One of the biggest names in the smart contracts and blockchain audit sector, CertiK announced today, May 14 that it has successfully completed a formal security audit of Terra. Terra is famed for designing an algorithmic stablecoin that will power the next generation payment system on the blockchain.
The mainnet of Terra, which went live in April, is a Delegated Proof-of-stake (DPoS) system that uses the Cosmos SDK and the Tendermint Consensus Engine.
Security experts, profound economists, security engineers and other professionals from CertiK were on hand to audit the Terra protocol and public blockchain. The rigorous scrutiny of Terra’s economic model by CertiK was done to test against potential market manipulations, an architectural review with special attention of Cosmos plug-ins was effectively protected against possible edge scenario attacks, not forgetting the manual review by experts on Go- the language in which Terra’s code was written in.
Terra’s bid to becoming the first widely accepted price stable cryptocurrency in the world will depend greatly on its security clearance. The company is launching a revolutionary blockchain based payment system that uses the stablecoin in H1 2019, and it has already partnered with e-commerce firms which will help support the new payment solution.
eCommerce giant like TMON from South Korea, Carousel from Singapore, Tiki from Vietnam and Baemin also from South Korea, is part of the companies that have successfully partnered with Terra. Collectively, 15 eCommerce companies that collectively process $25 billion annually through 45 million users are all in agreement with Terra.
Security of the System
Commenting on the high-level certification from CertiK, Co-Founder of Terra Do-Kwon stated that:
“We are pleased to receive a formal stamp of approval from CertiK, who is known within the industry for setting a very high bar for security and reliability. The thorough audit result shared by CertiK’s team of experienced economists and engineers give us more confidence in our protocol, and we are excited to quickly roll out our first payment dApp with eCommerce partners in the coming weeks.’’
More on Terra
Terra is an ambitious company that is determined to bridge the gap between digital currencies and real-time applications. The company is designing a price-stable digital currency that will be able to power the next generation payment network on the blockchain. Founded by a team of highly experienced and motivated financial experts, the company is situated in both Singapore and Korea.
More on Certik
Certik is one of the leading blockchain and smart contract verification platform. The firm was founded by highly skilled and experienced former verification experts from Yale and Columbia University. Due to its high integrity, the firm has a strategic partnership with some of the biggest exchanges in the world like Binance, Houbi, OKEx and some public blockchains like ICON, NEO and QuarkChain.
To request the audit/verification of your smart contracts, please email us at- email@example.com or visit www.certik.org to submit the request.
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Daniel Shin- Co-Founder
Do Kowon- Co-Founder
For more information, visit- https://terra.money/
Visit the Terra blog- https://medium.com/terra-money