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The Stellar Development Foundation (SDF) has announced its initiation of security checks for Soroban, the advanced smart contract platform within the Stellar network. This is in anticipation of Soroban’s launch.
To carry out these comprehensive security audits, SDF has teamed up with Certora, a renowned security firm known for its formal verification tools, according to an official press release.
This collaboration underscores the critical need for rigorous security assessments in blockchain, where minor loopholes can lead to considerable losses.
Furthermore, smart contracts, which automate actions and workflows on blockchain networks, are highly susceptible to attacks. Hence, they require robust security protocols to mitigate potential risks.
Certora helps developers identify and prevent security flaws in their smart contracts before the code is deployed. It does this by identifying violations of rules that shouldn’t be broken in smart contracts.
So far, Certora has prevented bugs in SushiSwap’s Trident liquidity pool, Aave, Compound, and Balancer. Last year, the security firm raised $36M in a Series B round led by Jump Crypto.
Mooly Sagiv, CEO of Certora, explained in the press release:
“One of the lessons learned from our experience in DeFi is that tools and auditing come too late in the development process. This oversight increases software costs and leads to bugs being detected only after vulnerabilities have been exploited. Certora’s tools can help developers write specifications before the code is complete to ensure safe, reliable applications. We are excited to join the Soroban ecosystem.”
Stellar emphasized in the announcement that Soroban represents a new era of smart contracts, emphasizing scalability, sustainability, and rigorous testing.
Soroban leverages WASM, an adaptable binary code format ideal for blockchain settings.
This facilitates compatibility with various programming languages and tools, streamlining the process for developers to construct applications on the Stellar network.
In addition, Certora’s formal verification capabilities will empower Soroban platform developers and help them guarantee the trustworthiness and security of their smart contracts.
This will also instill users with heightened confidence in the applications they engage with.
A Worthwhile Partnership
Besides developing a formal verification tool for Soroban, Certora’s security team will also participate in the Soroban Audit Bank Initiative.
They will dedicate time and resources to educating the Soroban community about utilizing this novel service.
Stellar’s proactive approach to conducting security checks and audits for Soroban demonstrates its commitment to providing a secure and reliable smart contract platform.
By addressing potential vulnerabilities, the SDF is taking the necessary steps to ensure that Soroban’s launch is as smooth and secure as possible.
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