncommon attack vectors.
- Assessment of the codebase for best practice and industry standards.
- Ensuring contract logic meets the specifications and intentions of the client.
- Cross referencing contract structure and implementation against similar smart contracts produced by industry leaders.
- Thorough line by line manual review of the entire codebase by industry experts.
Unlike manual security checks, Formal Verification is the highly specialized process that CertiK uses to mathematically prove the security and correctness of entire code. To do that, Formal Verification thoroughly checks your program by calculating it against every possible value for all variables.
CertiK’s smart label engine applied 100% covered formal verification labels on the source code to detect the following types of issues, among others:
- Integer Overflow and Underflow: an overflow happens when an arithmetic operation reaches the maximum or minimum size of a type
- Functional Incorrectness: Functional implementation does not meet the specification, leading to intentional and unintentional vulnerabilities
- Buffer Overflow: An attacker is able to write to arbitrary storage locations of a contract if array out of bound happens.
None of which were found as issues in the contract.
Similarly, we found that IDRT is managed through a multi-signature contract, reducing the risk of single point failure. This also allows Rupiah to adjust and meet needs in minting, burning, and upgrading IDRT in a safe and secure manner.
Overall, CertiK is happy to report that Rupiah received 100% on their testing summary, and are not known to any issues noted above or on the report.
“Rupiah Token strives to maintain high security standards both off and on-chain. We believe our work with CertiK will hold as a testament to our commitment to this principle.”
Jeth Soetoyo, Founder & CEO of Rupiah
Check out the detailed audit report here.
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 $5B 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 firstname.lastname@example.org or visit certik.org to submit the request.
About Rupiah Token
PT Rupiah Token Indonesia is a venture-capital backed startup based in Jakarta, Indonesia. As a leading Blockchain technology company, our mission is to boost the acceptance of Indonesian Rupiah worldwide and accelerate the transition to a more inclusive and open financial system. Since our establishment in January 2019, we have been hard at work developing our service in Indonesia and listing our tokens on reputable exchanges.
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To request for partnerships or other collaboration opportunities, please email email@example.com or visit rupiahtoken.com to submit a request.
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